SCOTTSDALE, Ariz., April 26, 2011 /PRNewswire/ -- American Standard Energy Corp. (the "Company") (OTC Bulletin Board: ASEN) announces today that it has entered into a definitive agreement to acquire an additional 11,775 net leasehold acres in the Bakken/Three Forks. The acquired leasehold acreage is located within seven (7) counties widely considered to be the 'fairway' for the Bakken and Three Forks formations; and particularly increases ASEN's holdings in Mountrail, Stark and Williams Counties. This portfolio of leases includes a large number of working interest positions in the 5-15% range, multiple 20% working interests and two at 100%.
Scott Feldhacker, CEO of American Standard Energy Corp. commented, "This is another major acquisition for our company that increases our Bakken/Three Forks holdings to over 31,000 acres and further advances our strategic profile in the region. This major addition to our lease portfolio increases our current revenue and reserve outlooks and also has potential to increase our well count and production rates for 2012. As a result of this acquisition, ASEN will have six controlling interest positions in the Bakken/Three Forks formations available for development or exchange.
This acquisition works to establish a heightened awareness of ASEN as an effective consolidator of lease acreage around, under and within the development path of key operators such as Brigham, Continental, EOG, Whiting and Petro-Hunt; and further qualifies ASEN as a preferred partner for these quality operators."
About American Standard Energy Corp.
American Standard Energy Corp. is a non-operator in the exploration and production of crude oil and gas focusing on the Williston Basin of North Dakota & Montana, Permian Basin of West Texas and Eagle Ford of South Texas. The Company also has holdings in Arkansas, Oklahoma and New Mexico. ASEN identifies opportunities, acquires acreage and participates in well development as a non-operator in the Bakken/Three Forks and Eagle Ford shale formations and as a non-operator with controlling interests in producing wells and acreage in the Wolfberry trend of the Permian Basin.
Forward Looking Statements
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.