American Leisure Holdings confirmed that its subsidiary, Wroblewski Oil and Gas Company, has acquired a number of wells in Illinois.
Totalling 11, the projects are in the Illinois Basin in the counties of DeWitt, Christian, Washington and Shelby with depths expected to be between 1,000 and 5,000 feet per well.
Eric Wroblewski, chief executive, said: “This is an extremely exciting long-term turnkey opportunity for our company and we believe these wells have significant upside potential with a high rate of return of about 30% per year.
“Our strategy going-forward is to move aggressively on acquisitions, such as this one, that can increase our asset base and accelerate revenue generation. I look forward to completing this acquisition and providing additional information regarding permitting, site preparation, and drilling very soon.”
Since the initial discovery of oil in the Illinois Basin in 1886, it has produced approximately four billion barrels of oil and an estimated four trillion cubic feet of natural gas.
Drilling is expected to begin within the next few months.
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