Bowling Green, Kentucky (PRWEB) October 01, 2017
Encore Energy, Inc. announced today that the Company is currently testing a horizontal Berea oil well project in Eastern Kentucky with plans to drill three (3) additional horizontal oil and gas wells in the area of Lawrence and Johnson Counties, Kentucky.
"Qualified SEC defined accredited investors can deduct 100% of their intangible drilling costs (IDC) against all forms of state and federal income this year, in 2017. This typically results in a ~40 - 50% tax immediate tax savings with potential for years of potential monthly income", said Joseph Hooper, Encore's Executive Vice President and Director. “We remain very confident in the continued growth in demand and a strong recovery for the price of crude oil”, added Hooper.
The horizontal Berea play of Eastern Kentucky represents more than 20% of the state's annual oil production and is regarded as the best shallow horizontal oil play in Kentucky. “The horizontal Berea also provides good potential for gas as a byproduct of oil production and Encore is currently making plans to build gas sales infrastructure making it more efficient to produce and bring this gas to market”, said Steve Stengell, Encore’s President CEO.
For more information regarding the 2017 year-end IDC tax deduction and to see if you qualify as an SEC defined accredited investor, please contact Joseph Hooper at (270) 842-1242, ext. 224 and be sure to read the most recent article from Energy and Mining International magazine regarding Encore Energy, Inc. and its Berea oil program at http://www.encore-energy.com/Energy%20&%20Mining%20International%20Encore%20Berea%20Oil%20Article.pdf
Assumptions, Disclaimer and Cautionary Statement: The information herein may contain forward-looking statements, and actual results may vary. Words such as "estimate", "will," "intend," "continue," "target," "expect," "achieve," "strategy," "future," "may," "goal," or other comparable words or phrases or the negative of those words, and other words of similar meaning indicate forward-looking statements and important factors which could affect actual results. Forward-looking statements are made based upon Management's current expectations and beliefs concerning future developments and their potential effects upon Encore Energy, Inc. Oil and gas investments involve a high degree of risk, uncertainty and are only suitable for qualified Accredited (SEC Definition) investors who are sophisticated in making business decisions and can bear the financial loss of their entire investment, while delivering a turnkey profit to the Company for proving the prospect development, lease acquisition, drilling, completion, engineering and ongoing production operations. The Company does not provide tax advice and investors should seek the advice of their tax professional. Any tax and/or other information herein is provided for illustration purposes only and may include estimates that are uncertain and subject to change. It is impossible to accurately forecast profitability, production, reserves, income, expenses and timelines for any project. No assurances can be made as it relates to reserves, production, income, profit, prices, timelines and/or other estimates. Actual production and results are beyond the control of management. In the event that commercial production is achieved, it may take many years for the investor to recoup his or her investment. The Company's lease acreage position under is subject to change and includes acreage under lease, Farmout agreement, verbal agreement, renewals, expired terms and any other prospective acreage in which the Company has communicated and/or negotiated with the landowner the leasing of oil and gas rights, now or in the future, and the lease / mineral owner has leased or communicated their intent to lease there mineral lease rights to the Company. It is important for qualified investors to acknowledge the fact that the US government provides them with tax savings (100% IDC tax deduction) to mitigate or at least off-set some of the financial risk associated with domestic oil and gas investments. This is not an offer to sell or buy a security. An offer shall only be made pursuant to SEC Regulation D, Rule 506(c) by a private placement offering memorandum, and this is not a private placement offering memorandum.