CALGARY, ALBERTA--(Marketwired - Aug 20, 2013) - PRD Energy Inc. ("PRD" or the "Company") (TSX VENTURE:PRD) is pleased to announce that it has been awarded the Bramstedt Exploration License covering approximately 162,000 acres. The license is located in the state of Schleswig-Holstein, Germany, and is within the Northwest German Basin. The license has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.
The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Bramstedt license. The Bramstedt license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to drilling two exploration wells within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.
PRD Energy GmbH has also applied for several additional exploration and production licenses in Germany on behalf of PRD, and anticipates responses to these applications in the coming months.
About PRD Energy
PRD Energy Inc. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of, natural gas and crude oil, in Germany. PRD's common shares are listed on the TSX Venture Exchange with the symbol "PRD".
Forward-looking information
This news release contains forward-looking information relating anticipated government approval of applications for exploration licenses in Germany, proposed drilling programs pursuant to the terms of the Bramstedt license, the likelihood of reserves discoveries and petroleum production from the Bramstedt license and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates or owns interests; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability to operate in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.