Great East Energy Could See More Pipeline, More Customers and More Revenues With Larger Natural Gas Footprint
February 27 2014 - 10:02AM
Marketwired
Great East Energy Could See More Pipeline, More Customers and More
Revenues With Larger Natural Gas Footprint
NEW YORK, NY--(Marketwired - Feb 27, 2014) - Great East Energy,
Inc. (OTCQB: GASE) is just getting started in Ukraine with its
natural gas footprint, and a recent injection of $1.49 million in
private financing should allow the company to continue adding to
its 162 square miles of producing clean energy assets. When
Great East Energy acquired its current property in late 2013, it
quickly added to its worth with built-in annual revenues and with
property and equipment values.
But, the greatest value, of course, is what is still to come for
the company and that is the production and sales of reported gross
total reserves on their licensed area of 47 billion cubic feet of
natural gas, and this may be just the beginning of a very valuable
future.
Currently Great East Energy owns assets, through the
acquisition, that have been producing gas since 2003, own two gas
processing facilities, and over eight miles of gas pipelines to
their customers. These assets bring over $1 million of
retained earnings and over $1.1 million in property, plant and
equipment to the Great East Energy balance sheet. These values
are likely to increase as the cost of natural gas continues to
rise, and as the company implements North American capital,
industry knowledge and technology which are all made easier with
the recent private funding.
These producing assets are already working for Great East
Energy, but the company's CEO, Timur Khromaev, doesn't plan to stop
there. His aim is to expand the company's area up to 1000
square miles, and when you understand just how much proved reserves
of natural gas there are in Ukraine, it's easy to understand
why.
According to the U.S. Energy Information Administration, proved
reserves of natural gas in Ukraine were estimated at 39 trillion
cubic feet. Ukraine's total shale gas deposits are estimated
at around 200 trillion cubic meters placing the country third just
behind Poland and Norway with the most proved reserves in
Europe. In addition, Ukraine has CBM reserves totaling 42
trillion cubic feet.
With a potential expansion of the Great East Energy footprint,
this is good news for investors as the company can further take
advantage of natural gas prices that are three times higher than
here in the U.S., and use the additional assets to generate more
revenues by extending its pipeline to even more customers.
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