DALLAS, Sept. 29, 2015 /PRNewswire/ — Danick Resources, Inc. (Danick) announced today that an acreage swap with American Energy Partners, LP. (AEP) has been finalized. The oil and gas lease swap involves specific acreage in Lincoln County, Oklahoma where AEP has assigned Danick all rights from the base of the Red Fork sands and shallower. Danick assigns AEP all rights from the base of the Red Fork sands and deeper. This enables AEP to continue to focus on its Woodford shale play. Danick’s exploration strategy focuses on conventional plays, drilling direct offsets to established, proven and currently producing oil and gas wells.
“This is a great move for both companies,” commented Daniel Lane, President of Danick Resources on Tuesday. “This arrangement enables Danick to focus on more economically sound drilling programs in one of the most historic and profitable oil fields in Oklahoma, while maintaining the leaseholds for both companies through our production. With oil prices below $60, Danick will remain profitable by focusing on drilling vertical wells with high volume production characteristics as seen in more costly horizontal wells.”
Danick will begin drilling this acreage in September 2015 with plans to further develop this field through Q4 of 2015 and Q1 of 2016. The area in which Danick and AEP swapped acreage has a proven history of thick pay zones with 1,000 barrel of oil a day potential at a fraction of the cost of drilling horizontal shale wells. Danick plans to evaluate and entertain future land deals with American Energy Partners throughout Oklahoma and Texas.
About Danick Resources, Inc.
Headquartered in the Occidental Petroleum Tower in Dallas, Texas, Danick Resources was founded on the fundamental principles of working with the most sought after and respected leaders in the oil and gas industry to develop and produce hydrocarbons in the most efficient and timely manner possible. Our areas of operation currently include Texas, Oklahoma and Alberta Canada.
Danick Resources offers oil and gas investment opportunities through direct participation programs. Direct participation or working interest programs allow savvy, accredited investors the opportunity to partner with Danick Resources in domestic oil and gas drilling programs. Danick’s exploration and extraction projects are focused on generating profit through further production on existing and proven oil and gas leases.
Danick Resources’ primary goal is to increase the production of acquired properties through a combination of advanced drilling, completing and fracking technologies, to develop proven oil and gas assets. Danick holds prime acreage surrounded by competitors such as: Chesapeake, Sand Ridge, Apache, BP, Conoco Phillips, American Energy Partners, Devon Energy, and Exxon-Mobil.
About American Energy Partners, LP.
American Energy Partners, LP. is an oil and natural gas operating and asset management company located in Oklahoma City, Oklahoma. Founded in April 2013 by Aubrey K. McClendon, AELP has grown to more than 450 employees. AELP and its affiliates and former affiliates operate in premier oil and natural gas fields across the country – from the gas fields of the Marcellus and Utica shales in Appalachia to the oil fields of the Mid-Continent and Permian Basin.
Previously, Mr. McClendon was co-founder, chairman and CEO of Chesapeake Energy Corporation from 1989 until 2013. Under his leadership, Chesapeake grew from a start-up to the 2nd largest producer of natural gas and the 11th largest oil producer in the U.S. Under McClendon, the company was widely credited with leading the U.S. energy oil and natural gas unconventional resource revolution.
Forward Looking Statements: This report includes forward looking statements pursuant to the Private Securities Litigation Reform Act of 1995. Such forward looking statements cannot be sustained by historical facts, and must be interpreted as such.
SOURCE Danick Resources, Inc.