VANCOUVER, Dec. 17 /PRNewswire/ - Park Place Energy Corp. ("Park Place" or "the Company") has been informed by legal counsel in Sofia, Bulgaria that a court date has been set for the appeal presented against the Ministry of Energy, Economy and Tourism over the Company's successful award in Bulgaria's Supreme Administrative Court.
Overgas, the Bulgarian subsidiary of Gazprom, appealed the Council of Ministers decision from October 4, 2010 to award the Vranino block to Park Place, on October 25, 2010. The award was announced in the State Gazette issue 80 on October 12, 2010 and the appeal was made within the 14 day appeal period from date of announcement.
The Overgas appeal is not against Park Place but against the Ministry of Energy, Economy and Tourism (MEET) and states that the successful award to Park Place should not be valid due to administrative errors during the process by the MEET. The Court has two options when making its decision, it can either decide that no administrative errors were made by the MEET and enforce the award to Park Place, or it can decide errors were made in the handling of the process by the MEET and order the process to be repeated by the original participants. The court cannot allocate the award at its discretion to a party other than Park Place.
Appeals against decisions from Government Ministries in Bulgaria are common practice and as such the court date has scheduled for October 2011. Park Place has legal counsel following the process closely. Additionally, Overgas is able to withdraw its appeal at any time. Park Place has had discussions with Overgas regarding the possibility of a Joint Venture arrangement not only on the Vranino block but other Overgas properties in Bulgaria including its offshore block.
The company will continue its two prong approach to the appeal and will provide updates to shareholders as developments occur.
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.