TAMPA, Fla., Dec. 8, 2010 /PRNewswire-FirstCall/ -- Proper Power & Energy, Inc. (OTC Bulletin Board :PPWE ) announced today that it will issue a letter of intent to proceed with the acquisition of additional oil and gas leases in Kentucky. The Company has received an extensive written proposal from Hunter Resources that includes the acquisition of leased land in Eastern Kentucky. The new field currently consists of approximately 1800 acres of land, primarily gas with good potential for crude as well. The acquisition will include nine existing wells with plans to drill additional horizontal wells.
Preliminary engineering reports demonstrate the existence of approximately 32 million dollars of natural gas. The project will allow for the expansion into a total of 5,000 acres in the future.
"As we set out in our open letter to our shareholders earlier this year, we are expanding our holdings and operations into the Kentucky region with strategic acquisitions," stated Proper Power CEO, Joseph Abdo. "As we finalize our Burns acquisition, this lease is a natural follow-up with continued expansion."
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:
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SOURCE Proper Power & Energy, Inc.