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Proper Power & Energy, Inc. (OTC:PPWE) a Tampa-based independent oil and gas exploration and production company, has announced that it has been approached by two independent financing groups and has submitted a $10 million private placement memorandum to each of them. These two groups are seeking domestic oil and gas production in light of the Middle East tensions.
"The timing to acquire oil and gas properties while gas prices are low couldn't be better. Additionally, the availability of this funding for developing Proper Power's Kentucky and Utah oil prospects will accelerate 2011 revenues and leasehold acreage growth dramatically. We anticipate feedback from both of the financing groups before the end of this month," stated Andrew J. Kacic, President of Proper Power & Energy.
About Proper Power & Energy:
Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas. The organization is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
Apache Corp. (NYSE:APA) announced the appointments of Rod Eichler to president and chief operating officer, and Roger Plank to president and chief corporate officer. John Crum, who served as co-chief operating officer and president – North America, is leaving the company to become chief executive officer of Midstates Petroleum, a privately held exploration and production company.
Apache Corporation, together with its subsidiaries, engages in the exploration, development, and production of natural gas, crude oil, and natural gas liquids.
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