DGAP-News: Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES INC. PURSUES ADDITIONAL OIL PRODUCING LEASE PROPERTIES
(firmenpresse) - DGAP-News: Stoney Plains Resource Corp. / Key word(s): Miscellaneous
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES INC. PURSUES
ADDITIONAL OIL PRODUCING LEASE PROPERTIES
16.01.2012 / 09:24
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Company currently evaluating Southern U.S.A. Oil Fields with potential
revenues of $20 million USD yearly
Toronto, On. - Stoney Plains Resources Corp. (DE:RPS) Equity, ISIN
CA8620181088, WKN A1JDD8, RPS-Company secretary and treasurer, Arunas
Morkunas confirmed that the company is currently pursuing oil field
properties located in Edmonton, Kentucky.
Property : EDMONTON, KENTUCKY DRILLING AND DEVELOPMENT PROGRAM
(87.5% Working Interest)
Status: Currently Producing
1500 acre site with 20 shut-in wells and potential to drill 200 new wells.
A Net 87.5% Working Interest. Current Independent Contractor on site with
30 years of experience will rework shut-ins for $45,000 and/ or drill new
wells for $65,000 fully equipped to operate. Drill 10 new wells and get an
injection pump (valued at $100K USD) at no cost. Cash flow based on oil
production at $92.00 USD per barrel spot price.
Property information
Real Estate: Real Property Included Expansion Potential
Summary: This Kentucky located development and drilling program presents
Stoney Plains Resources the potential to re-work the existing 20 shut in
wells with initial production averaging 3-5 bbls per day. These revenues in
turn would be injected into the development of additional wells on the 1500
acre property. The company anticipates that approximately 3 new wells can
be developed per month. Based on the development of 15-18 new wells brought
up to stream over a period of 6 months the company expects monthly revenues
nearing $1.75 million USD. This would be based on the total oil production
from the combined 35 oil wells producing a minimum 3 bbls per day.
'It is our goal to acquire these types of properties that provide us with
long term growth and development opportunity. There remains the future
development of an additional 150-165 wells that can reflect potential
revenues of approximately $20-25 million USD a year over the next 4-5 years
on this property alone' stated Stoney Plains Resources president, Mr. Steve
Ignas. Stoney Plains will continue to review and evaluate data to identify
new drilling prospects with the intent of moving forward with a purchase of
sale (POS).
South East U.S. Oil Acquisition Update: Stoney Plains Resources has
requested and been granted a 60 day extension on South East U.S. Oil Lease
Acquisition to allow for further review and evaluation.
Company Synopsis: 'Stoney Plains is now at the point where it is not only
focused on leasing but also the development of new drilling projects. We
have had ongoing discussions with numerous parties interested in entering
into a joint venture arrangement to expedite these drilling programs and
acquisitions and we are seeing significant headway', stated company
Secretary and Treasurer, Arunas Morkunas.
The company provides regular updates via press release and on the company's
website at 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.
www.stoneyplainsresource.com
Bradley Sauder
Corporate Relations
647-930-5396
bsauder(at)stoneyplainsresource.com
End of Corporate News
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