PWDR: .17 Continues Acquisition Program, Purchases Additional Texas Oil Project
Jan 8, 2008 7:00:00 AM
View Additional ProfilesCALGARY, ALBERTA -- (MARKET WIRE) -- 01/08/08 -- Powder River Petroleum International Inc. (OTCBB: PWDR), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has entered into an agreement to purchase an oil and gas project approximately 1780 acres in size in Baylor County, Texas.
This project has nine shut in wells and three injection wells, in addition to several drilling locations. This project is located in a prolific oil and gas producing field, and has multiple proven pay zones.
Powder River will re-work the existing wells while working on the development of new drilling locations.
The Company plans to complete 3-D seismic testing on the project to minimize the risk to Powder River and it's working interest investors. The Company will be marketing an interest in the project to raise development capital. A reserve study is currently being completed on the project and will be published at a later date. As Powder River is negotiating on additional projects in the area, terms of this agreement will not be published at this time.
"This is an excellent oil development project for Powder River. We anticipate this to be an exciting program for our working interest investors and shareholders," stated Powder River Petroleum International Inc. CEO Brian Fox.
Powder River Petroleum International Inc. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Petroleum International Inc. trades on the OTCBB under the symbol PWDR.
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 Petroleum International Inc.
Steve Weiss
Investor Relations
(609) 529-3671
Email: info@powderrivergascorp.com
Website: www.powderrivergascorp.com
Investor Relations Asia
Jean Chye Wei Ling
Managing Director
+65 62197670
+65 67637751 (FAX)
Email: powderriverjc@yahoo.com
Princeton Research Inc.
Mike King
Market Analyst
(702) 650-3000
