DENVER and HOUSTON, Nov. 25, 2014 /PRNewswire/ -- Escalera Resources Co. today announced the extension of its initial letter agreement (the "Letter Agreement') with Wyoming GTL, LLC ("WYGTL") to jointly explore the feasibility of developing a gas-to-liquids ("GTL") plant to be located in Wyoming (the "GTL Plant"). This extension allows for Escalera and WYGTL to continue to perform the detailed engineering, operations, construction, supply and related due diligence required to reach a definitive agreement.
The Letter Agreement will terminate on January 31, 2015 if a definitive agreement between Escalera and WYGTL has not been executed. Pursuant to the original agreement executed on May 30, 2014, none of the terms or conditions has changed. In the event a definitive agreement is not executed within the required period, WYGTL will reimburse the Company for any portion of the initial study capital previously funded to WYGTL.
About Escalera Resources Co.
Escalera Resources Co. ("Escalera") is headquartered in Denver, CO, with executive offices in Houston, TX and a regional office in Casper, WY. Escalera explores, develops and transports natural gas in the U.S. Escalera is seeking strategic acquisitions of abundant, low cost natural gas assets that are currently undervalued or underutilized; and identifying alternative ways to enhance the value of its dry natural gas reserves.
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate to, among other things, the planned development, construction and operation of the GTL Plant and Escalera's participation in supplying the GTL Plant with natural gas. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and results of development and exploration activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's Forms 10-K and 10-Q and other reports filed with the Securities and Exchange Commission. Escalera undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
William A. Sidwell, III
VP Corporate Strategy/IR
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SOURCE Escalera Resources Co.