Petrol Oil and Gas Develops New Natural Gas Resources
Friday April 21, 9:00 am ET
Company's ReSource America Initiative to Help Move America Toward Energy Independence
Please Note Tuesday, April 25 Event
OVERLAND PARK, Kansas--(BUSINESS WIRE)--April 21, 2006--Petrol Oil and Gas, Inc., (OTCBB:POIG - News) with mineral rights to approximately 165,000 acres in Eastern Kansas and Western Missouri, is developing new natural gas resources to help ease America's foreign energy dependence.
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"America has long been dependent on foreign energy sources," said Paul Branagan, President and CEO of Petrol, a publicly traded oil and gas exploration and production company based in the Kansas City suburb of Overland Park, Kansas. "Then, sometime in 1997, the state of Kansas found that it, too, had become a net importer of energy."
Branagan said that with the turn of a valve Tuesday, April 25, in Waverly, in Eastern Kansas' Coffey County, Petrol will celebrate its development initiative - ReSource America - to access and deliver new natural gas resources from America's Heartland.
"This event displays Petrol's commitment to assist our nation in maintaining affordable energy sustainability within its borders," Branagan reflected.
Petrol's ReSource America initiative involves tapping into one of the major natural gas resources buried beneath eastern Kansas and stored within coal bed deposits and known as Coal Bed Methane or CBM.
"With roughly 92,000 leased mineral acres in Coffey County alone, Petrol's Coal Creek Project is anticipated to have an important economic impact on Eastern Kansas and the Midwest," Branagan noted.
"This is a prime example of recent technological advances, marketplace economic pressures and the availability of new energy resources converging to make the economic production of CBM and other unconventional natural gas production processes a reality," Branagan explained. "It also illustrates how Kansans can lend a hand in reducing America's dependence on foreign energy sources."
Branagan said that Petrol's ReSource America initiative has numerous projects underway that are proving in their early stages that the region is rich in Coal Bed Methane.
"This should prove a win-win-win situation for Petrol, for Kansas, and for advancing America's goal of energy independence," he said. "By tapping into our country's natural resources, we are aiming to improve market supply and encourage market forces to reduce natural gas prices."
Petrol, a company publicly traded on the OTC Bulletin Board under the symbol "POIG", already employs about 20 Eastern Kansas area operations personnel and has spent more than $10 million over the past five months developing the Coal Creek Project as part of its ReSource America initiative.
"We at Petrol believe in investing in the development of our country's natural resources and in the communities where we operate," Branagan remarked. "Our ReSource America initiative is just beginning, and it will benefit not only our investors, but our employees and our country, as well."
Petrol will turn the valve in Waverly, Kansas on Tuesday, April 25 at 2:00 p.m. to begin delivering natural gas into a regional interstate pipeline and launch production for America of what, until now, has been an untapped Midwest resource.
Political and industry leaders are scheduled to attend and speak at this event.
WHAT: ReSource America's Coal Creek Project celebration
WHO: Petrol Oil and Gas, Inc., officials, natural gas and
political leaders
WHEN: Tuesday, April 25 at 2:00 p.m.
WHERE: Kistner Compression Site
1999 22nd Road NE
Waverly, KS 66871
