This acquisition fits the template of our business plan perfectly
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Beverly Hills, CA (Vocus) October 14, 2008
Pavilion Energy Resources, Inc. (symbol: PVRE.PK) announced today the acquisition of various producing oil & gas properties in Tennessee and Kentucky. The initial roster of acquired properties consist of 25% working interest in 13 gas wells in Fentress County, Tenn. and 25% working interests in three producing oil wells in Green County, KY. Additionally, there are developmental locations to drill up to 15 new wells. Two separate engineering reports give the discounted Recoverable Reserves for the natural gas properties, a value in excess of $12.5 million dollars, along with current revenue from sales. The oil properties have reports that indicate a value of approximately $2 million dollars of recoverable reserves, along with current revenue. PVRE has agreed to exchange two million shares of the Company's common stock for the transaction valued at $14.5 million dollars.
"This acquisition fits the template of our business plan perfectly," said Mr. Stephen M. Thompson, President of Pavilion. "There is current revenue from production sales and equally important, we have acquired 'in the ground' reserves in the form of additional infield drilling locations."
Thompson went on to say, "PVRE is aggressively targeting producing properties in the Appalachian Basin. Our management personnel have been active in this area for over 30 years and see major opportunities for both the long and the short term. Cash flow in the form of production revenue, recoverable reserves, and locations for developmental drilling is our agenda."
About Pavilion Energy Resources, Inc.
Pavilion Energy Resources, Inc. is an energy company focusing on the purchase, acquisition, and development of operating oil and natural gas properties. The Company is structured to profit by providing an exit strategy for small and mid-sized oil and gas drilling companies that are looking to sell off producing assets. Pavilion is building its asset base by purchasing in the ground, proven reserves accompanied by current cash flow. Pavilion Energy is a Delaware corporation with offices in Beverly Hills, CA, and Las Vegas, NV. For more information, please visit http://www.pavilionenergyresources.com.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
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