ROCKVILLE CENTER, NY--(Marketwired - Jul 6, 2017) - Supernova Energy Inc. (
Asmussen Lease, Butler County - 80 acres - 87.5% Working Interest
The Asmussen Lease was brought back online by the Company in November 2015 and currently produces oil from one well (Asmussen 16-3). The lease also has a recently converted salt water disposal well (Asmussen 16-1). Historically, the Asmussen Lease has been producing from the Arbuckle formation since 1965. As of yearend 2015, it has produced 243,707 barrels of oil. Supernova is the operator of the lease which is equipped with electricity and is currently held by production (HDP).
Completed improvements at Asmussen include a downhole submersible pump upgrade for the producing 16-3 well. The 16-3 well is currently equipped with newer pumping equipment and has available electrical capacity to allow for the upgraded downhole pump. Due to the recently converted salt water disposal well, the Asmussen lease is also capable of handling the increased flow rate.
"With increased fluid flows and oil production the Asmussen 16-3 well proved to be an ideal candidate for a downhole submersible pump upgrade," comments Kevin Malone, Supernova Energy CEO. "We are very pleased with the success of the well upgrades and the investment in a new higher capacity downhole pump. We look forward to completing the same upgrade on additional wells owned by our Company."
Supernova Energy, Inc. is the operator of and majority working interest owner in a total of 8 oil and gas leases -- 4 of which are currently producing. In total, the oil and gas leases cover over 1,300 acres in the state of Kansas.
About Supernova Energy Inc.
Supernova Energy Inc. is an American based oil and gas production and exploration company with key holdings in Kansas and Kentucky. The Company's goal is to acquire economical leases in known oil and gas formations with low cost of recovery. The strategy is to specialize in well bore completion, re-completion and workovers on existing oil and gas production.
For more information investors can visit www.supernovaenergyinc.com .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. This release contains forward-looking statements that reflect Supernova Energy INC., plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our quarterly and annual reports. Other information can be obtained at www.supernovaenergyinc.com
Contact: Supernova Energy Inc. Kevin Malone ceo@supernovaenergyinc.com
