America Resources Exploration has acquired two oil and gas leases on approximately 950 acres located in Callahan County, Texas, US.
After the acquisition, the company engaged Mr. Randy Chillion, an independent petroleum engineer (previously employed by Amoco/BP for 34 years) to estimate oil and gas reserves for this property. The summarized report is as follows:
Snyder 211 – Shallow Reservoirs
Three reservoirs were evaluated: Strawn, Cross Plains and Cisco. A High Case and a Low Case were evaluated for each reservoir. The difference in the two cases is a change in porosity value.
Reserve Estimator’s Qualifications
Mr. Chillion has been a Petroleum Engineer for 36 years. Was employed by Amoco/BP for 34 years (Amoco and BP merged in 1999). One of his functions during that time was as a "Certified Reserve Estimator" within BP, meaning that BP deemed that he had sufficient training, experience and expertise to use the reserve estimates he calculated as their official reserves estimates to reporting agencies such as the SEC. He has also worked on numerous field development projects which entailed calculating reserves and determining drilling locations.
Interested investors can visit our website’s media gallery section for video footage of the property.
"We are excited about the potential of the Snyder leases, which has now been estimated to have potentially up to 5.3 million barrels of oil. This is exactly the type of project that, if completed successfully, could be a long-term key revenue driver," stated Mr. Huang Yu, CEO of America Resources Exploration, Inc.