SCOTTSDALE, Ariz., April 12, 2011 /PRNewswire/ -- American Standard Energy Corp. (ASEN), announces the acquisition of approximately 2,780 acres located in Mountrail County of North Dakota's Williston Basin, "the Bakken". The Company paid an average of $669 per acre for a total transaction price of $1,860,858.
The acreage is located within twenty separate mostly contiguous sections of the Parshall and Stanley Fields in the Williston Basin. This location offers the potential for rapid development due to current drilling operations to the north, south and west by EOG, Hunt, Brigham, Marathon and Sinclair among others. The acquisition also expands ASEN's footprint in the historically successful Bakken play, specifically within Mountrail County.
Scott Feldhacker, CEO of American Standard Energy Corp., stated, "We are excited to announce the expansion of our Bakken holdings, specifically in Mountrail County. These acres are well situated among acres held by leading Bakken exploration companies in an area of the play that is thought to be the most prolific and developed to date. This not only expands our holdings in the Bakken but demonstrates to the market and our shareholders the continued implementation of our growth strategy."
The Company's President, Richard MacQueen, also commented, "This transaction once again demonstrates our ability to make quick and successive acquisitions of quality acreage in the Bakken. Not only have we acquired highly desirable Mountrail acreage, we have acquired it at a highly desirable price."
Upon close of this transaction, the Company's Williston Basin, Bakken holdings total approximately 18,900 acres.
About American Standard Energy Corp.
American Standard Energy Corp. is a non-operator oil and gas Exploration and Production (E & P) company based in Scottsdale, Arizona. ASEN currently has holdings in North Dakota, Texas, Arkansas, Oklahoma, and New Mexico. ASEN's core area of focus is the Williston Basin of North Dakota, the Eagle Ford and the Wolfberry trend of the Permian Basin in Texas.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, our ability to raise capital, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Andrew Wall, General Counsel
SOURCE American Standard Energy Corp.