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Powder River Continues Aggressive Acquisition Strategy, Purchases First Mississippi Project
Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced they have purchased a 100 % working interest in a shut-in project in Amite County, Mississippi.
The project has one producer and one injection well, with recoverable reserves estimated at 140,000 barrels of oil and 250 million mcf gas. Currently, the property requires a complete workover, as well as pumping equipment. Powder River Basin Gas Corp. expects to have all rework completed and be in full production by the end of July.
On completion, the Company anticipates that this project will produce 40 BOPD and 80 mcf gas per day.
The cost of this project, including the purchase price and re-work to full production is estimated at $80,000.
"This is an exciting addition to the current properties Powder River Basin Gas Corp. holds. We are thrilled to finally have acquired a property in Mississippi. We have been researching this area for some time, and this particular property is ideal, as it is a low maintenance type of project that will produce steady cash flow for several years," stated CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
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.
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Daily NewsTags: ,Energy and Utilities:OilandGas, ,OTCBULLB,OTCBULLB,GA,CALGARY, ALBERTA
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