LIVINGSTON, Tenn., Jan. 19, 2016 (GLOBE NEWSWIRE) -- TN-K Energy Group Inc. (OTC:TNKY) issued a press release announcing the newly innovated and redesigned informational website. CEO of TN-K Energy Group Inc. Ken Page states, “the website is being designed so shareholders will have a better understanding of the Company going forward.” The website is scheduled to be accessible within the next 30 days.
Ken Page goes on to discuss that “TN-K Energy Group Inc. continues to lease and drill for oil in what we feel are highly productive and proven areas in Tennessee and Kentucky. We are also actively seeking acquisitions and any other oil related business” that the Company feels will further improve revenues of the Company. With the steep decline in oil, prices have allowed TN-K Energy Group Inc. to acquire certain properties such as the Theobald lease in Cumberland County, Kentucky, that otherwise would not been able to acquire.
The Theobald lease is approximately 700 acres located in Cumberland County, Kentucky in which TN-K Energy Group Inc. owns initially an approximate 50% working interest and an approximate 40% net interest in the Theobald lease. The area of the lease is in the heart of a very highly productive and proven area of Kentucky. In speaking of the lease acquisition, Ken Page stated “This area is known for its high volume and longevity of producing wells. Many wells in this area have been producing for well over 20 years and when initially placed in production made several hundred barrels per day.” The historical information that the Company has based its analysis and anticipated values can be found on the Kentucky Geological Survey Website.
As of January 17th, 2016, the Company has drilled seven (7) wells on the Theobald lease to the approximate depth average of 1,700ft. Ken Page shared “Five (5) of the wells have shown good oil and/ or gas. Three (3) of the five (5) wells have been placed into production,” and are considered by Company standards and by oil well standards in the area to be small producing wells. “The Company plans to enhance these wells by means of acid treatment in early spring when weather permits and with the anticipation that oil prices will somewhat recover.”
“We are working hard every day towards the goal of making TN-K Energy Group Inc. a successful oil and gas company,” concluded Ken Page - CEO, “we are exploring every opportunity, following every lead, and using the vast experience and knowledge we have of the oil business to reach our goal and improve our business model.”
A copy of the press release is filed as Exhibit 99.1 to this report.
Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 7.01 of Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise be subject to the liabilities of that section, nor is it incorporated by reference into any filing of TN-K Energy Group Inc. under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
AnDrea Marshall TN-K Energy Group Inc. 702-379-7338 drea@tnkenergy.com
