GUYS,,,,,,,41c (PRVB) $61M project value: Powder River to Acquire Proven Oil and Gas Producing Project Currently Valued in Excess $61 Million
Tuesday March 15, 7:00 am ET
CALGARY, Alberta--(BUSINESS WIRE)--March 15, 2005--Powder River Basin Gas Corp. (OTCBB:PRVB - News)
- Oil Reserves in Excess of 5 Million Barrels and Potential to Produce In Excess of 5000 MCF Per Day -
Powder River Basin Gas Corp., a revenue generating producer and acquirer of crude oil and natural gas, today announced the Company has entered into a letter of agreement to purchase a large producing and development oil and gas project. At the request of the producer, further information on the project will be provided upon commencement of activity.
Engineering studies indicate proven reserves in excess of 5 million barrels of oil plus a deep natural gas reservoir which is undeveloped on this project. The gas is at approximately 8600 feet and has the potential to produce 3000 to 4000 mcf per day per well.
Discounted to 10% the current values of proven reserves are estimated at approximately $61,000,000.00.
Upon completion of the re-work program cash flow will increase by approximately $500,000.00 per month and double the Company's reserve base.
Powder River Basin Gas Corp. is active in production and acquisition of crude oil and natural gas.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Powder River Basin Gas Corp. (OTC Bulletin Board:PRVB - News)
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Contact:
Powder River Basin Gas Corp.
Patrice Nazareno
Investor Relations
Toll Free 1-866-515-7708
www.powderrivergascorp.com
OR
DeMonte Associates
Cynthia DeMonte
Public Relations
(212) 605-0525 |
