Proper Power Reveals Results of Independent Study
TAMPA, Fla., Aug. 17 /PRNewswire-FirstCall/ -- Proper Power and Energy, Inc., (OTC Bulletin Board: PPWE) today released elected results from an independent study of seismic data on its oil and gas leases. The Company commissioned Howard Dunn, P.E. Chem, B Sc. G.E., M Sc. MT E of Meridian, Idaho to review raw seismic data that Proper Power purchased from an independent source.
The interpretations made by Dunn concerned a body of older seismic velocity stack trace image. The opinion is a review of the interpreted subsurface geological structures. The expected purpose of Proper Power's scope of work is to determine a best effort location to complete an exploratory well in the Paleozoic – Mesozoic subsurface sedimentary rock stratigraphic sequences in the area. Dunn has completed a comprehensive literary search of relevant geological information that has been reviewed and utilized to opine on the completed seismic interpretation.
Dunn states in his report, "Utah has a significant history of oil and gas production. Moving into Central Utah the dominant feature is the over-thrust belt region which extends from the Northeast (Anschutz field) arcing southeast down into the Southern Central region of Utah to include areas such as the recently discovered Covenant field near Ritchfield."
Current estimates of recent production in the Central Utah play include 10 – 12 thousand barrel/day production by Wolverine Oil.
Current Related Activity:
"Recent exploration activity (since the Covenant field discovery, 2003) has been significant along the north-northeasterly trending over-thrust region laying parallel to Highway 15 with off-set exploratory drilling being completed on the trend-axis both to the west and east along the longitudinal direction of the trend. The producing unit is the well known Navaho eolian-sandstone section of Jurassic age. The source material is believed to be the thick underlying late Paleozoic sequences of the Mississippian shales. Secondary targets also include the interbedded twin creek sandstone units up section from the Jurassic Navaho. The exploration activities would be considered, in the author's opinion, to be on-trend plays," concluded Mr. Dunn.
"These 'on-trend plays,' stated by Mr. Dunn, are obviously an exciting development in our continuing efforts to educate the public on the incredible reserve potentials right here in the U.S.," stated Proper Power President, Joseph Abdo.
Mr. Dunn is a well respected petroleum engineer with past experience with oil and gas exploration in the states of Kentucky, North Dakota, Utah and Texas, as well as countries in South America. He is a graduate of the Colorado School of Mines and is a leader in the development of downstream gas-to-liquids process (GTL) facilities, and is a member of the Society for Petroleum Engineers.
Mr. Dunn is not now, nor ever has been as Officer or Director of Proper Power and Energy, Inc. or any subsidiary thereof. He has never been an insider or shareholder of the Company. The Company plans to release the balance of Mr. Dunn's independent report at a future date.
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.
Contact Information
Corporate: Nicole Propp
Investor Contact: Daniel Conway
DC Consulting, LLC
(407) 792-3332
SOURCE Proper Power & Energy, Inc.
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