TAMPA, Fla., June 16 /PRNewswire-FirstCall/ -- Proper Power and Energy, Inc., (OTC Bulletin Board: PPWE) announced today a meeting was held Wednesday, June 9, 2010, at the offices of Proper Power and Energy, Corp. ("PPWE") to discuss the Company's plans for moving forward with its strategic and tactical funding for its active operations in Utah. In attendance were members of two New York City area venture capital firms as well as a high net worth private equity client with over 30 years experience in corporate start-ups and turn-around projects ranging from $10 million to $250 million. Addressed at the meeting were the recent seismic data and engineering reports produced by Robert Dunbar of Thrust Resources, Inc. Proper Power has now initiated an approach modeled after that of Wolverine Oil and Gas. Wolverine's drilled reserve in Utah is regarded the largest "U.S. Oil Find" in the country over the last 30 years.
Based on these results and renewed focus by the U.S. Federal Government regarding on shore drilling, an agreement was forged to initiate funding in the range of $3-4 million which will allow the Company to establish a platform for a larger capital raise in the coming months.
"To keep our shareholders and the public informed of our progress of what we believe to be the correct strategy toward major oil production, we have hired the services of a highly regarded media company to produce updated reports via television, radio, print media and internet. We feel this is now the time to differentiate PPWE from our competitors," stated Mr. Joseph Abdo, President of Proper Power & Energy. The Company plans to release further details as to their key new executive and operational hires in the next few weeks.
About Proper Power & Energy:
Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas. The organization is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
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.