Tiger Oil and Energy Inc. Acquires Oil and Gas Leases

Rhea-AI Summary

Tiger Oil and Energy (OTC PINK: TGRO) has announced the successful acquisition of 740 acres of oil and gas leases across seven locations in Kansas. The company holds a working interest of 78% to 100% in these recently producing wells. With rising oil prices, CEO Howard Bouch emphasizes the economic potential for development. The company intends to utilize modern techniques for evaluation and to reinstate these wells, alongside strategizing new drilling programs based on geological data.

Positive

• Acquisition of 740 acres across seven leases with 78% to 100% working interest.
• Potential for increased production and profitability from newly acquired wells.
• Strategic focus on modern techniques to bring shut-in wells back online.
• Established presence in one of the U.S.'s top oil-producing states.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / February 28, 2022 / Tiger Oil and Energy Inc. (OTC PINK:TGRO) ("Tiger" or the "Company") Today, announces it has completed the acquisition of recently producing wells. The acquisition is comprised of an oil and gas land assembly with a total of 740 acres across seven different leases with working interest (WI) between from 78%to 100%. The leases are in Kansas - The 8^th largest producing state in the US with excellent infrastructure in place. These leases contain oil wells, saltwater disposal wells and are run off electricity. Some of the wells have been operational within the last few years. The Company plans to engage its network of skilled professionals to evaluate with the goal of bring the wells back online

Howard Bouch CEO of the Company states; "With the recent rise in oil prices this is an excellent economic opportunity for us to develop these leases. We plan to move forward with our strategy of acquiring these shut-in and offline wells, conducting an evaluation, then bring them back online with modern techniques. We will also outline a plan for a new drilling program on some of the lease based on historical and geological Data.

The Company notes it still holds interest in the Upchurch Lease, a 75-acre lease held by production. The lease currently produces oil from a single well drilled in the early 1980's. The well hit oil at just over 1800 feet in the Knox formations, it has been in production for 30+ years. The Knox formation is the premier oil formation in Kentucky and generally runs at depths ranging from 1600 to 2300 feet.

About Tiger Oil and Energy, Inc.
Tiger Oil and Energy, Inc. is an American based oil and natural gas exploration and production company engaging in the acquisition of oil & gas leases. Tiger Oil will apply advanced drilling, completion, and secondary recovery techniques to currently shut-in and low producing wells, while utilizing modern technologies and techniques to increase production and profitability. For more information about the company and its leases please visit: http://www.tigeroilandenergy.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. These forward-looking statements include statements relating to, or representing management's beliefs about, our future transactions, strategies, operations, events, and financial results. Such forward-looking statements often contain words such as 'will,' 'anticipate,' 'believe,' 'plan,' 'estimate,' 'expect,' 'intend,' 'is targeting,' 'may,' 'should' and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.tigeroilandenergy.com under 'Investor Info.' You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this news release, even if such results, changes, or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this news release, such statements or disclosures will be deemed to modify or supersede such statements in this news release.

Disclaimer: This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information:
Howard Bouch
Tiger Oil and Energy, Inc.
ceo@tigeroilandenergy.com

SOURCE: Tiger Oil & Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/690536/Tiger-Oil-and-Energy-Inc-Acquires-Oil-and-Gas-Leases

FAQ

What recent acquisition did Tiger Oil and Energy (TGRO) announce?

Tiger Oil and Energy announced the acquisition of 740 acres of oil and gas leases across seven locations in Kansas.

How does the acquisition impact Tiger Oil's operations?

The acquisition allows Tiger Oil to utilize modern techniques to evaluate and potentially reinstate previously producing wells, enhancing production capabilities.

What is the working interest in the acquired leases by Tiger Oil (TGRO)?

The working interest in the acquired leases ranges from 78% to 100%.

What is the significance of the Kansas leases for Tiger Oil and Energy?

Kansas is the eighth largest oil-producing state in the U.S., providing excellent infrastructure and economic opportunities for development.

What strategy does Tiger Oil plan to implement following the acquisition?

Tiger Oil plans to evaluate the acquired wells, bring them back online, and outline a new drilling program based on historical and geological data.