Great East Energy Benefits From European Gas Prices That Are Three Times Higher Than in the U.S.
11 Fevereiro 2014 - 11:15AM
Marketwired
Great East Energy Benefits From European Gas Prices That Are Three
Times Higher Than in the U.S.
Production Sales and Gross Margins From GASE's 160 Square Miles
of Middle European Clean Energy Assets Confirm 'Energy Price Gap'
With the U.S. Profiled in the Financial Times
NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Feb 11, 2014) -
Great East Energy, Inc. (OTCQB: GASE) (the "Company"), which
controls over 160 square miles of producing clean energy holdings
through two local operating companies, is benefiting from the
significant price gap between U.S. and Europe for natural
gas. As reported in the Financial Times, "European
gas import prices are at present about three times higher than in
the U.S." Great East Energy with its estimated gross total reserves
of 47 billion cubic feet (BCF) of natural gas in the GASE license
area is currently selling its production to local customers at
those higher rates.
GASE is publically traded in the U.S. and is a fully-reporting
company with the SEC whose wholly-owned subsidiary controls two
companies which have been producing gas since 2003, own two gas
processing facilities, and over eight miles of gas pipelines to
their customers.
GASE owns operating and distributing unconventional gas
companies in the Dnieper-Donets Basin of Ukraine in Middle Europe,
with current production and infrastructure already in
place. GASE's 162-square mile property has seven major dome
structures, and according to its prior owners, has already produced
nearly one billion cubic feet of gas. Twelve core wells and five
vent-wells have been drilled on the producing domes to confirm the
presence and production of gas.
GASE's assets are surrounded by Royal Dutch Shell's Yuzivske gas
field comprising nearly 8,000 square kilometers, which was the
featured asset in a USD$10 billion contract signed by Ukraine at
Davos, Switzerland in 2013. The preliminary resources estimate
of the Yuzivske gas field is up to 300 trillion cubic
feet. The GASE Block reserves were evaluated by Marathon Oil
in 2007 and through an independent NI 51-101 report.
ABOUT GASE:
Great East Energy is a producing, development stage company
targeting the growing independent natural gas production industry
of Ukraine, as Europe's second-largest country by land mass makes
energy self-sufficiency from Russia a priority. With Ukraine
natural gas priced over three times U.S. levels, the energy
industry holds compelling economics as well. Through its local
operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion
of GASE's well development activities are planned to result in a
multi-million dollar inward investment into Ukraine.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 This press release contains forward-looking
statements made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward looking
statements are based upon the current plans, estimates and
projections of the Company's management and are subject to risks
and uncertainties, which could cause actual results to differ from
the forward looking statements.
Such statements include, among others, those concerning market
and industry segment growth and demand and acceptance of new and
existing resources; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans,
strategies and objectives of management for future operations; any
statements regarding future economic conditions or performance;
uncertainties related to conducting business in Ukraine, as well as
all assumptions, expectations, predictions, intentions or beliefs
about future events.
Therefore, you should not place undue reliance on these
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: business conditions in Ukraine, general
economic conditions; geopolitical events and regulatory changes,
availability of capital, the Company's ability to maintain its
competitive position and dependence on key management. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any security and shall not constitute an offer,
solicitation or sale of any securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
CONTACT:
www.greateastenergy.com John Mattio +1 646 248-5515
ir@greateastenergy.com
GASE Energy (PK) (USOTC:GASE)
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