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Follow on Google News | Proper Power & Energy Announces Meeting of Potential Utah Joint Venture Candidate!Proper Power & Energy Announces Meeting of Potential Utah Joint Venture Candidate!
By: Hanson Proper Power & Energy Announces Meeting of Potential Utah Joint Venture Candidate! Proper Power & Energy, Inc. , a Tampa-based independent oil and gas exploration and production company, has announced the next stage of its Western U.S. operations. The Company met with the executives of Thrust Resources Inc. and EQ Resources Inc. in Dallas, Texas on January 20, 2011. The meeting focused on a joint venture for the Central Utah Prospect between the Companies. This was the initial meeting between Clint Brower, CEO and Chairman of EQ Resources, and Andrew Kacic, the newly named President of Proper Power & Energy Inc. The next steps will be circulating a memorandum of understanding followed upon definitive agreements. "We look forward to expedite future discussions of both Companies working together to mutually reach our Utah objectives," PPWE is an independent exploration and production company. The Company's operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil. More about PPWE at: www.properpower.com Shares of SSN increased $0.28 (+14.07%), up to $2.27 in early trading, today! Samson Oil & Gas Limited (NYSE AMEX-SSN) advises that it has entered into a three-party participation agreement with Halliburton Energy Services, Inc. and its existing private company partner for the evaluation and development of the Niobrara Formation and other conventional targets in the northern Denver-Julesburg Basin for part of Samson’s Hawk Springs Project in Goshen County, Wyoming. Under the agreement, Samson and its partner will be free carried through the drilling and completion of two wells with approximate 4,500’ laterals and will be reimbursed for a portion of the cost of the North Platte 3-D seismic survey. Halliburton will acquire 25% equity in the farm-in area (a net 2,819 acres). The transaction has been structured such that the acquisition cost can be valued at a rate of $3,275 per acre. Halliburton retains the option to not drill the second farm-in well; in which event its 25% equity would be reduced to half the project area. (a net 1,410 acres) The Halliburton farm-in area consists of a gross area of 11,277 acres, including 6,589 net acres currently held by Samson. Assuming completion of both farm-in wells, Samson’s acreage inside the Halliburton farm-in area will be reduced to 4,942 net acres, and Samson’s total holdings in the Hawk Springs Project will be reduced to 14,883 net acres, versus the approximately 16,530 net acres currently held. Following the completion of the earn in program Samson will retain a weighted average royalty of 3% within the farm in area. Samson will remain operator of the farmed-in acreage, however as part of the Agreement, Halliburton will be providing project management services, as well as regular oil field services, in support of the drilling, completion and fracture stimulation of the wells. The Agreement also includes a provision requiring that the service rates charged by Halliburton are market based. Samson believes that the Agreement delivers a number of significant benefits to Samson: 1) Partnering with a premier service provider in unconventional reservoirs. 2) Validation of the acreage value established in the Chesapeake transaction. 3) Retention of operator status and, with its private company partner, majority control of the Joint Technical Team that will govern the strategic direction of the project after Halliburton’ As previously reported, the North Platte 3-D seismic data is being processed and the first-pass processing products have been delivered and the conventional plays are being mapped. The data quality is excellent and therefore the fracture identification processing is expected to be definitive. These more sophisticated processing products will be delivered in the coming weeks. It is Samson’s intention to commence the drilling campaign at the end of the first quarter, however this timing is subject to permitting, drilling equipment availability, and the interpretation of the processed data. About SSN: Samson Oil & Gas Limited, together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in the United States. The company owns interests in various projects located in Wyoming, North Dakota, New Mexico, and Texas. Samson Oil & Gas Limited was founded in 1980 and is headquartered in Perth, Australia. More about SSN at: www.samsonoilandgas.com.au Sign Up For Free Stock Alerts At http://crwewallstreet.com/ ************************************************************ THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. 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