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Blue Earth Resources, Inc. Expands Its Louisiana Oil & Gas Acquisition
Blue Earth Resources, Inc. Expands Its Louisiana Oil & Gas Acquisition.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nBlue Earth Resources, Inc. Expands Its Louisiana Oil & Gas Acquisition\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nBlue Earth Resources, Inc. Expands Its Louisiana Oil & Gas Acquisition\n\nPR Newswire\n\nINVER GROVE HEIGHTS, Minn., May 15, 2013\n\n\n\n\n\n\n\nINVER 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.\n\n\nThese 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.\n\n\nBERI 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.\n\n\nBERI 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.\n\n\n\nJohn Lai, CEO, \...