SAN ANTONIO, Feb. 28, 2011 (GLOBE NEWSWIRE) -- Energy Management International, Inc. (Pink Sheets:ENMI) announces today that it has acquired BC Oil LLC; with the acquisition is a one-quarter (25%) working interest in the 460 acre Boyett-Chalmers Oil and Gas field previously held by BC Oil LLC, Taylor County Texas. The closing of this deal puts a newly purchased producing oil field into Energy Management International, Inc's property inventory, from which extended oil production and enhanced recovery work can begin. The Boyett-Chalmers Oil field produces primarily from the Flippen Sandstone at a depth of 2800 feet and has 14 wells, of which 5-6 are scheduled producers, and 3-5 are pressure maintenance wells.
The acquisition of BC Oil LLC has been a work in progress for sometime now. Energy Management was able to finally close the acquisition under modified terms from its original purchase agreement, which had called for a larger cash payment in return for 51% working interest. "By lowering participating working interest received we were able to reduce debts payable to the operator, maintain an option to acquire additional acreage, and finalize the purchase, so that we can move forward into other property purchase negotiations," remarked President Howard Dunn.
Our short term goal is to produce a significant amount of crude oil from our existing properties and to acquire oil properties that we believe will be capable of producing profitable quantities with this strategy. Technology is paramount in oil recovery and this acquisition fits nicely with the plan to merge AM Oil Resources Technology (a newly acquired, wholly owned, subsidiary ) with currently producing fields held by or in working partnership with ENMI.
About Energy Management International, Inc.: Energy Management International, Inc. () is positioning itself to add North and South American oil and gas production, and enter into downstream processing design, build, and/or operating agreements in Paraguay, Bolivia, and Argentina.
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About AM Oil Resources & Technology, Inc.: () is a recently acquired wholly owned subsidiary of Energy Management International Inc. AM Oil holds enhanced oil recovery and production technology suitable for secondary recovery of oils from formations with new and historic production.
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Energy Management International, Inc.'s filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause Energy Management Internationals, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Energy Management International, Inc.
CONTACT: Energy Management International, Inc. Corporate: 8023 Vantage Dr. Suite 680 San Antonio, TX 78230 Office: (210) 547-0736 Fax: (888) 452-8153 Email: info@energymanagementinternational.com