Posted On: 01/28/2014 8:15:18 AM
Post# of 94169
Great East Energy Reserve Report Shows 47 Billion Cubic Feet of Natural Gas Ready for Drilling and Production
Great East Energy Reserve Report Shows 47 Billion Cubic Feet of Natural Gas Ready for Drilling and Production
Competent Person's Report Covers a Portion of GASE's 160 Square Miles of Middle European Clean Energy Assets
NEW YORK, NY--(Marketwired - Jan 28, 2014) - Great East Energy, Inc. (OTCQB: GASE) (and the "Company") which controls over 160 square miles of producing European clean energy holdings through two local operating companies, is pleased to announce that it has been issued a Competent Person's Report with estimated gross total reserves of 47 billion cubic feet (BCF) of natural gas in the GASE license area.
Petroleum Geologist Barry L. Whelan, P. Geo, prepared and issued the Report, covering the Company's Lysychansko-Toshkivskay Project, conducted in accordance with National Instrument 51-101 (the "Report"). The Report's 47 billion cubic feet of Reserves are comprised of 25 billion cubic feet of Proved Reserves, and 22 billion cubic feet of Probable Reserves.
"As a result of the report, it is clear that we have more than enough reserves to implement our drilling and production work plan," said GASE CEO Timur Khromaev. "This is a good starting point to utilize North American drilling techniques and increase our production," he concluded.
Further details from the NI 51-101 Report will appear in GASE's 2013 Annual Report to be filed with the SEC in its Form 10-K under the Properties Section, conforming to the Commission's guidelines and requirements for production reporting for Disclosure of Oil and Gas Operations.
GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose wholly-owned 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.
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.
ABOUT GASE:
Great East Energy is a producing, development stage company targeting the growing independent natural gas production industry of Ukraine, as Europe's second-largest country by land mass makes energy self-sufficiency from Russia a priority. With Ukraine natural gas priced over three times U.S. levels, the energy industry holds compelling economics as well. Through its local operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion of GASE's well development activities are planned to result in a multi-million dollar inward investment into Ukraine.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing resources; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Ukraine, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.
Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Ukraine, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
CONTACT:
www.greateastenergy.com
John Mattio
+1 646 248-5515
ir@greateastenergy.com
Dan McClory
Managing Director
Hunter Wise Financial Group, LLC
+1 949 732 4102
dmcclory@hunterwise.com
Great East Energy Reserve Report Shows 47 Billion Cubic Feet of Natural Gas Ready for Drilling and Production
Competent Person's Report Covers a Portion of GASE's 160 Square Miles of Middle European Clean Energy Assets
NEW YORK, NY--(Marketwired - Jan 28, 2014) - Great East Energy, Inc. (OTCQB: GASE) (and the "Company") which controls over 160 square miles of producing European clean energy holdings through two local operating companies, is pleased to announce that it has been issued a Competent Person's Report with estimated gross total reserves of 47 billion cubic feet (BCF) of natural gas in the GASE license area.
Petroleum Geologist Barry L. Whelan, P. Geo, prepared and issued the Report, covering the Company's Lysychansko-Toshkivskay Project, conducted in accordance with National Instrument 51-101 (the "Report"). The Report's 47 billion cubic feet of Reserves are comprised of 25 billion cubic feet of Proved Reserves, and 22 billion cubic feet of Probable Reserves.
"As a result of the report, it is clear that we have more than enough reserves to implement our drilling and production work plan," said GASE CEO Timur Khromaev. "This is a good starting point to utilize North American drilling techniques and increase our production," he concluded.
Further details from the NI 51-101 Report will appear in GASE's 2013 Annual Report to be filed with the SEC in its Form 10-K under the Properties Section, conforming to the Commission's guidelines and requirements for production reporting for Disclosure of Oil and Gas Operations.
GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose wholly-owned 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.
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.
ABOUT GASE:
Great East Energy is a producing, development stage company targeting the growing independent natural gas production industry of Ukraine, as Europe's second-largest country by land mass makes energy self-sufficiency from Russia a priority. With Ukraine natural gas priced over three times U.S. levels, the energy industry holds compelling economics as well. Through its local operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion of GASE's well development activities are planned to result in a multi-million dollar inward investment into Ukraine.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing resources; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Ukraine, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.
Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Ukraine, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
CONTACT:
www.greateastenergy.com
John Mattio
+1 646 248-5515
ir@greateastenergy.com
Dan McClory
Managing Director
Hunter Wise Financial Group, LLC
+1 949 732 4102
dmcclory@hunterwise.com
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