Powder River Petroleum International has entered into an agreement to purchase an oil and gas project approximately 1780 acres in size in Baylor County, Texas.
This project has nine shut in wells and three injection wells, in addition to several drilling locations. This project is located in a prolific oil and gas producing field, and has multiple proven pay zones.
Powder River will re-work the existing wells while working on the development of new drilling locations.
The Company plans to complete 3-D seismic testing on the project to minimize the risk to Powder River and it's working interest investors. The Company will be marketing an interest in the project to raise development capital. A reserve study is currently being completed on the project and will be published at a later date. As Powder River is negotiating on additional projects in the area, terms of this agreement will not be published at this time.
"This is an excellent oil development project for Powder River. We anticipate this to be an exciting program for our working interest investors and shareholders," stated Powder River Petroleum International Inc. CEO Brian Fox.
Powder River Petroleum International Inc. is active in production, acquisition, and marketing of crude oil and natural gas properties.
Powder River Petroleum International Inc. trades on the OTCBB under the symbol PWDR.
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