Xun Energy, Inc. ("XNRG") (OTCBB: XNRG) Xun Energy, Inc. announces the Company will participate in a planned 15 well drilling program with Global Energy Acquisitions, LLC and its affiliates ("GEA"). GEA is a Florida limited liability company. GEA intends to drill 15 oil and gas wells on a 416 acre parcel located in Adair County, Kentucky. Each well will be drilled to a depth of up to 2,000 feet in order to reach the Murfreesboro or Knox Formations. The targeted date for the completion of the $2,550,000 funding requirement has been set to February 28, 2011. Upon the success of the drilling program, GEA will pay to XNRG up to 12.5% gross royalty on revenues generated from the drilling program. XNRG's participation will be based upon XNRG's investment in GEA's 15 well drilling program. XNRG's participation interest has not yet been established. Peter Matousek, the Company's president, commented, "The agreement with GEA provides the Company with an opportunity to participate in an oil and gas program which would provide the Company with steady cash flow."
Xun Energy, Inc. ("XNRG") (OTCBB: XNRG) Xun Energy, Inc. announces the Company will participate in a planned 15 well drilling program with Global Energy Acquisitions, LLC and its affiliates ("GEA"). GEA is a Florida limited liability company. GEA intends to drill 15 oil and gas wells on a 416 acre parcel located in Adair County, Kentucky. Each well will be drilled to a depth of up to 2,000 feet in order to reach the Murfreesboro or Knox Formations. The targeted date for the completion of the $2,550,000 funding requirement has been set to February 28, 2011. Upon the success of the drilling program, GEA will pay to XNRG up to 12.5% gross royalty on revenues generated from the drilling program. XNRG's participation will be based upon XNRG's investment in GEA's 15 well drilling program. XNRG's participation interest has not yet been established. Peter Matousek, the Company's president, commented, "The agreement with GEA provides the Company with an opportunity to participate in an oil and gas program which would provide the Company with steady cash flow."
With oil exploration almost at a standstill, this venture should be very positive. We still have to use oil not only for fuel, but for innumerable products. IMO
Posts: 143 | Registered: Apr 2010
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XNRG - Positive and forward looking. Funding should be complete this month. Then progress as they go forward with participation in a 15 well drilling program with Global Enerby Acquisitions, LLC .
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XNRG - I seem to be the only cheerleader here, but time will bring good results, I am sure. IMO
Posts: 143 | Registered: Apr 2010
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