Energy Management International, Inc. Acquires Producing Texas Oil Field
01 3월 2011 - 1:10AM
Energy Management International, Inc. (Pink Sheets:ENMI) announces
today that it has acquired BC Oil LLC; with the acquisition is a
one-quarter (25%) working interest in the 460 acre Boyett-Chalmers
Oil and Gas field previously held by BC Oil LLC, Taylor County
Texas. The closing of this deal puts a newly purchased producing
oil field into Energy Management International, Inc's property
inventory, from which extended oil production and enhanced recovery
work can begin. The Boyett-Chalmers Oil field produces primarily
from the Flippen Sandstone at a depth of 2800 feet and has 14
wells, of which 5-6 are scheduled producers, and 3-5 are pressure
maintenance wells.
The acquisition of BC Oil LLC has been a work in progress for
sometime now. Energy Management was able to finally close the
acquisition under modified terms from its original purchase
agreement, which had called for a larger cash payment in return for
51% working interest. "By lowering participating working interest
received we were able to reduce debts payable to the operator,
maintain an option to acquire additional acreage, and finalize the
purchase, so that we can move forward into other property purchase
negotiations," remarked President Howard Dunn.
Our short term goal is to produce a significant amount
of crude oil from our existing properties and to acquire
oil properties that we believe will be capable of producing
profitable quantities with this strategy. Technology is paramount
in oil recovery and this acquisition fits nicely with the plan to
merge AM Oil Resources Technology (a newly acquired, wholly owned,
subsidiary http://www.amoilresources.com/) with
currently producing fields held by or in working partnership with
ENMI. About Energy Management International, Inc.: Energy
Management International, Inc.
(www.energymanagementinternational.com) is positioning itself to
add North and South American oil and gas production, and enter
into downstream processing design, build, and/or operating
agreements in Paraguay, Bolivia, and Argentina.
The Energy Management International, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8741 About AM Oil
Resources & Technology, Inc.: (http://www.amoilresources.com/)
is a recently acquired wholly owned subsidiary of Energy Management
International Inc. AM Oil holds enhanced oil recovery and
production technology suitable for secondary recovery of oils from
formations with new and historic production. DISCLOSURES:
"Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release contains
forward-looking statements that are subject to risk and
uncertainties, including, but not limited to, the impact of
competitive products, product demand, market acceptance risks,
fluctuations in operating results, political risk and
other risks detailed from time to time in Energy Management
International, Inc.'s filings with OTCMarkets.com and as required
to the Securities and Exchange Commission. These risks could
cause Energy Management Internationals, Inc.'s actual results to
differ materially from those expressed in any forward-looking
statements made by, or on behalf of, Energy Management
International, Inc.
CONTACT: Energy Management International, Inc.
Corporate:
8023 Vantage Dr. Suite 680
San Antonio, TX 78230
Office: (210) 547-0736
Fax: (888) 452-8153
Email: info@energymanagementinternational.com
DH Enchantment (PK) (USOTC:ENMI)
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DH Enchantment (PK) (USOTC:ENMI)
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