Summary
A small Colorado Springs oil company says it has uncovered reserves valued at $132 million in western Kansas using a relatively new type of underground-imaging technology it wants to use in an ambitious plan to expand its production by nearly 25 times.
American Energy Resources is trying to raise up to $100 million from hedge funds and institutional investors to expand its modest drilling program and become a midsize player in the nation's energy industry. The money would be used to drill 50 wells a year for three years. Those wells would boost its current oil production from about 12,500 barrels a month to 10,000 barrels a day, or 300,000 barrels a month, said Don Allen, American Energy's president and founder.See the full content of this document
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Technology Oilswheels for Firm
"The two oil fields we have discovered (in Kansas) are the most successful in the company's history. Now that we have been in business for eight years and have a good track record, we wa...
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