Stoney Plains Resource Corp.
Stoney Plains Resource Corp.: STONEY PLAINS RESOURCES INC. TO EVALUATE TEXAS BASED OIL AND GAS PROPERTY
Stoney Plains Resource Corp. / Key word(s): Miscellaneous 14.02.2012 / 09:00 --------------------------------------------------------------------- Toronto, On.-Stoney Plains Resources Corp. (DE:RPS) Equity, ISIN CA8620181088, WKN A1JDD8, RPS-announced that the company has identified a Houston, Texas based Oil and Gas property that will be evaluated in addition to the recently announced Oklahoma and Kentucky lease properties. The Company has commenced its review and evaluation on the Houston property that has a potential of producing an estimated 50 bbls of oil per day and 60 MCF per day after initial workovers. The 200 acre producing property has estimated total reserves of 150,000 bbls of oil. 'Should the evaluation and data recovered prove favorable, this property will take precedence over the additional leases being considered based on its potential for maximum return on investment and superior infrastructure. Stoney Plains believes this lease has the potential to be brought to full production quickly with minimal overhead expense. In addition, the property's current oil and gas production will provide immediate revenue streams. After all wells are brought up to full production this property alone could generate gross profits in excess of $1.6 million USD a year', stated Stoney Plains Resources Inc. President, Steve Ignas. The Company expects to have a comprehensive evaluation of the property available for review within 60 days. Stoney Plains will then consider the option of proceeding with the purchase of the Texas based oil and gas lease property. The company provides regular updates via press release and on the company's website at 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 --------------------------------------------------------------------- 14.02.2012 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 --------------------------------------------------------------------- 156432 14.02.2012
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