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Proper Power Receives Proposal for New Acquisition

Source: www.gulfoilandgas.com 12/8/2010, Location: North America

Proper Power & Energy, Inc. announced that it will issue a letter of intent to proceed with the acquisition of additional oil and gas leases in Kentucky. The Company has received an extensive written proposal from Hunter Resources that includes the acquisition of leased land in Eastern Kentucky. The new field consists of approximately 1800 acres of land, primarily gas with good potential for crude as well. The acquisition will include nine existing wells with plans to drill additional horizontal wells.

Preliminary engineering reports demonstrate the existence of approximately 32 million dollars of natural gas. The project will allow for the expansion into a total of 5,000 acres in the future.

"As we set out in our open letter to our shareholders earlier this year, we are expanding our holdings and operations into the Kentucky region with strategic acquisitions," stated Proper Power CEO, Joseph Abdo. "As we finalize our Burns acquisition, this lease is a natural follow-up with continued expansion."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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