TAMPA, Fla., March 16, 2011 /PRNewswire/ -- Proper Power & Energy, Inc. (OTC MARKETS: PPWE) today released a letter to shareholders from Andrew J. Kacic, President.
As the first quarter of 2011 comes to a close, the management team at Proper Power & Energy wanted to thank you for your continued loyalty and support of the Company. Since the last letter to the shareholders, we have secured a lease in Kentucky, and I have replaced Joseph Abdo as President. The Company continues to timely file its quarterly and annual reports with the SEC. We look forward to having a very productive 2011, and anticipate announcing the first revenues from the sale of oil this quarter. Additionally, the Company plans to drill additional wells on our Kentucky property no later than the first month of the second quarter of 2011. The Company also intends to commence exploratory drilling to prove out the reserves on our Utah property potentially by third quarter of this year. The current price of oil, combined with the rising demand for domestic production makes this year a very promising one for the Company.
Andrew J. Kacic
President, Proper Power & Energy
About Proper Power & Energy:
Proper Power & Energy is an independent exploration and production company. The Company's operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil. Please visit our website www.properpower.com.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
SOURCE Proper Power & Energy, Inc.