Great East Energy CEO Says "Gas Prices Will Remain High" in Middle Europe While "Russia Refuses to Provide Discounts"
11 March 2014 - 11:15PM
Marketwired
Great East Energy CEO Says "Gas Prices Will Remain High" in Middle
Europe While "Russia Refuses to Provide Discounts"
Outlook Positive for GASE's Current 160 Square Miles of Clean
Energy Assets
NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Mar 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, has reviewed the supply and
demand situation in its Middle European natural gas markets. GASE
CEO Timur Khromaev commented, "Gas prices will remain high, while
Russia refuses to provide discounts," in areas such as Ukraine, the
Company's current market.
Great East Energy is working to further develop its estimated
gross total reserves of 47 billion cubic feet (BCF) of natural gas
in the GASE license area. 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 3,100 square miles, 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)
Historical Stock Chart
From May 2024 to Jun 2024
GASE Energy (PK) (USOTC:GASE)
Historical Stock Chart
From Jun 2023 to Jun 2024