Attached files
Exhibit
99.1
FOR
IMMEDIATE RELEASE
TN-K
ENERGY EXPANDS ITS CHECKERBOARD LEASE HOLDINGS
Company
closes two transactions which significantly increase its lease holdings in
mineral rich areas
Crossville,
TN -- (GlobeNewswire) — February 8, 2010 — TN-K Energy Group Inc. (Pink Sheets:
TNKY) today announced that it has completed two additional lease transactions
which have significantly increased its lease holdings. The first
transaction is the completion of the checkerboard acquisition on the entire 738
acres of the JR and Pansy Clark Leases in the Exie Quadrangle in Green County,
Kentucky. As a result of the transaction, TN-K Energy will own a
27.5% net working interest in approximately 70 more well locations on these
proven, high producing leases. This latest checkerboard lease follows
the 10 well checkerboard lease acquisition announced earlier this month in which
TN-K Energy led the negotiations. This latest drilling package, along
with its previous acquisitions, gives TN-K Energy a total of approximately 80
more well locations to be drilled in Kentucky.
TN-K
Energy also announced that in a second transaction it has acquired a lease of
approximately 27 acres with one existing producing well and all the necessary
equipment to operate and produce oil on this lease which is also located in Green
County, Kentucky. This lease is in close proximity to several high
producing wells along with the JR and Pansy Clark Leases. TN-K Energy
will own a full 81.25% of this lease, which has approximately six more locations
to be drilled.
TN-K
Energy will be the operator on both of these acquisitions and will immediately
begin acquiring all necessary permits to begin drilling operations.
“The
checkerboard acquisition on the entire JR and Pansy Clark Leases is possibly the
most significant transaction we have completed since entering the energy sector
in October 2009. I believe this is another great step in our goal to
become one of the area’s leading producers of oil and gas.” said Ken Page, TN-K
Energy’s CEO.
Travis
Coomer also stated “We are very excited to be teamed up with TN-K Energy to help
produce these leases. We have a great amount of confidence in their ability and
knowledge of the oil and gas industry.”
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 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.
Contact:
Ken Page
President
TN-K
Energy Group Inc.
(931)
707-9599
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