PMDP just released a great PR and I can see it in my Power Etrade. PPS will be doubled by EOD, IMO.
Plateau Mineral Development, Inc. Details Planned Acquisition of Properties
Mar 19, 2010 12:00:16 (ET)
WINSTON-SALEM, N.C., Mar 19, 2010 (GlobeNewswire via COMTEX) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) issued a statement today providing details on the 28 wells that the company has obtained rights to via the impending acquisition of MEI. The merger of MEI's oil and gas interest into PMD is expected to be complete by the end of the month.
Last month, Plateau signed a letter of intent to acquire Matthews Energy Investments, LLC (MEI). MEI is a research and development management company that receives income from successful development projects. Three current sources of income for MEI are from oil and gas projects in Kentucky, Oklahoma and Michigan; all of which have a positive cash flow.
Each of the properties are located in areas where the basin is thriving and productive. Twenty three of the properties are gas wells in Kentucky, four are gas wells in Oklahoma and one is an oil and gas well in Michigan.
Robert Matthews of Plateau Mineral Development, Inc., states, "The 28 wells continue to produce an income stream which will flow into MEI/PMD Inc. We may have an opportunity to sell the Michigan property; if all goes well, we will recoup the investment a few times over."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Forward Looking Statements:
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Plateau Mineral Development Inc.
CONTACT: Plateau Mineral Development, Inc.
410-242-0763
