Proper Power & Energy, Inc. (OTC Bulletin Board:PPWE.OB) is an independent exploration and production company. PPWE'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.
What happens in the oil and natural gas industry echoes throughout the economy. That’s because the industry is connected to a large variety of industries that use oil and natural gas products either directly or indirectly. New taxes could harm workers and industries throughout the economy.
The oil and natural gas industry is working to diminish the downsizing, cancellation of projects and reducing its workforce that may be required by the drop in crude oil and natural gas prices. More taxes would block those efforts and could result in the loss of thousands of industry related jobs every year.
Many farmers in Kentucky are trading in their tractors and overalls for oil derricks and wildcatting gear. With the price of oil reaching an all time high and the family farm becoming more and more obsolete, the attraction of getting rich by striking oil on the family's back forty is becoming harder and harder to resist. And not without promise, with current geological readings estimating that nearly five billion barrels of oil reserves could be tucked away near Kentucky's famed coal mines of old.
Utah contains four of the Nation's 100 largest oil fields, two of its 100 largest natural gas fields (2008).
Utah has approximately 3,200 producing oil wells and 5,700 producing natural gas wells.
Last Press Release:
PPWE restructured its executive management team and entered into a strategic alliance. Andrew J. Kacic will replace Joseph Abdo as President of Proper Power & Energy. Mr. Kacic brings more than 32 years of progressive experience as a chief executive in oil and gas, investment banking, insurance services and public securities. Mr. Kacic was the founder and president of American Resources of Delaware, Inc. and its subsidiary Southern Gas Company, successfully taking assets from $220,000 to more than $40 million in less than 4 years. Mr. Abdo will remain the Chief Executive Officer and Chairman of the Board.
Concurrently to the management restructuring, the Company has entered into a strategic alliance with Douglas Kiggins, founder of Mayo Energy Partners. Mr. Kiggins will assist Mr. Kacic in the development of the Company's Utah asset, with the target goal of drilling the first exploratory well in Utah by third Quarter 2011. Mr. Kiggins has participated in the drilling and development of over 250 oil and gas wells in Texas, Oklahoma and Colorado, with the deepest well reaching a total depth over 21,000 feet.
And 6 month chart to watch:
More about PPWE at: www.properpower.com
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