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$PEII 's CEO STATES In TODAYS NEWS:

"We are very excited to begin the completion process for the Snyder/Simon lease; this is one of our better leases. Our team has felt all along that once we are able to begin implementing each lease for water and natural gas flooding procedures it should allow the company to realize potentially higher daily production rates on a consistent basis. By developing each shallow lease, we will begin to report our production rates per lease versus by individual well which we believe allows the company to report higher cumulative production totals."