DGAP-News: Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES INC. TO EVALUATE TEXAS BASED OIL AND GAS PROPERTY
(firmenpresse) - DGAP-News: Stoney Plains Resource Corp. / Key word(s): Miscellaneous
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES INC. TO EVALUATE
TEXAS BASED OIL AND GAS PROPERTY
14.02.2012 / 09:00
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Toronto, On.-Stoney Plains Resources Corp. (DE:RPS) Equity, ISIN
CA8620181088, WKN A1JDD8, RPS-announced that the company has identified a
Houston, Texas based Oil and Gas property that will be evaluated in
addition to the recently announced Oklahoma and Kentucky lease properties.
The Company has commenced its review and evaluation on the Houston property
that has a potential of producing an estimated 50 bbls of oil per day and
60 MCF per day after initial workovers. The 200 acre producing property has
estimated total reserves of 150,000 bbls of oil.
'Should the evaluation and data recovered prove favorable, this property
will take precedence over the additional leases being considered based on
its potential for maximum return on investment and superior infrastructure.
Stoney Plains believes this lease has the potential to be brought to full
production quickly with minimal overhead expense. In addition, the
property's current oil and gas production will provide immediate revenue
streams. After all wells are brought up to full production this property
alone could generate gross profits in excess of $1.6 million USD a year',
stated Stoney Plains Resources Inc. President, Steve Ignas.
The Company expects to have a comprehensive evaluation of the property
available for review within 60 days. Stoney Plains will then consider the
option of proceeding with the purchase of the Texas based oil and gas lease
property.
The company provides regular updates via press release and on the company's
website at 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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156432 14.02.2012
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Datum: 14.02.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 114110
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