MINNETONKA, Minn., March 26, 2012 (GLOBE NEWSWIRE) -- Ante5, Inc. (OTCQB:ANFC) ("Ante5 Oil & Gas") today announced that it has entered into a contract for the acquisition of 8,655 net mineral acres in North Dakota's Williston Basin for an average price per acre of $2,850. Upon close of this transaction, the Company will have increased its acreage position by approximately 90% since November 2011, and will control more than 20,000 net acres targeting the Bakken and Three Forks trend. Closing of the transaction is subject to several conditions, including obtaining necessary financing.
Kenneth T. DeCubellis, Chief Executive Officer of Ante5 Oil & Gas, commented, "This acquisition is a significant milestone for Ante5 Oil & Gas. Over 70% of the acquired acres are in the counties of Mountrail, Williams, McKenzie, Dunn and Burke. Moreover, 85% of the leases in these core counties boast long primary terms, expiring between 2015 and 2022. Upon completion of this acquisition, we will have nearly doubled the size of Ante5's Bakken and Three Forks exposure."
The Company also announced that its Board of Directors has approved changing the corporate name to Black Ridge Oil & Gas, Inc. "The name change signals a transformative moment for our Company," stated DeCubellis. "As we move forward, we will continue to aggressively grow our exposure in the oil rich Bakken and Three Forks play. Black Ridge Oil & Gas reflects our focused mission to create significant shareholder value along the way." The name change is expected to become effective on April 2, 2012. The Company's common stock will continue to trade on the OTCBB using the ticker symbol ANFC.
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About the Company
Ante5, Inc. is an oil and gas exploration and production company based in Minnetonka, Minnesota. Ante5's focus is exclusive to the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. Ante5 controls approximately 20,000 net mineral acres in North Dakota. For additional information on Ante5, visit the Company's website at www.ante5oil.com.
Statement as to Forward Looking Statements.
Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Ante5's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, the Company's dependence on its management, the ability to obtain financing for the referenced acquisition, the Company's ability to meet listing requirements of a national securities exchange, the Company's lack of capital, acquired acreage meeting management's expectations and our ability to successfully exploit it, changes in prices for crude oil and natural gas, the ability of management to execute plans to meet the Company's goals and other risks inherent in the Company's businesses that are detailed in the Company's Securities and Exchange Commission ("SEC") filings. Readers are encouraged to review these risks in our SEC filings.