Park Place Energy Corp. Announces Finalized Results of EM Survey On The Brighty Prospect
Ticker Symbol: U:PRPL
CALGARY, Nov. 29 /PRNewswire-FirstCall/ - Park Place Energy Corp. ("Park Place Energy" or the "Corporation") is pleased to announce that Offshore Hydrocarbon Mapping PLC ("OHM"), the EM specialist contractor, has notified the Corporation that they have completed the 1D sensitivity testing and have compiled the finalized technical analysis on the previously announced Electromagnetic ("EM") survey data collected on the North Sea Brighty Prospect.
OHM has advised the Corporation that the finalized technical analysis of the Phase 1 survey data is such that the conclusion is consistent with the shallower resistor and in their opinion it is worthwhile to further advance the Brighty Prospect.
Based on OHM's favorable interpretation of the subject data, Park Place Energy has entered into discussions with a number of major producers who are established operators in the area with the intent of securing a joint venture partner that can operate the drilling of a Test Well on the defined anomaly on the Brighty Prospect.
Park Place Energy President and CEO Eric Leslie said, "This is a very exciting and busy time to take over as President and CEO. Over and above advancing our Brighty and Eight Mile North projects we continue to evaluate other opportunities that have the potential to add significantly to our underlying Net Asset Value. In addition, I look forward to working along side with the Founder of Park Place Energy, David Stadnyk, who will be focusing on bringing in International opportunities to the corporation".
OHM is the world's leading provider of Controlled Source Electromagnetic Imaging ("CSEMI") services, including surveying, data processing, and data interpretation services to the offshore oil industry. CSEMI has been used for over 20 years by researchers to examine hydrothermal and volcanic systems on mid-ocean ridges.
OHM and their team of leading scientists have refined and developed the CSEMI technique and transformed it into a potent tool for optimizing hydrocarbon exploration and production. Originally formed in 2002 as a spinout from the UK's prestigious National Oceanography Centre with venture capital funding, OHM has completed surveys spanning four continents.
The Brighty Prospect has similar characteristics to the Buzzard Field that is one of the largest fields to be discovered in the North Sea in the past quarter century. It is anticipated that the Buzzard Field should hit peak production of roughly 200,000 BOE per day later this year and have over a billion barrels of oil in place. Petro-Canada Inc. holds a significant position in the Buzzard Field. In addition to Petro-Canada, an independent energy corporation, Endeavour International Corporation is also very active in the area surrounding the Brighty Prospect.
ABOUT PARK PLACE ENERGY
Park Place Energy is, first and foremost, an international high impact energy play corporation. Currently, its primary activity is in oil and gas exploration in the North Sea, as well as the development and production of its Canadian assets including the recently announced major gas find in British Columbia. Park Place Energy utilizes its expertise in the oil and gas industry to enhance shareholder value and profitability by pursuing attractive opportunities in the international oil and gas industry. Using the appropriate financial resources and the latest technologies, Park Place Energy, through creative joint ventures and innovative partnerships, has a strategic five-year operating plan to optimize profitability and shareholder value.
Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. The Corporation is under no obligation to update or later any forward-looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
CONTACT: Investor Relations at (877) 305-1166, Email: info@parkplaceenergy.com, Website: www.parkplaceenergy.com; Calgary Head Office: Suite 300, 840 - 6th Avenue SW, Calgary, Alberta, Canada, T2P 3E5; Vancouver Office: Suite 1220 - 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8, Toll Free: 1-877-305-1166
Park Place Energy Corp.
CONTACT: Investor Relations at (877) 305-1166, Email:
info@parkplaceenergy.com, Website: www.parkplaceenergy.com; Calgary Head
Office: Suite 300, 840 - 6th Avenue SW, Calgary, Alberta, Canada, T2P 3E5;
Vancouver Office: Suite 1220 - 666 Burrard Street, Vancouver, British
Columbia, Canada, V6C 2X8, Toll Free: 1-877-305-1166 |
