ROCKVILLE CENTER, NY, Oct. 08, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Supernova Energy, Inc. (OTC PINK: SPRN) (“Supernova” or the “Company”), an U.S. based oil and gas production and exploration company, today announced that its Form 1-A Regulation A Offering Statement to raise up to $10,000,000 has been qualified by the U.S. Securities and Exchange Commission (SEC). With this new potential funding source in place, the Company will move forward with its planned US oil and gas acquisition and development program.
Supernova intends to use the additional funding to meet three main objectives:
1) Additional drilling and upgrades to existing oil and gas leases. Supernova has identified several potential farm-in and upgrades opportunities on current leases. The Company will look at re-completion and drilling of new wells including horizontal drilling and fracking.
2) Acquisition of new oil leases in areas where Supernova is already active. Supernova Energy already holds interests in several leases in Kansas and Kentucky and has infrastructure in place to efficiently prospect, drill, and produce oil and gas.
3) Purchase of working interests in already upgraded and producing leases. Supernova will seek to strategically acquire interests in existing oil and gas production in Kansas, Kentucky, and other area across the United States.
Kevin Malone, CEO of Supernova Energy, Inc., commented, “We are very encouraged by the overall positive direction of the oil and gas market in the United States, particularly following tax and regulatory improvements made by the Trump administration. With this new funding source available to us, we will be able to pursue many possible growth opportunities that should increase oil production and revenue for Supernova Energy, while also increasing shareholder value. We look forward to announcing the next steps of our acquisition and development program in the near future.”
About Supernova Energy, Inc.
Supernova Energy Inc. (OTC Pink: SPRN) is an American based oil and gas production and exploration company with key holdings in Kansas and Kentucky. The Company’s goal is to acquire economical leases in known oil and gas formations with low cost of recovery. The strategy is to specialize in well bore completion, re-completion and workovers on existing oil and gas production.