Park Place Energy Corp. announced that with the recent tie-in and production of the Company's 7-8 Well on its Eight Mile Gas Property in NE British Columbia the Company is now generating monthly cash flow and plans to aggressively expand this core project.
At Eight Mile the company has a highly experienced operating partner in Terra Energy. Terra has significant experience operating in both British Columbia as well as Alberta and is well respected within the industry. Park Place with Terra will continue their review of the recently acquired 3D seismic data on the Eight Mile Property that was recently completed, and decisions will be made as to where to drill additional earning and step out wells in the upcoming months.
The Company is also actively seeking new gas opportunities with a focus on shale gas projects with blue-sky potential, with a particular interest in the Horn River Basin and area. Wood Mackenzie, an international energy research and consulting corporation, last month released a report stating the Horn River Basin area could hold more than 50 trillion cubic feet of natural gas. With the recent shale gas discoveries near the company's primary project, Eight Mile, and record gas prices recently, management are seeking to aggressively expand their presence in the area.
Additionally, the Company will be disposing of their ancillary oil and gas properties as well as the BrasAM Diamond property over the upcoming weeks. This decision will allow the corporation to focus its efforts and resources on its producing gas discovery at the Eight Mile Property in NE British Columbia.
"This is a very exciting time for Park Place Energy, we are receiving cash-flow from our gas well at Eight Mile, BC and we plan on bringing on more wells," said Park Place President & CEO, David Johnson. "We are cutting costs by divesting of our ancillary oil and gas properties as well as the BrasAM Diamond project and expect to bring value by adding to our core area through more wells and by adding a blue-sky shale gas opportunity."
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