Stoney Plains Resource Corp.
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. ARRANGES FINANCE TO PURCHASE OIL AND GAS OPERATOR IN SOUTH EAST UNITED STATES
Stoney Plains Resource Corp. / Key word(s): Miscellaneous 02.11.2011 / 10:35 --------------------------------------------------------------------- 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@stoneyplainsresource.com End of Corporate News --------------------------------------------------------------------- 02.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 144375 02.11.2011
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden