PRD Energy Awarded Two Petroleum Licences Covering Over 275,000 Acres Onshore Germany in the State of Schleswig-Holstein
December 20 2013 - 6:00AM
Marketwired
PRD Energy Awarded Two Petroleum Licences Covering Over 275,000
Acres Onshore Germany in the State of Schleswig-Holstein
CALGARY, ALBERTA--(Marketwired - Dec 20, 2013) - PRD Energy Inc.
("PRD" or the "Company") (TSX-VENTURE:PRD) is pleased to announce
that it has been awarded the Gettorf Exploration Licence (covering
approximately 130,000 acres) as well as the Elmshorn Exploration
Licence (covering approximately 145,000 acres). Both licences are
located within the same Northwest German Basin as a number of PRD's
other licence areas and provides the Company with geological and
geographical diversification within Germany. The licences are
located onshore in the state of Schleswig-Holstein, Germany and
have been awarded to PRD Energy GmbH, a wholly-owned subsidiary of
the Company.
The Northwest German Basin has a history of significant
petroleum discoveries and both the Elmshorn and Gettorf Licences
have a history of offsetting production. Both licences are awarded
for an initial period of five years and include all rights surface
to basement. Pursuant to the terms of the licences, PRD is
committed to bringing one well onto production within the initial
five year term for each licence. The award of this licence is
subject to the review and approval by various municipal and state
government authorities in Germany.
The Company now holds approximately 1,500,000 acres of land in
the Northwest German Basin and 925,000 acres in the Molasse Basin
for a total of 2,425,000 acres in Germany.
About PRD Energy
PRD Energy Inc. is a Calgary based oil and gas company engaged
in the exploration, development and acquisition of, natural gas and
crude oil, principally in Germany. All activities of the Company in
Germany are undertaken by its wholly-owned subsidiary, PRD Energy
GmbH. PRD's common shares are listed on the TSX Venture Exchange
with the symbol "PRD".
Forward looking information
This news release contains forward-looking information relating
anticipated government approval of applications for exploration and
production licences in Germany, and other statements that are not
historical facts. Such forward-looking information is subject to
important risks, uncertainties and assumptions. The results or
events predicated in this forward-looking information may differ
materially from actual results or events. As a result, you are
cautioned not to place undue reliance on this forward-looking
information.
Forward-looking information is based on certain factors and
assumptions regarding, among other things, the impact of increasing
competition; the general stability of the economic and political
environments in which the Company operates or owns interests; the
timely receipt of any required regulatory approvals; the ability of
the Company to obtain qualified staff, equipment and services in a
timely and cost efficient manner; drilling results; the ability to
operate in a safe, efficient and effective manner; the ability of
the Company to obtain financing on acceptable terms; field
production rates and decline rates; the ability to replace and
expand oil and natural gas reserves through acquisition,
development of exploration; the timing and costs of pipeline,
storage and facility construction and expansion and the ability of
the Company to secure adequate product transportation; future oil
and natural gas prices; currency, exchange and interest rates; the
regulatory framework regarding royalties, taxes and environmental
matters in the jurisdictions in which the Company operates; and the
ability of the Company to successfully market its oil and natural
gas products, and other similar matters. While the Company
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks associated with instability of the economic and
political environments in which the Company operates or owns
interests, oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other
producers, inability to retain drilling rigs and other services,
incorrect assessment of the value of acquisitions, the inability to
settle the definitive terms of the farmout arrangements, failure to
realize the anticipated benefits of acquisitions, delays resulting
from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external
sources, reliance on key personnel, regulatory risks and delays,
including risks relating to the acquisition of necessary licences
and permits, environmental risks and insurance risks.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
PRD Energy Inc.Michael GreenwoodChairman and Chief Executive
Officer(403) 234-0501(403) 234-0511PRD Energy Inc.Mark
HornettPresident and Chief Operating Officer(403) 234-0501(403)
234-0511PRD Energy Inc.Jeff ScottChief Financial Officer and Vice
President, Finance(403) 234-0501(403) 234-0511