Great East Energy Inc. Comments on Natural Gas Talks Between Ukraine and Russia
11 June 2014 - 10:15PM
Marketwired
Great East Energy Inc. Comments on Natural Gas Talks Between
Ukraine and Russia
GASE Anticipates More Demand of Its Locally-Produced Natural
Gas
NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Jun 11, 2014) -
Great East Energy, Inc. (OTCQB: GASE) (the "Company"), which
controls over 160 square miles of producing, clean energy, natural
gas holdings through two local operating companies, today provided
the Company's outlook on talks between natural gas representatives
from the Ukraine and Russia. A new round of negotiations
between Ukraine and Russia over natural gas supplies began Monday
evening in Brussels, aided by the European Union.
As reported by the UPI, the talks regarding payment of debt by
the Ukrainian energy company Naftogaz to Russian energy company
Gazprom, come after Ukrainian President Petro Poroshenko was
inaugurated in Kiev Saturday. Ukraine risks losing deliveries
of Russian gas unless debts to Gazprom are paid by June 10. At
issue is a near-double increase in prices, to $485 per 1,000 cubic
meters of gas, effective April 1, demanded by Gazprom after
Ukrainian President Viktor Yanukovych was overthrown. Payments of
arrears made by Ukraine prompted Gazprom to eliminate a demand that
future gas shipments must be paid for in advance.
Russian Energy Minister Alexander Novak and Ukrainian Energy
Minister Yuri Prodan are participating in the talks, with European
Union Energy Commissioner Guenther Oetttinger as mediator.
"Many natural gas producers in the Ukraine are very positive on
the outcome of these talks," began Timur Khromaev, CEO of GASE.
"Settlement of issues between both state-run producers and the
normalization of pricing is expected to benefit our sales of our
locally produced natural gas, increase pricing and expand our
customer network in the Ukraine and internationally. During
the conflict, our operations proceeded as normal though we did take
precautions for our employees' travel to our offices. We
maintained 100% of our service to our customers and we continued
our expansion plans and upgrades to our current facility to
maximize production of CNG. The talks heightened our country's
strategic reliance on natural gas has focused attention on the
importance of locally-produced natural gas. Both are positive
trends in our business and will be a foundation or our growth for
years to come."
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
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