Perkins Oil & Gas, Inc. (OTC Pink: PEKN) is engaged as an oil & gas exploration and production company, which focuses on U.S.-based locations. Shares of the oil & gas company jumped 68.72% on Tuesday, September 5, 2017. Over the past month, Perkins Oil & Gas, Inc. has seen average daily volume of 1,418 shares. However, volume of 65,228 shares or dollar volume of $148,067, has already exchanged hands through early trading on Tuesday.
Shares of Perkins Oil & Gas, Inc. are surging today, after the company announced it has purchased 80 gross acres located in Renville County, North Dakota. The purchase took place at a government lease auction, carries a 1/6th royalty rate, and has been secured for the next five years. Renville County is located in the middle of the Bakken shale formation. Here is the full press release detailing of the lease purchase:
Perkins Oil & Gas, Inc. Press Release:
DALLAS, TX — (Marketwired) — 09/05/17 — Perkins Oil & Gas, Inc. (OTC PINK: PEKN) (“Perkins” or the “Company”) today announced that it participated in a government lease auction and successfully purchased 80 gross acres in Renville County, North Dakota.
The tract is in township 163N and carries a 1/6th royalty rate to the state of ND and the lease was paid up for 5 years.
Renville County is a Bakken oil and natural gas play. It is located approximately in the middle of the Bakken formation close to the Canada border.
An April 2013 estimate by the USGS projects that 7.4 billion barrels of undiscovered oil can be recovered from the Bakken and Three Forks formations and 6.7 trillion cubic feet of natural gas and 530 million barrels of natural gas liquids using current technology.
About Perkins Oil & Gas, Inc.
Perkins Oil & 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.
Safe Harbor Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company’s filings with the Securities and Exchange Commission.