Americas Energy Company announced on the last day of 2009 that AECo has completed its initial $1,000,000 financing. This finalization was part of the Definitive Agreement between the two companies which was initiated on August 26, 2009, whereby AENY will acquire AECo.
"The completion of this initial funding has allowed us to acquire three high quality energy assets that include coal, oil and natural gas in Kentucky and Tennessee. In the past 3 months we have begun production and delivered our first shipments of oil from AECo Well #1; delivered the first production of coal from our Upland Church property; and completed the drilling of our Bledsoe, Tennessee coal property. We are moving forward with our engineers to develop a comprehensive mining plan designed to maximize our production," said Chris Headrick, President and Co-CEO of AECo. Mr. Headrick added, "The successes we experienced in 2009 are representative of 5 years of hard work by the AECo team. I cannot say how much I appreciate the efforts made by my executive team, our sub-contract partners and our investors... I can't wait to start the New Year!"
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About Americas Energy Company
AENY is a a consolidator of high quality energy properties, operating out of their main offices in Knoxville, TN. Currently they operate projects in both Kentucky and Tennessee. AECo invests in energy projects throughout the Americas. The Company is currently evaluating several additional coal projects, as well as an oil and gas rework project in Southeastern Kentucky.
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