AEG Affiliated Energy Group acquires working interest in Louisiana oil project

10/23/2013

AEG Affiliated Energy Group acquires working interest in Louisiana oil project

KANSAS CITY -- AEG Affiliated Energy Group and its affiliates have acquired a 10% working interest in a conventional oil project in Louisiana. The project focuses almost entirely on oil, rather than natural gas, with objectives near 14,000 ft. All requisite drilling permits were obtained before the federal government shutdown, with an initial spud date expected this month.

The company is now evaluating investments and acquisitions of additional conventional oil exploration projects. The working interest was acquired through a 100%-cash investment, with the AEG Group investing in this acquisition in conjunction with Potosky Drilling Fund. AEG said it is seeking to acquire working interests in two additional oil exploration projects over the next 12 months.

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