Puissant Industries Inc. Announces Proved Oil and Natural Gas Reserves at December 31, 2013
19 3월 2014 - 10:00PM
Business Wire
Puissant Industries, Inc. (OTCBB: PSSS)(“Puissant” or the
“Company”) (Corporate Website: psss.co), an independent energy
company currently focused on the natural gas and liquids rich
portion of the Devonian shale play in Eastern Kentucky, today
announced that based on an independent engineering report its
proven natural gas and oil reserves at December 31, 2013 were
15.950 billion cubic feet (Bcf) of natural gas, .197 million
barrels of oil, and .327 million barrels of natural gas liquids
(NGL) or 3.182 million barrels of oil equivalent (BOE)(1Bbl = 6 Mcf
basis).
The present value, discounted at 10%, of the estimated future
net cash flows before income taxes (PV-10) of the Company’s total
proved reserves at December 31, 2013 was $29.227 million. The PV-10
was determined using the 12-month unweighted average of the
first-day-of-the- month oil, natural gas and NGL prices for 2013 of
$96.94 per barrel of oil $3.671 per million British thermal units
(MMbtu) and $36.68 per barrel of NGL respectively adjusted for
quality, energy content, and other expenses.
This engineering report represents an increase of 20% in BOE
from the 2.650 million BOE in the last engineering report at
December 31, 2012. These proved reserve additions equate to
replacing 1736% of the Company’s full year 2013 production. The
PV-10 of $29.227 million was an increase of 61.62% from last year’s
report of $18.084 million.
PV-10 is a non-GAAP financial measure and generally differs from
Standardized Measure, the most directly comparable GAAP financial
measure, because it does not include the effects of income taxes on
future net revenues. PV-10 is not an estimate of the fair market
values of the properties. Puissant and others in the industry use
PV-10 as a measure to compare the relative size and value of proved
reserves held by companies and the potential return on investment
related to the companies properties without regard to specific tax
characteristics of such entities.
About Puissant Industries, Inc.Puissant Industries, Inc.
is engaged in oil and gas exploration and development activities in
fractured shale formations located in Eastern Kentucky. Puissant’s
business strategy is to grow its reserves, production and cash
flow on a cost-efficient basis. The key elements of this business
strategy include:
• Developing and exploiting Puissant’s existing properties with
a multi-year drilling program in the Appalachian Basin Devonian
Shale;
• Maintain long-life reserve base by focusing on acreage
acquisition and development activities on resources that target
long-life gas and oil reserves; and
• Use a disciplined financial approach to be financially strong,
yet flexible, through the prudent management of our balance sheet
and active management of commodity price volatility.
Contact:
Mark E. Holbrook, PresidentPhone: 606-864-3161E-mail:
mh857@aol.com
Disclaimer:
This press release contains forward-looking statements. The
words or phrases "would be," "will allow," "intends to," "will
likely result," "are expected to," "will continue," "is
anticipated," "estimate," "project," or similar expressions are
intended to identify "forward-looking statements." Actual results
could differ materially from those projected in the Company’s
business plan and the information presented above. The information
contained in this press release should not be construed as an
indication in any way whatsoever of future production levels, the
future value of the Company’s common stock, the Company’s future
financial value or its present or future financial condition. You
should be aware that the SEC does not accept the above stated
values to be included as assets on the Company’s balance sheet. The
Company's filings may be accessed at the SEC's Edgar system at
www.sec.gov. Statements made herein are as of the date of this
press release and should not be relied upon as of any subsequent
date. The Company cautions readers not to place reliance on such
statements. Unless otherwise required by applicable law, we do not
undertake, and we specifically disclaim any obligation, to update
any forward-looking statements to reflect occurrences,
developments, unanticipated events or circumstances after the date
of such statement.
Puissant Industries, Inc.Mark E. Holbrook,
606-864-3161mh857@aol.com
Puissant Industries (CE) (USOTC:PSSS)
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Puissant Industries (CE) (USOTC:PSSS)
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