News: World Oil Resources to become Abilene Oil and Gas

World Oil Resources (ASX:WLR) has changed its name to Abilene Oil and Gas and will begin trading as (ASX:ABL) from Friday 12 December 2014 once a consolidation of capital transaction has been finalised.

In October the company raised $944,500 through a placement of shortfall shares to sophisticated investors as well as loans.

This follows the raising of $1.13 million through a rights issue to shareholders priced at $0.003 per share.

Abilene has been progressing its oil and gas projects in Australia and the U.S. including development of its Klick Oil Project in Kansas.

Klick is located in the middle of a vast oil and gas producing province and includes the Klick 22-1H horizontal well that has been in production since March 2011.

With joint venture partner CMX, Abilene established 50-50 joint venture across 15,000 acres, mainly in the Mississippian age carbonate rock formation that is up to 10 metres thick.