DGAP-News: Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. ARRANGES FINANCE TO PURCHASE OIL AND GAS OPERATOR IN SOUTH EAST UNITED STATES
(firmenpresse) - DGAP-News: Stoney Plains Resource Corp. / Key word(s): Miscellaneous
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. ARRANGES
FINANCE TO PURCHASE OIL AND GAS OPERATOR IN SOUTH EAST UNITED STATES
02.11.2011 / 10:35
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Toronto - Stoney Plains Resources Corp. (DE:RPS) Equity, ISIN CA8620181088,
WKN A1JDD8, RPS- while in the process of finalizing arrangements to
purchase the Nowata County, Oklahoma oil lease the Company was presented
with a proposal to acquire all of the operators producing and non-producing
assets. In addition the operator owns an extensive property bank of leases
with proven reserves which can be brought up to production.
The company is currently producing an average of 145 bbls of oil per month
with gross revenues in excess of $1.5 million USD a year.
Stoney Plains would use the existing revenues to develop additional surplus
oil leases and bring them to full production creating a substantial
increase in future profitability.
Stoney Plains Resources Corp. has 30 days to accept or reject the
operator's proposal.
The company will provide updates on this proposed acquisition via press
release and on the company 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.
Bradley Sauder
Corporate Relations
647-930-5396
bsauder(at)stoneyplainsresource.com
End of Corporate News
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