DGAP-News: Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. COMPANY PRESIDENT PROVIDES CORPORATE UPDATE
(firmenpresse) - DGAP-News: Stoney Plains Resource Corp. / Key word(s): Miscellaneous
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. COMPANY
PRESIDENT PROVIDES CORPORATE UPDATE
01.02.2012 / 09:00
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Toronto, On-Stoney Plains Resources Corporation (DE:RPS) Equity, ISIN
CA8620181088, WKN A1JDD8, RPS-
Update from Company President Mr. Steve Ignas:
Over the last twelve to 18 months the Company has been diligent in its
objective to build a solid corporate structure in the oil and gas sector.
In this economic climate we must be adept in our pursuit to acquire and
develop producing and non producing oil and gas properties. At present we
are considering 6 different oil lease options. The most current, the
Houston, Texas leases mirrors the essential dynamics of Stoney Plains
Resources two year growth initiative. The 200 BOPD producing field with 75%
WI (working interest) is an attractive and immediate revenue generator but
would require the company to produce a creative financing and or joint
venture partnership to acquire. On the other hand the 100 BOPD lease with
10% WI(working interest) along with large lease property with extensive
proven reserves can in itself provide the ongoing working capital that can
be used to develop a cluster of low producing wells that together would
generate steady healthy revenues.
In summary the plan is twofold. We need to infuse both models, acquiring
the lower producing wells that provide long term production as well as
acquiring the higher producing well leases to generate the immediate
capital required to fund the ongoing re-working and drilling development
programs. The theory is to bring up to production approximately 35-40 wells
over the next 24 months. These nominal producing wells producing 5 bbls of
oil per day at current prices of $100 USD a barrel would reflect revenues
in excess of $600,000 USD monthly and $14.5 million over the next 24
months. As the revenues are realized Stoney Plains will continue to
allocate a portion of profits to continue to acquire and develop more
producing and non producing oil and gas properties. This will position the
Company to deliver energy resources to a considerable market share that
could generate residual revenues nearing $70 million USD over the next 60
months.
'It is our intention to step by step reach these goals and more as we
execute our plan with due diligence each day bringing Stoney Plains
Resources Corp. into a stronger profitable market position in the oil and
gas sector. As we continue our evaluation of these lease properties we
expect to initiate the acquisition of one or more of these producing
properties concluding negotiations in a timely manner.' stated Company
President, Steve Ignas.
OKLAHOMA OIL AND GAS PRODUCING LEASE PROPERTIES OFFER
After extensive due diligence the company has declined an offer to purchase
an existing producing oil company located in Nowata County, Oklahoma. The
Company's has determined that it is not in the best interest at this time
to proceed with the purchase of the properties.
www.stoneyplainsresource.com
** END OF NEWS RELEASE **
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.
This news release may contain certain forward-looking statements,
expectations, intentions, strategies and beliefs regarding the future.
All statements contained herein are based upon information available to the
management of Stoney Plains Resources Corp.as of the date hereof, and
actual results may vary based upon future events, both within and without
the control of the management, including risks and uncertainties that could
cause actual results to differ materially.
Management does not take any responsibility to update the contents of this
News Release in case new aspects arise or new conditions change the facts
available.
Contact: Stoney Plains Resources Corp.
Bradley Sauder
Corporate Relations
647-930-5396
bsauder(at)stoneyplainsresource.com
End of Corporate News
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Datum: 01.02.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 109747
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