CALGARY, ALBERTA -- (Marketwire) -- 03/15/13 -- PRD Energy Inc. ("PRD" or the "Company") (TSX VENTURE: PRD) is pleased to announce that it has been awarded the Ostrohe Exploration License covering approximately 156,000 acres as well as the Prasdorf Production License, covering approximately 2,000 acres. Both licenses are located in the state of Schleswig-Holstein, and are within the Northwest German Basin. The licenses have been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.
The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Ostrohe license. The Ostrohe license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.
The Prasdorf Production License previously produced petroleum and was abandoned by its former operator in 1992. The Prasdorf Production License covers approximately 2,000 acres and is awarded for an initial period of three years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial three year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.
PRD Energy GmbH has also applied for several other exploration and production licenses in Germany on behalf of PRD, and anticipates responses to these applications in the coming months.
About PRD Energy
PRD Energy Inc. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of, natural gas and crude oil, in Germany. PRD's common shares are listed on the TSX Venture Exchange with the symbol "PRD".
Forward looking information
This news release contains forward-looking information relating anticipated government approval of applications for exploration and production licenses in Germany, proposed drilling programs pursuant to the terms of the Ostrohe and Prasdorf licenses, the likelihood of reserves discoveries and petroleum production from the Ostrohe and Prasdorf licenses and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates or owns interests; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability to operate in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with instability of the economic and political environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the farmout arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PRD Energy Inc.
Chairman and Chief Executive Officer
PRD Energy Inc.
President and Chief Operating Officer
PRD Energy Inc.
Chief Financial Officer and Vice President, Finance
(403) 234-0511 (FAX)
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