Great East Energy, Inc. has announced the completion of private financings totalling USD $1,490,000 since going public.
In a release on February 18, the Company noted that as filed with the SEC and on Form D, GASE has sold one-year hold restricted common stock to private investors priced at USD$1.00 per share. "Great East Energy will use the investment proceeds to further develop its estimated gross total reserves of 47 billion cubic feet (BCF) of natural gas in the GASE license area," said CEO Timur Khromaev.
GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose subsidiary controls two companies which have been producing gas since 2003, own two gas processing facilities, and over eight miles of gas pipelines to their customers. "We are pleased that private shareholders have taken a long-term view towards GASE, its current production and future prospects," Khromaev stated. "We intend to continue our fundraising activity and finance our well development plans for GASE's properties," the CEO concluded.
GASE owns operating and distributing unconventional gas companies in the Dnieper-Donets Basin of Ukraine in Middle Europe, with current production and infrastructure already in place. GASE's 162- square mile property has seven major dome structures, and according to its prior owners, has already produced nearly one billion cubic feet of gas. Twelve core wells and five vent-wells have been drilled on the producing domes to confirm the presence and production of gas.
GASE's assets are surrounded by Royal Dutch Shell's Yuzivske gas field comprising nearly 8,000 square kilometers, which was the featured asset in a USD$10 billion contract signed by Ukraine at Davos, Switzerland in 2013. The preliminary resources estimate of the Yuzivske gas field is up to 300 trillion cubic feet. The GASE Block reserves were evaluated by Marathon Oil in 2007 and through an independent NI 51-101 report.
Great East Energy is a producing, development stage company targeting the independent natural gas production industry of Ukraine.
((Comments on this story may be sent to email@example.com))