Kabe Exploration Plans To Acquire Proven Oilfield In Oklahoma

To acquire a 140 acre proven producing oilfield located in Murray County producing 93 bbl/d.

Kabe Exploration Inc. (OTC: KABX) announce Dec. 9 it has submitted a proposal to acquire a 140 acre proven producing oilfield located in Murray County, Okla.

The oilfield current production is 93 barrels per day (bbl/d) of oil with cash flow over $2 million annually. The field has estimated 2 million proven recoverable barrels of oil with 13 wells and nine producing from shallow depths of 1500 feet.

Kabe plans to go into the field and drill additional wells and re-work existing wells with acidation and other stimulation treatments to increase production from these wells. Kabe expects this prolific field will enhance the its portfolio of oil and gas assets to build a great independent oil company.

"We have seen an overwhelming response to our capital raise efforts which has strengthened our balance sheet and believe that acquiring core producing assets with good revenues will create shareholder value in the long term," Erik Ulsteen, CEO, said in the release.

Kabe Exploration Inc. engages in the exploration and development of oil and gas properties. The company is based in San Diego.