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Powder River Announces Proven Reserves PV 10% of Over $270 Million Wednesday September 6, 7:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 6, 2006 -- Powder River Basin Gas Corp. (OTC BB:PRVB.OB - News), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced an updated report on proven oil and gas reserves completed by an independent engineering firm in Houston, Texas. Proved $ Undiscounted $ PV 10% ------ -------------- --------------
Pricing was estimated on average at $70.00 per barrel oil and $8.00 per mcf gas.
The above report does not include any properties in Wyoming; Polk County, Texas; Monro, Louisiana; Franklin, Mississippi; Osage, Oklahoma; or Washington County, Oklahoma.
The evaluations on these properties will be completed in the next few months, and the report will be adjusted accordingly.
Probable and possible reserves are not included in this report and will be added as they are proved and the report will be updated in the coming months.
Powder River Basin Gas Corp. continues drilling and development on all projects with the intent of maximizing cash flow from oil and gas sales.
"The proven reserves have increased substantially due to the tremendous success we have experienced in our drilling programs. The success in new drilling to prove the reserves is directly related to our extensive use of 3D seismic, as we have previously announced. We are very excited with the increased value in Powder River's reserves and are pleased to be able to achieve this success without debt financing," stated Powder River Basin Gas Corp. CEO, Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
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.
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