INVER GROVE HEIGHTS, Minn., May 15, 2013 /PRNewswire/ -- Blue Earth Resources, Inc. (OTCPINK: BERI), through its wholly-owned Petro Resources subsidiary, has completed a material expansion of its Louisiana acquisition announced on May 8, 2013. The initial acquisition involved a 37.5% WI (working interest) in Spider Field leases in DeSoto Parish, LA. BERI has now acquired an additional 25% WI in these 14 Spider Field wells for consideration of 8 Million shares of restricted common stock of BERI, resulting in BERI now owning 62.5% WI of these leases. Having this majority WI provides BERI with control over the future operation of existing wells as well as any future drilling of infill wells.
These Spider Field leases comprise 940 acres which are located in a major oil and gas producing area of northwestern Louisiana near a number of prolific petroleum producing fields in bordering East Texas. The Spider Field is known for having production of both oil and gas at various depths from multiple sandstone and limestone geologic formations. Accordingly, any future drilling by BERI on these leases should result in commercial production of oil, or natural gas, or both oil and gas.
BERI is currently engaged in purchasing well production equipment and conducting workover operations on these Spider Field wells to increase and optimize their petroleum production. Increasing production of crude oil from the wells is being addressed initially, after which BERI will conduct further workover operations to also attain material production of natural gas and natural gas liquids.
BERI is also negotiating to acquire the remaining WI portion of these DeSoto Parish leases, which, if consummated, would result in BERI owning 100% WI in the leases.
John Lai, CEO, "We are pleased to have completed our planned acquisition to obtain majority control and ownership of these valuable oil and gas leases in the Spider Field of northwestern Louisiana."
About Blue Earth Resources Inc.:
Blue Earth Resources Inc., is trading on the OTCPINK under the symbol BERI. The Company is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. The Company seeks to deliver strong shareholder returns through an effective exploration and development program that incorporates sound business practices with the strong experience of our management team. The goal is to steadily increase proven reserves of oil and natural gas – which, in turn, will lead to enhanced cash flows and earnings per share.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the fore-going statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
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SOURCE Blue Earth Resources Inc.