Proper Power & Energy has Announced Meeting of Potential Utah Joint Venture Candidate!
Proper Power & Energy, Inc. (OTC:PPWE), a Tampa-based independent oil and gas exploration and production company, announced the next stage of its Western U.S. operations. The Company met with the executives of Thrust Resources Inc. and EQ Resources Inc. in Dallas, Texas on January 20, 2011. The meeting focused on a joint venture for the Central Utah Prospect between the Companies. This was the initial meeting between Clint Brower, CEO and Chairman of EQ Resources, and Andrew Kacic, the newly named President of Proper Power & Energy Inc.
The next steps will be circulating a memorandum of understanding followed upon definitive agreements. "We look forward to expedite future discussions of both Companies working together to mutually reach our Utah objectives," stated Andrew Kacic.
PPWE is an independent exploration and production company. The Company's operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil.
More about PPWE at: www.properpower.com
Shares of FST increased $0.54 (+1.47%), up to $37.17 in early trading, today!
Annual Organic Net Sales Volume Growth of 10% in 2011 Over 2010 Guidance.
Capital Budget of $600 Million to $650 Million; a 10% Reduction from 2010 Guidance.
80% of Capital Budget Allocated to Liquids-Rich Prospects.
Cash Costs of $2.15 per Mcfe to $2.35 per Mcfe; a 7% Reduction from 2010 Guidance.
Forest Oil Corporation (NYSE:FST) (Forest or the Company) recently announced its 2011 capital budget and related guidance. As a result of positive operational momentum and economic organic growth achieved in 2010, the Company intends to focus 75% of its drilling activity in its liquids-rich Granite Wash assets in the Texas Panhandle and its royalty-incentivized Deep Basin gas assets and Peace River Arch light-oil assets in Canada. Additionally, Forest expects to commence a first-half of 2011 weighted development program of its Eagle Ford oil asset, with an initial investment of $50 million of capital allocated to the play. These areas have significant horizontal project inventories on large undeveloped land bases that have the ability to carry future development for an extended period of time. In total, approximately 80% of the 2011 capital budget will be allocated to liquids-rich prospects, with the remainder allocated primarily to gas development in the Deep Basin of Alberta, Canada, that has favorable economic attributes through substantial provincial royalty incentives. 2011 guidance highlights are as follows:
* Average annual net sales volumes of 490 MMcfe/d, which represents an organic increase of approximately 10% compared to 2010 annual guidance
* Capital spending of $600 million to $650 million, which represents a decrease of approximately 10% compared to 2010 annual guidance
* Cash costs of $2.15 to $2.35 per Mcfe, which represents a decrease of approximately 7% compared to 2010 annual guidance; improving upon Forest’s position as a low cost producer
H. Craig Clark, President and CEO stated, “Our portfolio of assets provides us with the ability to organically grow production by double-digits while spending near cash flow. The focus in 2011 will be in the Granite Wash in the Texas Panhandle, the Deep Basin and Peace River Arch assets in Canada, and our Eagle Ford oil asset in South Texas. In total, we expect to spend 80% of our exploration and development budget in 2011 on liquids-rich prospects.
Forest Oil Corporation is engaged in the acquisition, exploration, development, and production of natural gas and liquids in North America and selected international locations. Forest's principal reserves and producing properties are located in the United States in Arkansas, Louisiana, Oklahoma, Texas, Utah, and Wyoming, and in Canada. Forest's common stock trades on the New York Stock Exchange under the symbol FST.
More about FST at: www.forestoil.com
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