Stoney Plains Resource Corp.
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES CORP. COMPANY PRESIDENT PROVIDES CORPORATE UPDATE
Stoney Plains Resource Corp. / Key word(s): Miscellaneous 01.02.2012 / 09:00 --------------------------------------------------------------------- Toronto, On-Stoney Plains Resources Corporation (DE:RPS) Equity, ISIN CA8620181088, WKN A1JDD8, RPS- Update from Company President Mr. Steve Ignas: Over the last twelve to 18 months the Company has been diligent in its objective to build a solid corporate structure in the oil and gas sector. In this economic climate we must be adept in our pursuit to acquire and develop producing and non producing oil and gas properties. At present we are considering 6 different oil lease options. The most current, the Houston, Texas leases mirrors the essential dynamics of Stoney Plains Resources two year growth initiative. The 200 BOPD producing field with 75% WI (working interest) is an attractive and immediate revenue generator but would require the company to produce a creative financing and or joint venture partnership to acquire. On the other hand the 100 BOPD lease with 10% WI(working interest) along with large lease property with extensive proven reserves can in itself provide the ongoing working capital that can be used to develop a cluster of low producing wells that together would generate steady healthy revenues. In summary the plan is twofold. We need to infuse both models, acquiring the lower producing wells that provide long term production as well as acquiring the higher producing well leases to generate the immediate capital required to fund the ongoing re-working and drilling development programs. The theory is to bring up to production approximately 35-40 wells over the next 24 months. These nominal producing wells producing 5 bbls of oil per day at current prices of $100 USD a barrel would reflect revenues in excess of $600,000 USD monthly and $14.5 million over the next 24 months. As the revenues are realized Stoney Plains will continue to allocate a portion of profits to continue to acquire and develop more producing and non producing oil and gas properties. This will position the Company to deliver energy resources to a considerable market share that could generate residual revenues nearing $70 million USD over the next 60 months. 'It is our intention to step by step reach these goals and more as we execute our plan with due diligence each day bringing Stoney Plains Resources Corp. into a stronger profitable market position in the oil and gas sector. As we continue our evaluation of these lease properties we expect to initiate the acquisition of one or more of these producing properties concluding negotiations in a timely manner.' stated Company President, Steve Ignas. OKLAHOMA OIL AND GAS PRODUCING LEASE PROPERTIES OFFER After extensive due diligence the company has declined an offer to purchase an existing producing oil company located in Nowata County, Oklahoma. The Company's has determined that it is not in the best interest at this time to proceed with the purchase of the properties. www.stoneyplainsresource.com ** END OF NEWS RELEASE ** 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. This news release may contain certain forward-looking statements, expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to the management of Stoney Plains Resources Corp.as of the date hereof, and actual results may vary based upon future events, both within and without the control of the management, including risks and uncertainties that could cause actual results to differ materially. Management does not take any responsibility to update the contents of this News Release in case new aspects arise or new conditions change the facts available. Contact: Stoney Plains Resources Corp. Bradley Sauder Corporate Relations 647-930-5396 bsauder@stoneyplainsresource.com End of Corporate News --------------------------------------------------------------------- 01.02.2012 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 --------------------------------------------------------------------- 154690 01.02.2012
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