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PRD Energy Awarded Petroleum Exploration License Onshore Germany

Source: www.gulfoilandgas.com 3/5/2013, Location: Europe

PRD Energy Inc. is pleased to announce that it has been awarded the Sudbayern-Nord Exploration License covering approximately 925,000 acres in Germany. The license is located onshore in the state of Bavaria, Germany and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Sudbayern-Nord is located in the state of Bavaria in the Molasse Basin and provides the Company with geological and geographical diversification within Germany. The Molasse Basin has a history of significant petroleum discoveries and the Sudbayern-Nord licence has a history of petroleum production within its boundaries. The Sudbayern-Nord license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany. PRD Energy GmbH has also applied for several other exploration and production licenses.

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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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