ROCKVILLE CENTER, NY - (NewMediaWire) - November 03, 2015 - Supernova Energy Inc. (OTC PINK: SPRN) ("Supernova" or the "Company") is pleased to announce drilling has commenced on its 140 acre Antle lease in Kentucky. Three wells have been drilled to a depth of approximately 1650 feet as part of the farm-out agreement signed August 1st, 2015. Moreover, the recently drilled slugger well has been acidized to increase production. The Company plans to update the production numbers after 30 days of coming online.
Within the same lease, Supernova has initiated the deepening of an existing well. The drill depth is approximately 1700 feet and is targeting the Knox formation; Supernova has a 15% net revenue interest (NRI) of this well and bears no cost of drilling. This brings the number to 5 wells in various stages of drilling, completion and reworking on the Antle property.
Kevin Malone, CEO of Supernova, states: "The initial drill locations are very encouraging and show strong potential of the Antle oil lease. Our drillers and operator have done a fantastic job coordinating multiple drills on the lease, the company is excited to bring new wells on-line and increase revenue."
Kentucky has a long and successful history of oil production. Currently the Kentucky Geology Survey (KGS) lists over 16,000 wells in production and declares over 3.4 billion barrels of oil are beneath the state of Kentucky. Wells in the area are shallow, the cost of drilling is quite possibly the lowest in the United States. Most wells in this region can recover oil at depths less than 2000 feet. It is currently less expensive to drill and operate in Kentucky than in any other state. Considering the lower costs, Supernova calculates the potential return of capital investment in as short as 12 to 24 months.
Kentucky has multiple pay zones including Sunnybrook, Stones River, Murfreesboro and Knox. There are currently no majors working here which helps keep associated costs low. Acidizing currently producing wells is a key technology implemented to increase oil production which has steadily increased in the state from approximately 6,000 barrels per day in 2011 to 9,000 barrels per day in 2014.
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 avoid risk by using new technologies on shallow wells to increase production on existing oil producing leases. For more information, investor can visitwww.supernovaenergyinc.com
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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., 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 Form 10-K and other filings with the SEC. Other information can be obtained at www.supernovaenergyinc.com
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