Next Generation Energy Corp. to Shareholders: Core Mission to Acquire High Quality Revenue Streams by Accumulating Royalty Interests in Existing, Operating and Proven Domestic Energy Resources - Natural Gas, Oil and Coal
LORTON, Va., May 5, 2011 /PRNewswire/ -- Next Generation Energy Corp. (OTC: NGMC) today said in an update to shareholders that the Company is currently evaluating multiple properties for inclusion to its portfolio of high quality royalty streams in the very near future.
"The Company's core mission is to acquire high quality revenue streams by accumulating various royalty interests in existing, operating and proven domestic energy resources including natural gas and oil wells and coal producing properties," said Darryl Reed, CEO. "NGMC's profile for the acquisition of energy producing properties is stringent and includes parameters that insure long term revenue streams with a thirty plus year asset life cycle. Only properties with well proven reserves in major energy producing geological formations are considered for acquisition. Additionally, the Company only considers properties operated and managed by companies with superior credentials."
"By acquiring royalty interest and not a working interest, the Company avoids the operational risk associated with drilling and production operations," Mr. Reed said.
In pursuit of this mission NGMC (NGMC.PK) is aggressively adding to its existing portfolio of royalty revenues. The most recent transaction entered into on April 28, 2011, was the acquisition of a royalty interest in a producing natural gas and oil property located in the Permian Basin - Tri-Rue (Reef) Field - Scurry County, Texas. The property is producing approximately 1000 barrels of oil and 660 MCF of natural gas per month. The Canyon Reef Formation is on the edge of the Permian Basin and one of the most prolific oil and natural gas formations in West Texas. Both the oil and natural gas is marketed through Sunoco, Inc. (R&M) a subsidiary of Sunoco, Inc. (NYSE: SUN). This property has been recently completed and is expected to provide the Company stable royalty income for the long term.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
Darryl Reed |
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CEO |
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703-372-1282 |
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Paul Knopick |
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E & E Communications |
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(949) 707-5365 |
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SOURCE Next Generation Energy Corp.
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