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Blue Earth Resources, Inc. Completes Acquisition of Mansfield Spider Drilling Lease
Blue Earth Resources, Inc. Completes Acquisition of Mansfield Spider Drilling Lease.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"\n \n \n Blue Earth Resources, Inc. Completes Acquisition of Mansfield Spider Drilling Lease\n \n \nBlue Earth Resources, Inc. Completes Acquisition of Mansfield Spider Drilling Lease\n \n INVER GROVE HEIGHTS, MN--(Marketwired - Nov 5, 2013) - (OTC Pink: BERI), Blue Earth Resources, Inc. CEO John Lai has finalized details with the auditors and Blue Earth Resources, Inc. legal team by completing the merger of all assets of one of the most potentially profitable Oil and Gas leases in Mansfield, Louisiana. Blue Earth Resources, Inc. (BERI) now retains 100% working interest of the Spider Lease. The Spider Lease is approximately 1000 acres of producing and undeveloped land. There are currently 13 oil and gas wells, and a salt water well on the property. BERI holds the drilling rights from the surface down to 4,700 feet. There are already five potentially producing zones on the Mansfield Lease and BERI plans to utilize every profitable zone of the Spider Lease.\n CEO John Lai stated, \"One of the most exiting components to the Blue Earth NASDAQ Initiative with the acquisition of this additional lease to our current list of assets is the fact the Company has all the logs of every well drilled in the area showing which zones are commercial and those that are not.\"\n BERI plans to release the details of the Mansfield lease as well as a detailed report of the existing wells on the property, along with the plans to drill additional wells in proven zones. BERI will be aggressively updating the market in an attempt to draw in long term and like-minded investors which will help us reach the Goals of the Blue Earth NASDAQ Initiative.\n CEO Lai made a final comment, \"In most situations a company taking over a lease will have to spend hundreds of thousands on seismographs and make attempts at drilling wells hoping that they are going to be profitable. BERI's position is the exact opposite in that we simply are bringing the oil production back to previous levels of production and to increase it with updated information now available.\" The field was shut down due to the decline of natural gas prices. Now armed with this new information, BERI can re-enter these existing wells and shoot the oil zones. When Chesapeake Energy drilled five Haynesville Shale wells, they produced new logs that described where the oil zones were located. Thus, BER...