ALLENTOWN, Pennsylvania, Oct. 21, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Energy Partners, Inc. (“American Energy”) (PINK: AEPT), a diversified energy company, is pleased to announce that as of October 13th, a binding term sheet was signed with a leading Oil & Gas Production & Services Company for acquisition. This acquisition is expected to be completed before the calendar year end and will be accretive to 2021 Q1 financials.
Along with over 230 proven, producing and developed natural gas wells and an option for 250 additional PPD wells, we believe the combined target will add over $1,000,000 in top-line revenue in 2021. Additionally, the acquisition includes a fund established for future reclamation and abandonment of oil & gas impacted land.
It is understood by both parties that time is of the essence. Therefore, this term sheet shall be an agreement among the parties to negotiate in good faith to reach an agreement consistent with the terms set forth herein or as the parties may otherwise agree. Time shall be of the essence as to all deadlines set forth herein.
American Energy Partners, Inc. (AEPT)
American Energy Partners, Inc. is a diversified energy company. Through its various subsidiaries, the Company engages in water treatment and distribution, oil and natural gas production, geotechnical consulting services, and energy education.
For additional information, visit: American Energy Partners, Inc.
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of AEPT, statements relating to goals, plans and projections regarding AEPT’s financial position and business strategy. The words or phrases “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think”, “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. AEPT cautions readers not to place undue reliance on such statements. AEPT does not undertake, and AEPT specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from AEPT’s expectations and estimates.