CROSSVILLE, Tenn., Oct. 5, 2010 (GLOBE NEWSWIRE) -- TN-K Energy Group Inc. (Pink Sheets:TNKY) announced today the buyback of 50% working interest in the Todd Anderson lease in Clinton County, Kentucky. The purchase price was $125,000, paid in cash to Power Leasing of Wilmington, Ohio.
The Todd Anderson lease is approximately 53 acres in a highly productive and proven area. There are producing wells in the immediate area in the Granville, Sunnybrook, Stones River, Murfreesboro, Wells Creek and Knox formations. There are 2 producing wells on the lease in the Wells Creek and Knox formations that are currently producing 4-6 barrels per day. The company now owns 87.5% of the lease and 100% of all the necessary equipment to operate the wells.
"We feel, with minimal cost, we can substantially improve the production on this proven lease by treating and deepening the existing wells," said Ken Page, TN-K's CEO. "There are also more than 10 additional locations to be drilled."
About TN-K Energy Group Inc.
TN-K Energy Group Inc. is an independent energy company with operations in Tennessee and Kentucky.
This press release contains "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intent," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may," or words or expressions of similar meaning. Such statements are not guarantees of future performance and could cause the actual results of TN-K Energy Group to differ materially from the results expressed or implied by such statements, including, but not limited to, the company's ability to enter into one or more leases for oil, gas and coal properties, the lack of commercial productivity from drilled wells, the ability to obtain audited financial statements as necessary on these properties, compliance with Federal securities laws, and other factors. Additional information regarding risks can be found in TN-K Energy Group's Annual Report on Form 10-K and its other filings with the SEC. Accordingly, although TN-K Energy Group believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. TN-K Energy Group has no obligation to update the forward-looking information contained in this press release.