<b>Powder River to Acquire Proven Oil and Gas Producing Project Currently Valued in Excess $61 Million</b>
CALGARY, Alberta
Powder River Basin Gas Corp. Patrice Nazareno Investor Relations Toll Free 1-866-515-7708 www.powderrivergascorp.com OR DeMonte Associates Cynthia DeMonte Public Relations (212) 605-0525
Powder River Basin Gas Corp. (OTCBB:PRVB)
- Oil Reserves in Excess of 5 Million Barrels and Potential to Produce In Excess of 5000 MCF Per Day -
Powder River Basin Gas Corp., a revenue generating producer and acquirer of crude oil and natural gas, today announced the Company has entered into a letter of agreement to purchase a large producing and development oil and gas project. At the request of the producer, further information on the project will be provided upon commencement of activity.
Engineering studies indicate proven reserves in excess of 5 million barrels of oil plus a deep natural gas reservoir which is undeveloped on this project. The gas is at approximately 8600 feet and has the potential to produce 3000 to 4000 mcf per day per well.
Discounted to 10% the current values of proven reserves are estimated at approximately $61,000,000.00.
Upon completion of the re-work program cash flow will increase by approximately $500,000.00 per month and double the Company's reserve base.
Powder River Basin Gas Corp. is active in production and acquisition of crude oil and natural gas.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
Powder River Basin Gas Corp. (OTC Bulletin Board:PRVB) .