Puissant Industries Inc. Announces Acquisition of 14 Miles of Pipeline, Knox Wells and Development Acreage
15 5월 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 it has purchased approximately 14 miles of 4-inch
pipeline, 3 Knox Oil and Gas Wells, Compressor Station Site and
related facilities and 814 acres for oil and gas development from
N.A. Energy Resources Corporation and Kentucky Petroleum Operating
Ltd for consideration of $400,000 cash.
The additional 14 miles of pipeline is estimated to increase the
Company’s capacity by 82%, from 1.82 MMCFPD (million cubic feet per
day) to 3.31 MMCFPD. Additionally, the pipeline purchase is
estimated to increase the Company’s short-term natural gas sales by
approximately 28%, which will be reflected in its monthly cash
flows.
Mark Holbrook, Puissant’s Chief Executive Officer: “We are
pleased with the Company’s acquisition of the 14 miles pipeline and
other assets. The increase in pipeline capacity and added sales
point will enable us to develop our oil and gas properties more
expeditiously and will increase our capacity to process increasing
amounts of natural gas liquids as we expand into multiple stripping
facilities.”
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, future revenues or our
present or future financial condition. You should be aware that the
SEC does not permit the above values in computing the Company’s
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,
606-864-3161Presidentmh857@aol.com
Puissant Industries (CE) (USOTC:PSSS)
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Puissant Industries (CE) (USOTC:PSSS)
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