SCOTTSDALE, Ariz., March 18, 2011 /PRNewswire/ -- American Standard Energy Corp. (the "Company") (OTC Bulletin Board :ASEN ) announces year end results, with strong acreage positions, oil and gas production and revenue growth for full year 2010. The Company reported oil and gas revenues of $1,319,703 for the year ended December 31, 2010, representing 102.59% annual revenue growth compared to the year ended December 31, 2009. Fourth quarter revenues were $393,425, representing sequential growth of 140.16% over the previously reported third quarter revenue figure of $163,821.

2010 Highlights:

• Drilled and completed with a 100% success rate in 2010 with two Permian Basin wells, two Eagle Ford wells, and 16 Bakken and Three Forks wells.
• Completed two 100% working interest Wolfberry wells in the Permian Basin. Both wells began producing in January 2011.  The combined production from these two wells now exceeds 200 BOE per day.
• Participated in 51 gross (.64 net) wells in the Bakken/Three Forks.  Of this amount, 16 gross wells (.26 net) had completed and were producing as of December 31, 2010.  Combined production approximated 38 barrels of oil per day.
• Participated in two gross (.20 net) wells in the Eagle Ford.  Combined production is expected to exceed 200 BOE net to ASEN in 2011.
• Increased Bakken oil, gas and mineral leases by 90.01% totaling approximately 6,196 net mineral acres for an average of $500 per acre.

Subsequent Events:

• On February 1, 2011, the Company completed a private placement to accredited investors of approximately 4,400,000 shares of common stock for net proceeds of $14.6 million. The Company also issued approximately 2,200,000 warrants to subscribers of the private placement with forced cash conversion upon certain conditions.
• The Company acquired 38 gross (18.2 net) wells primarily in the Permian Basin for $7 million on February 10, 2011.  Combined production approximated 350 barrels of oil per day.
• Increased the Company's total proven barrels of oil equivalent reserves to 3,588,952 BOE.  This represents a 194.55% increase over December 31, 2010 reserves and a 340.39% over December 31, 2009.
• On March 1, 2011, the Company purchased 10,147 in net acres of oil, gas and mineral leases in the Bakken.  This represented a 163.77% increase in Bakken acreage compared to Bakken acreage held as of December 31, 2010.

During the year ended December 31, 2010, ASEN reported oil production of 15,199 barrels and natural gas production of 36,202 McF for a total of 21,233 in barrel of oil equivalent. For the year, the average sales price of oil was $75.43 per barrel and natural gas was $6.38 per McF for our Texas production. For the year, the average sales price of oil was $70.82 per barrel and natural gas was $4.39 per McF for our North Dakota production. This compares very favorably to the average production cost for oil of $33.21 per barrel of oil equivalent.

Scott Feldhacker, CEO, commented on the 2010 operational performance:  "2010 was a year of significant growth and achievement for American Standard Energy.  ASEN executed on a number of meaningful opportunities, and we feel well-positioned for continued growth in 2011.  As we have already demonstrated in the first quarter of 2011, we expect to grow our acreage in the Bakken/Three Forks significantly at attractive prices relative to the overall market."

"ASEN also expects rapid growth in our Eagle Ford position, with more than 20 new gross wells (2 net) being spud in 2011-12.  Lastly, our successful two recently completed Wolfberry wells and the acquisition of 18.2 net wells in the Permian Basin also reinforce our strategy of diversification between attractive shale plays and the proven longevity of the Permian Basin.  We continue to believe the Eagle Ford and Permian will provide meaningful cash flow and proven reserves for ASEN to draw upon as a consistent source of capital to fund our accelerated growth in the Bakken," summarized Feldhacker.

Scott Mahoney, CFO, emphasized the pace of achievement for ASEN in 2010:  "We formed American Standard Energy with a precise portfolio of assets with significant upside potential.  Over the past year, ASEN has executed very well on our initial growth plans, exceeding both internal and external expectations.  With our demonstrated ability to raise capital and quickly produce significant results early in 2011, we look forward to improving and accelerating our growth in all facets of our business in 2011."

About American Standard Energy Corp.:

American Standard Energy Corp. is a non-operated exploration and production company based in Scottsdale, AZ. ASEN's primary focus is balanced between the Permian Basin, the Eagle Ford shale formation and the Bakken shale formation in the continental United States. ASEN currently controls approximately 23,400 net acres in the following three primary prospect areas:

• 16,200 core net acres targeting the Bakken/Three Forks in North Dakota;
• 6,000 net acres targeting the Permian formation in West Texas;
• 1,200 net acres targeting a specific Eagle Ford prospect in South 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.