posted
En Fuego on this news. Props to my main man wallymac for the initial heads up:
Powder River Completes Purchase of Drilling Company Tuesday February 12, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Feb 12, 2008 -- Powder River Petroleum International Inc. (OTC BB:PWDR.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has entered into an agreement to complete the purchase of the balance of Texoma Drilling Corporation. Powder River had previously purchased a 50% interest in Texoma, as announced in the press release of November 13, 2007.
This gives Powder River 100% control of a full well service and drilling company. This purchase was completed in order to allow Powder River Petroleum to have full control over the drilling and rework schedules of their properties. Equipment includes three drilling rigs and three pulling units (service rigs) as well as six full time service crews. It also includes dozers, backhoes, trenchers, rock saws, winch trucks, transport trucks, welders, and several service trucks as well as several acres of oilfield supplies.
Currently, the first rig is on the Brookeshire project. The Company is also preparing a rework schedule for the Weesatche and Biamante projects to be completed in conjunction with the Brookeshire project. Powder River also plans to complete an upgrade of all existing properties which are currently in production.
"This is an exciting step for Powder River Petroleum International Inc., as it puts us in a position where we have control over the rework and drilling schedules for all our projects. This will serve to protect the interests of our working interest owners, shareholders, and investors," stated Powder River Petroleum International Inc. CEO Brian Fox.
Powder River Petroleum International Inc. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Petroleum International Inc. trades on the OTCBB under the symbol PWDR.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact: Contacts: Powder River Petroleum International Inc. Steve Weiss Investor Relations (609) 529-3671 Email: info*powderrivergascorp.com Website: http://www.powderrivergascorp.com
Investor Relations Asia Jean Chye Wei Ling Managing Director +65 62197670 +65 67637751 (FAX) Email: powderriverjc*yahoo.com
Princeton Research Inc. Mike King Market Analyst (702) 650-3000
Posts: 949 | From: Little Rock, AR | Registered: Dec 2005
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