VANCOUVER, Oct. 19 /PRNewswire/ - Park Place Energy Corp. ("Park Place" or "the Company") is pleased to announce that the bid announced on February 3, 2010 has been successfully granted to the Company.
The Bulgarian Prime Minister, Bioko Borisov, and Head of the Council of Ministers, Rosen Zhelyazkov, have published the Council of Ministers decision to grant the exploration and prospecting permit for crude oil and natural gas to Park Place Energy Corp for Plot 1 - 11 Vranino in the State Gazette, Issue 80 on 12 October, 2010. As outlined in the announcement the Vranino Blocks cover 397.42 Sq Km (39,420 Hectares or 98,204 Acres).
This decision is subject to appeal from other participants in the original competitive bid for 14 days from the date it was published in the State Gazette.
Park Place will provide further information on the property and an update on the process at that point.
About Park Place
Park Place Energy Corp. is a North American oil and gas exploration company that is participating in high impact gas opportunities. The Company has assets in Saskatchewan that it is committed to developing. As well Park Place is committed to the acquisition of additional blue-sky shale gas opportunities. Park Places management is focused on optimizing profitability and enhancing shareholder value.
Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. The Corporation is under no obligation to update or alter any forward-looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE Park Place Energy Corp.