Energy Stock Investment News
Oil And Gas Production Growth Stock
PRVB Continues Growth And Expansion In Texas Golaid County
Energy Stock Investment News
Oil And Gas Production Growth Stock Increases
Revenues And Profits, Adds More Producing Wells In Texas
And Approves Name Change
Powder River Basin Gas Corp. (Stock Symbol: PRVB)
Notice: This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release contains "forward looking statements" as defined by SEC regulations. Actual results may differ materially.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking.
SUMMARY:
In growth stock investment news oil and gas production energy company, Powder River Basin Gas Corp. (Stock Symbol: PRVB), announces revenue and profit increases, the addition of 16 producing wells in Goliad County Texas, shareholder approval of directors, a domicile change from Colorado to Oklahoma and a company name change to Powder River Petroleum International Inc.
Goliad County, Texas And Tulsa, Oklahoma --
Energy growth stock company Powder River Basin Gas Corp. (Stock Symbol: PRVB), a high growth crude oil and natural gas producer, marketer and property acquirer currently developing projects in Louisiana, Oklahoma, Texas, and Wyoming recently announced several key developments.
Powder River Basin Gas Corp. (PRVB) net revenues from oil and gas sales for the first six months of 2007 increased to $1,566,833 from $795,797 for the first six months of 2006. This represents an increase of $571,036 or approximately 71.8% over the previous year. They also had net revenues from working interest sales of $9,540,843, an increase of $325,843 or approximately 3.5% over the same period of 2006.
The Company produced a net profit of $6,813,727 before income taxes for the first six months of 2007. This represents a Basic Income Per Common Share of $0.04. PRVB stock is currently trading below $0.25 per share.
Continued Expansion And Growth Increase High Return Stock Investment Potential: In October sixteen wells on the PRVB Weesatche project in Goliad County, Texas were completed and placed in the production stream. Initial production rates are estimated at 3800 mcf gas per day. Also the first well in a 25 well drilling program on their Biamante project in Goliad County, Texas has been completed and has been put into production. The oil and gas energy industry has designated this field the “Powder River Consolidated Field”.
At the October 30 shareholders meeting held in Tulsa, Oklahoma Directors Brian Fox, John Havelock and Mark Chang were officially voted in. The Company also received approval to move the domicile from Colorado to Oklahoma, and to change the Company name. Effective December 1, 2007, the Company will be Powder River Petroleum International Inc.
PRVB is currently carrying out a stock share buy back program. Repurchases will be made in the open market and through private transactions at the discretion of management. "I'm pleased to announce this share buy back program, as it is the opinion of myself and Powder River's advisors that our shares are considerably undervalued. This is a Company with positive cash flows that is continuing to grow and expand into the oil and gas market through our production development and working interest-marketing program. I strongly believe that this program will be in the best interests of all Powder River investors and shareholders," stated CEO Brian Fox.
