Proper Power & Energy Comments on Wall Street Journal Article
Jan 13, 2011 09:00:00 (ET)
TAMPA, Fla., Jan. 13, 2011 /PRNewswire via COMTEX/ -- Proper Power & Energy, Inc. (PPWE, Trade ) commented today on a Wall Street Journal Article titled "Oil's Rise Is a Sticky Situation for Recovery". (Dated January 12, 2011 Section C). The article discussed the current environment of rising oil prices and its effect on consumers and the impending economic recovery. With oil prices at nearly $90 per barrel, consumers fear oil prices will return to their 2008 levels, when oil peaked over $145 per barrel. "A 2008 - style shock isn't a certainty, but an upward trend is clear. Goldman Sachs expects oil prices to average $100 a barrel this year....," the article is quoted as saying.
Proper Power has begun production on its Kentucky oil asset, in addition to the 11,000 acres leased for its exploratory prospect in Utah. The Utah prospect has the potential for over 75 wells. The Company believes the Utah property holds very substantial recoverable reserves, indicated through seismic and radiometric analysis.
"The Company will benefit from these rising prices as it produces its Kentucky oil asset while creating the strategy for our exploration prospect in Utah," stated President of American Resources, Andrew J. Kacic. American Resources is a wholly owned subsidiary of Proper Power.
"Having met with Mr. Dunbar, and through verifying the Company's data with industry relationships, I believe Utah is a viable exploratory prospect," stated Douglas Kiggins, Proper Power Advisor. "In further due diligence, the Anshultz Ranch field, located southwest from the Proper Power prospect, has produced One Billion B.O.E. (Barrels of Equivalent) to date, on the same geological structure as Proper Power's."
About Proper Power & Energy:
Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas. The organization is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
Corporate: Nicole Propp
DC Consulting, LLC