Prairie West Oil and Gas purchases 27 producing natural gas wells
(firmenpresse) - Prairie West Oil and Gas purchases 27 producing natural gas wells.
Acquisition designed to further mitigate risk.
CALGARY, Alberta Canada/Aug 22, 2011 -- Canadian oil producer Prairie West Oil & Gas today announced that the company has finalized the terms of the agreement and secured an additional 27 natural gas wells to its existing production portfolio.
Vice President Anthony Sarvucci: "Today marks a milestone for Prairie West as it's today that the 'Gas' portion of our company name has come to realization. For some time now the team here at Prairie West has been actively seeking a plus positive natural gas footprint at a price that would be beneficial to both the company and its shareholders. Prairie West is no longer dependant on a single commodity and has in turn lowered its overall corporate risk. "
The project is located near the town of Shackleton Saskatchewan and is subject to the same favorable business climate in terms of simplified regulation and economic terms as the company's heavy oil production.
From a viability standpoint this project for Prairie West remains viable and profitable at current natural gas prices. If natural gas turns bullish as predicted by many experts, the company has positioned itself for accelerated profits moving forward.
It is important to note that this acquisition now finalized represents another net positive increase in the company's cash flow and provided added valuation obtained from these new proven reserves.
The company would like to at this time remind current and future shareholders that they can sign up for Prairie West company updates at www.prairiewestonline.com within the investor section.
About Prairie West Ltd.:
Prairie West Oil & Gas is a producing energy company with both established production and assets within the center of Canada's highest reserve epicenters; the oil boom provinces of Alberta and now Saskatchewan. Prairie West operates under the notion that now is the time to take advantage of favorability priced acquisitions and joint ventures while constantly striving to reduce the cost of doing business. The goal is to build for the future while remaining focused on the short term profitability that rewards early shareholders.
The experienced team at Prairie West has the expertise and proven execution required for success in today's rapidly changing energy sector. This has been clearly demonstrated with the Maidstone acquisition and the more recent eleven well expansion located in close proximity to current production.
Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.
Investor Hotlines:
English / Español: +1 888 414 7276
Deutsch: +49 (0) 69 21 65 59 10
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
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Datum: 23.08.2011 - 09:14 Uhr
Sprache: Deutsch
News-ID 58053
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