PRVB: Powder River Increases Equipment, Purchases Service Rig
Market Wire - December 13, 2006 7:08 AM (EDT)
CALGARY, ALBERTA -- (MARKET WIRE) -- Dec 13, 2006 -- Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has purchased a service rig capable of reworking the shallow wells the Company currently operates. This unit will pull rods and tubing and will be able to service wells up to 4000 feet.
The rig is currently being refurbished and mounted on a larger truck which will allow for long distant transport between the various Powder River projects. The unit is expected to be ready for operations the week of December 18th.
The purchase of a service unit provides Powder River the ability to repair, rework, and recomplete wells under 4000 feet. The Company currently operates several wells of this nature in Louisiana, Oklahoma, and Texas.
The first project on the operating schedule is to complete four TOKOYO wells on the Springhill, Louisiana project. Based on recent engineering reports, this is expected to substantially increase production on the project. Recompletion of the first well is scheduled to start the week of December 18th. Each well will take approximately one week to complete.
Following completion of the wells on the Springhill project, the service rig will be relocated to the Leonard Heirs project in Acadia Parish, Louisiana. It will be used to finish any work not yet completed to bring the project to full operations. The unit then will be moved to Oklahoma to assist in the projects being brought into full production.
"We are pleased that we were able to locate and purchase suitable equipment, which now allows Powder River to accelerate our rework and recompletion program. This will also help to speed up completion of newly drilled wells," stated Powder River Basin Gas Corp. 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.
Contacts:
Powder River Basin Gas Corp.
Steve Weiss
Investor Relations
(609) 529-3671
Email: info@powderrivergascorp.com
Website: www.powderrivergascorp.com
Princeton Research Inc.
Mike King
Market Analyst
(702) 650-3000
