Powder River Inks $250 Million Marketing Agreement
Powder River Basin Gas Corp. has entered into an extended marketing agreement with an Asian Financial Group. This guarantees to provide $250 million over five years, in purchases of working interests in oil and gas properties. This agreement provides an option of an additional 10 years, breaking down to two five year terms of $250 million each.
The long term agreement was entered into predicated on the tremendous success of the strategic acquisition and marketing program brought to Powder River Basin Gas Corp. with the new management in January of 2004.
This extended agreement will allow Powder River Basin Gas Corp. to negotiate larger acquisitions and provide the capital necessary to develop the projects and to maximize production without debt financing.
It also provides the Asian Financial Group with a steady cash flow stream for the economic life of each project.
"I was honored to celebrate the third anniversary of the program with our many friends and associates in Asia, and am humbled by the excitement and enthusiasm created by the program's success. It is with this same enthusiasm that I look forward to expanding the operations of Powder River Basin Gas Corp. beyond the success the Company enjoys today," stated CEO Brian Fox.
- 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)