PGI Energy Acquires Proven Oil & Gas Field Assets From Fossil Energy in Kentucky

(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 08/24/11 -- (PINKSHEETS: PGIE)

through its joint venture with as operator enters into E & P in Kentucky. PGI and Fossil will begin drilling in the beginning of September and will post videos and photos of the drilling activity. We expect to complete the proven wells within 90 days and begin receiving revenues. PGI Energy owns 40% of the project leases which was purchased for an undisclosed amount. PGI will receive 75% of the Net 80% NRI from the monthly production until payout of PGI contribution, and then drop to 50 Net WI. Specific details of the field will be posted to our company website.

is an energy holding company, headquartered in Houston, Texas. The company's purpose is to acquire assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.

PGI has formed several partnerships to grow its core business organically through strategic alliances diversifying its interest in green energy through biomass production, waste to energy, wood pellets production, syn gas, bio char production and plastics to synthetic crude. PGI has several core divisions which provide support to its operations and customers such as

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Media & Investor Relations Contact:
PGI Energy, Inc.
Jose I. Colon
832-900-1400

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Bereitgestellt von Benutzer: MARKET WIRE
Datum: 24.08.2011 - 15:33 Uhr
Sprache: Deutsch
News-ID 58893
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HOUSTON, TX

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Petrochemicals

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