DALLAS, TX–(Marketwired – December 06, 2017) – Perkins Oil and Gas, Inc. (OTC PINK: PEKN) (“Perkins” or the “Company”) today announced that it participated in a government lease auction and successfully purchased 160 gross acres in Lincoln, Colorado.
The tract is in township 10S, carries a 1/5th royalty rate and is located on the Niobrara formation.
According to a report by COGA, some analysts estimate the recoverable oil reserves at approximately 2 billion barrels. Liquid natural gas is also found and extracted in this formation.
“We are very excited to have acquired this lease which I believe holds a lot of potential. We expect to begin formulating a drilling plan in January of 2018,” said the CEO of Perkins.
About Perkins Oil and Gas, Inc.
Perkins Oil and Gas, Inc. is an oil and gas exploration and development company focused on US-soil projects. The Company intends to build a portfolio of oil and gas leases in up and coming areas which allow for low cost-per-acre acquisitions.