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Replies to post #22565 on Pro Traders Forum
11/04/11 8:49 AM
GILLETTE, Wyo.--(BUSINESS WIRE)--High Plains Gas, Inc. (OTC:HPGS) announced Mark Hettinger and Joe Hettinger, both of whom are company founders and directors, have converted debt owed to them by High Plains Gas, Inc. into shares of common stock. The transactions are expected to save the company approximately $500,000 per year in interest payments and reduce its outstanding debt by nearly $6 million.
Brandon Hargett, CEO of High Plains Gas, commented, “As CEO, I understand what great sacrifices the Hettingers have made in bringing our company from a 92-well methane producer to a public entity with over 1,600 wells and a sizeable and rapidly growing construction subsidiary. Their continued commitment to seeing this company succeed, grow, and prosper is demonstrated by this conversion. It is a pleasure to work with a Board of Directors that demonstrates this level of belief in what we are building.”
Mark Hettinger stated, “Our CEO Brandon Hargett has displayed great leadership in our organization during the past few months. Combined with all our employees' efforts and the strong commitment of our Board of Directors, I am excited about the opportunities that exist with High Plains. Presently, our company is comprised of a large coal bed methane asset that has generated approximately $16 million in revenue over the past 12 months. HPG Services, our construction services subsidiary, is currently experiencing rapid growth due to the Bakken and Niobrara shale plays. With my experience building a construction services company with revenues exceeding $200 million annually, I know what is required to be successful in this industry. Combined with the recent acquisition of BGM Buildings and, before long, the expected closing of Miller Fabrication, we will have a consolidated company with a growing footprint in the energy industry,” concluded Hettinger.
About the Company
High Plains Gas, Inc. is a Gillette, Wyoming based energy company actively engaged in the acquisition, development and production of natural gas primarily in the Powder River Basin. The Company recently acquired the former Marathon “North & South Fairway” assets. These assets consist of 1671 Coal Bed Methane Wells with associated flow lines and over 155,000 net acres. This combined with the company’s existing 92 natural gas wells gives the company a strong foundation in the natural gas industry. High Plains Gas will pursue expansion opportunities for the profitable production and transmission of natural gas. High Plains Gas believes it has unique expertise and experience in the refurbishment and reactivation of wells that produce natural gas from coal bed methane formations that helps position it strategically in the Powder River Basin. In 2011, the Company formed a subsidiary, High Plains Gas Services, LLC, focused on providing construction and maintenance services to the energy industry, primarily in the Western United States. For additional information on High Plains Gas, please visit the Company’s website at http://www.highplainsgas.com/.
Safe Harbor
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent filings made with the US Securities and Exchange commission, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
Contacts
Company Contact:
High Plains Gas, Inc.
Tim Ondrak, 406-239-1214
ir@highplainsgas.com
www.highplainsgas.com
or
IR Agency Contact:
LHA
Becky Herrick, 415-433-3777
bherrick@lhai.com
