LORTON, Va. and KNOX COUNTY, Ky., April 18, 2011 /PRNewswire/ -- Next Generation Energy Corp. (OTC: NGMC), (Nexgen), today announced that it has acquired all the membership interests of Knox Gas, LLC, the owner of 10 drilled and completed gas wells in Knox County, Kentucky, for a purchase price of $500,000.
"We now own a lease of 100 acres, containing five drilled wells, a lease of 20.2 acres, containing two drilled wells, and a lease of 400 acres with three drilled wells," said Darryl Reed, Next Generation Energy CEO. We anticipate that the wells will be online and producing gas within the next several months.
Next Generation Energy also acquired a 700-acre lease from Knox Gas, LLC for the future development of additional gas wells.
"Natural gas is an undervalued commodity because of its environmental benefits and we are confident that it will play a significant role in the energy plans for America's future," Mr. Reed said. "By acquiring already producing gas wells, Nexgen is able to generate immediate cash flow."
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
E & E Communications
SOURCE Next Generation Energy Corp.