Welcome!

Every Cloud Needs a Silver Lining

Gilad Parann-Nissany

Subscribe to Gilad Parann-Nissany: eMailAlertsEmail Alerts
Get Gilad Parann-Nissany via: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn


Related Topics: Twitter on Ulitzer

Blog Feed Post

PRD Energy Awarded Petroleum Production License Covering Over 3,400 Acres Onshore Germany

CALGARY, ALBERTA -- (Marketwire) -- 02/21/12 -- PRD Energy Inc. ("PRD" or the "Company") (TSX VENTURE:PRD) is pleased to announce that it has been awarded the Molme Production License covering approximately 3,400 acres in Germany. The license is located onshore in the state of Lower Saxony, Germany and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Molme Production License includes a previously producing field which was abandoned in 1995 during a low oil price environment and prior to the advent of modern drilling and completion technology. The license was awarded for an initial period of three years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing at least one well onto production within the initial three year term. The award of this license is subject to the review and approval various municipal and state government authorities.

PRD Energy has also applied for several other exploration and production licenses in Germany and anticipates responses to these applications in the coming weeks. In addition, PRD Energy continues to negotiate with the major operators in the area to pursue farm-in and acquisition opportunities.

About PRD Energy

PRD Energy Inc. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of, natural gas and crude oil, principally in Europe. PRD Energy's common shares are listed on the TSX Venture Exchange with the symbol "PRD".

Forward looking information

This news release contains forward-looking information relating anticipated government approval of other applications for exploration and production licenses in Germany and ongoing negotiations with the major operators in the area to pursue farm-in and acquisition opportunities, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.

Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates or owns interests; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability to operate in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with instability of the economic and political environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the farmout arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
PRD Energy Inc.
Michael Greenwood
Chairman and Chief Executive Officer
(403) 234-0501
(403) 234-0511 (FAX)

PRD Energy Inc.
Mark Hornett
President and Chief Operating Officer
(403) 234-0501
(403) 234-0511 (FAX)

PRD Energy Inc.
Jeff Scott
Vice President, Finance
(403) 234-0501
(403) 234-0511 (FAX)

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

More Stories By Gilad Parann-Nissany

Gilad Parann-Nissany, Founder and CEO at Porticor is a pioneer of Cloud Computing. He has built SaaS Clouds for medium and small enterprises at SAP (CTO Small Business); contributing to several SAP products and reaching more than 8 million users. Recently he has created a consumer Cloud at G.ho.st - a cloud operating system that delighted hundreds of thousands of users while providing browser-based and mobile access to data, people and a variety of cloud-based applications. He is now CEO of Porticor, a leader in Virtual Privacy and Cloud Security.