DES MOINES, IA — (Marketwire) — 06/25/12 — (OTCQB: AFSE) (PINKSHEETS: AFSE) (), a growth-oriented international energy company, today reported it has elected to participate in the Mahalec Lease located in DeWitt County, TX. The 272 acre prospect has 12 drilling locations and has potential gross reserves of 3.6 million barrels of oil and 6 BCF of natural gas which equates to $302 million, based upon today–s prices. There is no guarantee that this prospect will be successful or that these numbers will be achieved due to production and/or price fluctuations. AllEnergy will have an approximate 5% working interest in this prospect.
Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, “There are three targets in each well. The targets are 3800 ft. Frio Sand, 5500 ft. Yegua Sand, and 8100 ft. Wilcox Sand. This is a great addition for AllEnergy.”
AllEnergy, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. AllEnergy acquires and develops oil and gas leases which have “proven but undeveloped reserves” at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows AllEnergy to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
Contact information
Dean Sukowatey
President/CEO
515.331.6509