DGAP-News: STONEY PLAINS RESOURCES CORP. TARGETS OKLAHOMA OIL LEASE PROPERTIES
ID: 478933
STONEY PLAINS RESOURCES CORP. TARGETS OKLAHOMA OIL LEASE PROPERTIES
13.09.2011 / 15:40
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STONEY PLAINS RESOURCES CORP. TARGETS OKLAHOMA OIL LEASE PROPERTIES
Geological report confirms 489,336 bbls of recoverable reserves
Toronto, On-September 13, 2011-Stoney Plains Resources Corporation (DE:RPS)
Equity, ISIN CA8620181088, WKN A1JDD8, RPS-is completing its due diligence
on an oil lease located in Nowata County, Oklahoma with the intent to
purchase the properties.
The company has received an engineering report confirming probable
recoverable reserves of 489.336 bbls. Oklahoma presents a strategic
location for the Company's growth strategy since historically it has been a
prolific producer of oil and gas and currently has over 80,000 oil wells
producing more than 59 million barrels of oil annually and 1.6 billion Mcf
of natural gas, respectively.
Nowata County is located in the Central Oklahoma platform, where it merges
with the Cherokee basin of southeastern Kansas, in which some of the first
commercial oil discoveries for the mid-continent region were made.
www.stoneyplainsresource.com
About Stoney Plains Resources Corp.
Equity, ISIN CA8620181088, WKN A1JDD8, RPS
Stoney Plains Resources Corp. is an exploration development integrated oil
company with operations in Oklahoma. Our focus is to purchase high value
oil leases and bring them into full production. Due to the current economic
conditions, several tangible opportunities have become available in areas
recognized for proven and continuous oil production. The company has
recently secured purchased agreements with oil producers in both Oklahoma
and Texas. The Agreement will allow the company to purchase 2.5 million
barrels of oil for a fixed discount price. Revenues will be reinvested to
acquire undervalued oil wells, with the intention of reworking these wells
using the latest oil recovery techniques.
Contact: Stoney Plains Resources Corp.
Bradley Sauder
Corporate Relations
647-930-5396
bsauder@stoneyplainsresource.com
End of Corporate News
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139137 13.09.2011
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Datum: 13.09.2011 - 15:40 Uhr
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