NEW YORK, July 30, 2015 /PRNewswire/ -- America Resources Exploration Inc. (OTCQB: AREN) an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential, has recently announced commencement of a rework program on its Rogers and Burns leases. Additionally, the company recently announced the closing of financing with as institutional investor providing the company with up to $0.5 million. The funds will likely be used for general operations and acquiring new properties from distressed companies.
AREN is counting on the oil price to remain low so that it can accumulate assets at a significant discount. It is expected that oil will remain in the $40 bbl range for some time, however it is unknown what the company will do once cash runs out or oil price begins to recover.
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