American Standard Energy Corp. Provides Corporate and Operational Update and Files Form 12b-25 for 1Q11 10Q

SCOTTSDALE, Ariz., May 16, 2011 /PRNewswire/ -- American Standard Energy Corp. (OTC Bulletin Board: ASEN), an oil and natural gas exploration and production company, today provides a corporate and operational update and announces that it will file a Form 12b-25 with the United States Securities and Exchange Commission (SEC), which provides the Company with five additional calendar days to file its Form 10-Q for the three months ended March 31, 2011.  The Company intends to file its Form 10-Q by May 23, 2011.

The extension to file the Company's 10Q is due to the continued execution of the company's growth strategy in all three primary areas of operation including in the Williston Basin of North Dakota (the Bakken), the Permian Basin and the Eagle Ford plays in Texas. Additionally, the assets the Company acquired during this time are required to undergo 'carve-out' accounting which is currently being completed to be filed.  Under carve-out accounting, the Company is required to complete an audit of all assets acquired from any affiliate.  Furthermore, the company must recast its historical financial statements on pro forma basis to demonstrate the full impact of the acquisitions.

Operational Update:

Williston Basin (Bakken):

ASEN has made several acquisitions to date this year consisting of the following transactions:

Permian Basin, Texas:

• Drilled and Completing (2) 100% Wolfberry wells
• Acquired 36 gross wells (24.2 net) – primarily within the Permian Basin in Texas.  This acquisition added 4,100 net acres and production of approximately 375 Barrels of Oil Per Day.
• ASEN's holdings increased to over 6,500 acres in the Permian Basin.
• We are currently in the process of finalizing our initial phase of a drilling program which will include at least 12 net wells in 2011 in Andrews and Reagan counties.

Eagle Ford, Texas:

• Completing three (3) & Drilling two (2) 10% WI wells in the Eagle Ford
• Expanded the drilling program by adding another rig and anticipate drilling at least 11 net wells in 2011 and 12 to 14 in 2012 in the oily section Eagle Ford of La Salle County, TX.

Financial Update:

• In February a PIPE was completed for $15,406,755 at $3.50 per share
• In March a PIPE was completed for $21,257,778.75 at $5.75 per share
• ASEN is working toward a senior credit facility that will include development funding.

Corporate Update:

In recent months the Company has also made several additions to its Board of Directors including adding three Independent Directors James R. Leeton, Jr., Scott David, and William Killian. The Board has also adopted several committees and Mandates for those committees including; Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Fairness Evaluation Sub-Committee.

The Company attended the Northland Conference in NY in March and will be attending the Macquarie Conference in New York on May 25th and 26th, 2011.

The Company also recently engaged Hein & Associates, LLP to assist Company Management with their readiness efforts regarding Section 404 of the Sarbanes-Oxley Act of 2002.

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.

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.  

SOURCE American Standard Energy Corp.