Oil Production News
Oil And Gas Sales Revenue Increase And
Oil Field Services Company Acquisition Announced By
Oil And Gas Production Growth Company
Powder River Basin Gas Corp. (Stock Symbol: PRVB)
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SUMMARY:
In growth stock investment news oil and gas production energy company, Powder River Basin Gas Corp. (Stock Symbol: PRVB), announces an increase in oil and gas sales revenue and the 50 % purchase of an oilfield service company with oil field equipment, personnel and expertise in oil well completion and bringing producing wells on line.
Calgary, Alberta, Canada -- December 5, 2007 -- Oil and gas production and sales growth company, Powder River Basin Gas Corp. (Stock Symbol: PRVB) has announced third quarter earnings from oil and gas operations and its marketing programs.
During the three months ended September 30th, 2007, the Company had net oil and gas sales revenues of $546,211. This represents an increase of approximately 142% for the three months ended September 30th, 2006.
Powder River Basin Gas Corp. (PRVB) also announced an agreement to purchase a 50% interest in Texoma Oilfield Services Inc., a full oilfield service company capable of completing all phases of drilling and oil gas well completion. Oil field equipment owned by Texoma includes 3 drilling rigs and 3 pulling units (service rigs) as well as 6 full time service crews. In addition Texoma owns dozers, backhoes, trenchers, rock saws, winch trucks, transport trucks, welders and several service trucks as well as several acres of oilfield supplies.
Powder River will be taking over the administration aspects of Texoma and will have full and exclusive use of all the drilling and completion facilities. The acquisition provides Powder River with oil production project management expertise for well development and bringing new wells into the production stream. It will also give Powder River the flexibility and mobility to move service equipment to any projects as required. This is expected to significantly reduce lost production days. Powder River has a very aggressive well completion program scheduled for the next few years, this will eliminate wait time and allow the Company to complete wells more efficiently and on schedule. Oil well completion cost reductions of approximately 25% are estimated.
"We are thrilled about this purchase, as it allows Powder River to complete programs underway and greatly increase cash flow for the Company, working interest investors, and shareholders. This also provides an additional development level of management, which is needed as Powder River continues to grow. I am excited to add this additional aspect to Powder River's operations, and look forward to more positive growth in the future," stated Powder River Basin Gas Corp. CEO Brian Fox.
