Powder River Completes 16 Well Program on Weesatche Project
Posted on: Wednesday, 10 October 2007, 09:00 CDT
Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced it has completed the 16 well program on the Weesatche project in Goliad County, Texas.
Hook-ups had been delayed due to the extreme weather in the area, but all 16 wells are now in the production stream. Production rates will be available in the next few weeks, as the wells need to be monitored and flow rates adjusted. Initial production has been estimated at 3800 mcf gas per day. Upon stabilization of production, the Company plans to drill two additional wells on the project. This is scheduled for 2008.
Powder River Basin Gas Corp. also requests that all shareholders return their proxy statements in order for them to be processed in time for the October 30th shareholder meeting.
"We are extremely pleased to finally have the sixteen well program on the Weesatche project brought into the production stream despite excessive rain delays. We now look forward to bringing our other projects back on schedule," stated Powder River Basin Gas Corp. CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Basin Gas Corp. trades on the OTCBB under the symbol PRVB.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contacts: Powder River Basin Gas Corp. Steve Weiss Investor Relations (609) 529-3671 Email: info@powderrivergascorp.com Website: www.powderrivergascorp.com Princeton Research Inc. Mike King Market Analyst (702) 650-3000
SOURCE: Powder River Basin Gas Corp.
Source: MARKET WIRE
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