Powder River Nixes Sawn Lake Plans

Powder River Basin Gas Corp. said Friday that, after due diligence on the Deep Well Oil & Gas Inc. project in the Sawn Lake Oil Sands Development, it will not pursue the project any further at this time.

Powder River Basin Gas Corp. is currently investigating a different project in the Northern Alberta oil sands, and will publish details of this over the next several weeks.

"After much research and due diligence, Powder River determined that the Sawn Lake project was not the ideal fit either for the Company or our investors and shareholders. We are excited to be pursuing interests in the Canadian oil sands market, and I am confident that we will be able to find something that will compliment our current holdings and our acquisition strategy at this stage of Powder River's development," 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.