Powder River Achieves Record Oil and Gas Sales, Gives Guidance for 2007
Powder River Basin Gas Corp. has achieved record oil and gas sales for both the fourth quarter and year end 2006.
Preliminary results indicate Oil and Gas sales for the fourth quarter of the year to be substantially in excess of one million dollars net to Powder River as the Company begins to realize on the drilling and rework efforts achieved in 2006.
The Company has been extremely successful in its ability to locate projects which are tailor made to fit into the strategic marketing program which current management brought to Powder River. This enables Powder River to market a portion of the working interest in a project to raise funds for drilling and rework programs without incurring any significant debt.
During 2006, Powder River has completed 8 of the first 14 wells scheduled on the Goliad County, Texas project and the first well on the Brookshire Salt Dome, Texas project. As well, as 2006 draws to a close all projects in Louisiana, Oklahoma, and Mississippi are nearing completion and are anticipated to be in full production in early 2007.
Due to the success in Goliad County, Texas the Company has been advised that the field will be designated as the "Powder River Gas Field" in 2007.
Programs scheduled for 2007 include but are not limited to the completion of the additional wells on the Goliad and Brookshire projects. Powder River also expects to start development on the recently purchased East McFadden Field, Texas project as well as the previously announced San Juan Basin, New Mexico project. The Company is also reevaluating the operations in Wyoming and has hired personnel to help in making those assessments.
"Going into 2007 the Company has a better foundation for growth than it has ever had before. Revenues from oil and gas sales will increase monthly as new wells are aggressively put in production. In addition, we will continue to substantially increase the visibility of Powder River and it's financial partners throughout Asia. Based on all the achievements in 2006 and the current programs in operation and underway, I am extremely excited and optimistic about the prospects for success in 2007. I would also like to take this opportunity to extend my heartfelt holiday wishes to friends and investors in Powder River," 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 to Complete Waller County, TX Well End of Feb. (Feb 26)
- Powder River Acquires Stake in Texoma Oilfield Services (Nov 13)
- Powder River Completes First Well on Biamante Project (Oct 11)