MINNETONKA, Minn., Dec. 6, 2010 /PRNewswire/ -- Ante5, Inc. (Pink Sheets: ANFC) today provides an operational update regarding its Williston Basin Bakken and Three Forks acreage.
Williston Basin Bakken and Three Forks
Ante5 currently controls approximately 3,700 net acres in the Williston Basin, primarily in Williams County, North Dakota. Ante5 has spud four gross Bakken wells, two of which are producing, one is awaiting completion and the other is currently being drilled. In 2011, Ante5 expects to break ground on, or "spud", over 10 gross Bakken wells based on recent permitting activity on Ante5's leasehold interests. Bradley Berman, Ante5's CEO, commented, "The activity across our Bakken/Three Forks position continues to exceed our original expectations. We believe our 3,700 acres will be substantially developed by some of the best operators in the field and we are excited to be participating in this premier oil resource play. We will focus our efforts on leasing and acquisitions targeting the Bakken and Three Forks trend."
The following table illustrates recent wells in which we are participating:
North Plains Energy
American Oil & Gas, Inc.
American Oil & Gas, Inc.
Ursa Resources Group, LLC
Love 11-2 #1H
About Ante5, Inc.
Ante5, Inc. is an oil and gas exploration and production company based in Minnetonka, Minnesota. Ante5's focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.
This release does not constitute an offer to sell nor a solicitation to buy a security. Any offer to sell or a solicitation to buy a security from the Company is made only to prospective investors with whom the Company has a pre-existing relationship and only by the complete Confidential Private Placement Memorandum covering the Company's common stock in the private placement, including the risk factors described in the Memorandum.
The securities offered in the Company's private placement have not been registered under the Securities Act of 1933, as amended (the "Act"), or any state securities laws. No shares may be re-sold, assigned or otherwise transferred unless a registration statement under the Act is in effect, or the Company has received evidence satisfactory to it that such transfer does not involve a transaction requiring registration under the Act and is in compliance with the Act.
This press release contains forward-looking statements regarding future events and our future results. All statements other than statements of historical facts included in this report, such as statements regarding our business strategy and prospects, are forward-looking statements.
Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. Important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions; fluctuations in commodities prices, particularly oil and natural gas; failure to discover or produce commercial quantities of oil, natural gas or other hydrocarbons; less revenue and higher costs than anticipated; inability to earn profits; decline in our stock price; competition in obtaining rights to explore for oil and gas reserves; and other economic, competitive, governmental, regulatory and technical factors affecting our company's operations, products, services and prices.
For further information please contact Bradley Berman, Chief Executive Officer at (323) 330-9881
SOURCE Ante5, Inc.