DGAP-News: PETROLOG ENERGY, INC. ANNOUNCES DEUTSCHE BOERSE LISTING
(firmenpresse) - DGAP-News: Petrolog Energy Inc. / Key word(s): IPO
PETROLOG ENERGY, INC. ANNOUNCES DEUTSCHE BOERSE LISTING
05.01.2012 / 14:00
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PETROLOG ENERGY, INC. ANNOUNCES DEUTSCHE BOERSE LISTING
Company Assigns Stake in OPL 917 Prospect
TORONTO, CANADA- Petrolog Energy, Inc., (Deutsche Boerse, Frankfurt
Exchange, (PT2), an Ontario Province Canada public company announced today
that it has listed on the Deutsche Boerse to capitalize on its oil and gas
exploration asset base. The Company was formed as a unit of Petrolog Group,
a leading oil and gas services company in the West Africa with over thirty
years of operating history and over US$ 2.2 Billion in historical revenue.
Petrolog Energy has vended in its 18% stake in OPL 917, one of the most
fertile blocks in Western Africa, with an estimated 300bcf&80Million bbls
in-place via previously drilled wells. OPL 917 is situated on the northern
portion of the Niger Delta play bordering into the Anambra Basin. The block
sits in the middle of the country within 100 km of the large industrialized
cities of Enugu, Nnewi, Onitsha and Aba and is easily accessible to other
major industrialized cities of Lagos, Abuja, Ibadan, and Port Harcourt.
Major trunk roads and rail lines run through the blocks as well as the
River Niger cuts through the bloc. Petrolog intends to undertake an
intensive development campaign to monetize these assets.
Vincent Ebuh, founder of both Petrolog Energy and Petrolog Group commented,
' We are excited to initiate this listing and allow external investors to
benefit from our years of experience and unparalleled success, in the West
African region. We have recognized leadership in the field of integrated
oil and gas services and are in a unique position to develop large scale
oil and gas prospects/assets from concept to market delivery. Our history
as a fully integrated oil and gas services company ensures that we can
directly oversee exploration, drilling operations problems, and thereby
maximize hydrocarbons recovery.'
Mr. Ebuh, further commented, 'As a unit of Petrolog Group, Petrolog Energy
benefits from base of 700 employees and years of in house expertise and
success in seismic interpretation, well planning, and provision of drilling
rigs'
About Petrolog Energy, Inc.
Petrolog Energy is an independent oil and gas exploration and development
company with a diverse portfolio of high-quality assets. Petrolog Energy
was formed as a unit of Petrolog Group to capitalize on low-risk,
high-reward proven and underdeveloped oil and gas fields in Africa. For
more information, go to www.petrologenergy.com.
About Petrolog Group
Petrolog Group, a private company, was established 30 years ago as an oil
service company. Over the years Petrolog has expanded its services to
include Drilling, Mud Logging and Mud Engineering, Geophysical Exploration,
Engineering Design and Project Management.
Petrolog is represented in 4 continents with over 12 offices in 6
countries. With a strong and dedicated workforce (650 employees) Petrolog
is positioned to respond to client needs globally.
Forward Looking Statements
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical
facts may be forward-looking statements. Forward-looking information is
inherently subject to risks and uncertainties, and actual results could
differ materially from those currently anticipated due to a number of
factors, which include, but are not limited to, risk factors inherent in
doing business. Forward-looking statements may be identified by terms such
as 'may,' 'will,' 'should,' 'could,' 'expects,' 'plans,' 'intends,'
'anticipates,' 'believes,' 'avers,' 'estimates,' 'predicts,' 'forecasts,'
'potential,' or 'continue,' or similar terms or the negative of these
terms. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. The company has
no obligation to update these forward-looking statements.
Contact:
Petrolog Energy, Inc.
George Ebuh
TEL: (713) 961-3324
FAX: (713) 961-3845
End of Corporate News
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151762 05.01.2012
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Datum: 05.01.2012 - 14:00 Uhr
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News-ID 101380
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