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Petrodyne Adds Reserves in Mississippian Lime Oil Play of NW Oklahoma

OKLAHOMA CITY,Feb. 13, 2012/ Petrodyne Resources, Ltd., (“Petrodyne" or "Company"), a domestic onshore oil exploration company, announced today that it has acquired additional PUD reserves in the core of the Horizontal Mississippi Lime Oil Play.

 
PRLog - Feb. 12, 2012 - OKLAHOMA CITY, Feb. 13, 2012 /PRNewswire/ -- Petrodyne Resources, Ltd., (“Petrodyne" or the "Company"), a domestic onshore oil exploration company, announced today that it has acquired additional PUD reserves in the core of the Horizontal Mississippi Lime Oil Play in Northwest Oklahoma.  Petrodyne’s acreage acquisition adds 60 PUD locations and an estimated 312 Mbo & 2.32 Bcf of de-risked reserves.  With this acquisition, the Company’s total proved and reserves now stand at 465.63 Mboe.   The Company’s reserves are located in Alfalfa, Grant, and Garfield counties in Northwest Oklahoma.

The Company plans to participate in the drilling of 10 horizontal wells on the newly acquired acreage by the end of the fourth quarter 2012.  Petrodyne’s partners in these wells include some of the most aggressive exploration companies in the industry with experienced operators such as Sandridge Exploration & Production, L.L.C. (~1 million acres), Chesapeake Exploration, L.L.C. (~1 million acres), Eagle Energy Corporation (250,000 acres) & Panther Energy Company (90,000 acres).

Petrodyne’s Mississippian position consists primarily of de-risked, non-operated working interest and overriding royalty interests across Alfalfa, Grant and Garfield counties in Northwestern Oklahoma, and Harper, Sumner and Kingman counties in southern Kansas.

Management Comments:

Petrodyne’s Managing Partner, Justin Vakilzadeh, commented, "I couldn't be more excited about the potential off this recent acquisition.  Petrodyne has made tremendous progress toward building its inventory of proved undeveloped acreage since its formation in May 2011 and I expect 2012 to be even better as we increase the aggressiveness of our acquisition and development efforts in the Miss Play.   The Company's management team and partners are intensely focused and committed to developing our asset base without issuing debt and with minimal equity dilution.  Our Miss program will be developed using operating cash and JV agreements with a select group of investment partners.  Petrodyne has identified additional low-risk drilling opportunities on its existing oil projects, and I believe that our progress to date has only scratched the surface."

About Petrodyne Resources, Ltd.:

Petrodyne is a domestic onshore oil company with assets located in Oklahoma and Kansas.  The Company's primary business is to aggressively acquire, explore, develop and produce oil properties onshore in the United States with a primary focus on Oklahoma and Kansas. Additional information is available on the Company's website at www.petrodyneresources.com.


Investor Contact:

Justin Vakilzadeh
Managing Partner
(405) 286-3415                      
Justin@petrodyneresources.com

# # #

Petrodyne is a domestic onshore oil company with assets located in Oklahoma and Kansas. The Company's primary business is to aggressively acquire, explore, develop and produce oil properties onshore in the United States with a primary focus on Oklahoma and Kansas.

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Contact Email:
***@petrodyneresources.com
Source:angela
Phone:(405) 286-3415
Zip:73116
City/Town:Oklahoma City - Oklahoma - United States
Industry:Energy, Finance, Accounting
Tags:oil, venture, exploration, mississippian, lime, oklahoma, kansas, horizontal, acreage
Shortcut:prlog.org/11796938
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