OTCBB:PRPL FRANKFURT: 3P2 VANCOUVER, July 15
VANCOUVER, July 15 /PRNewswire-FirstCall/ - Park Place Energy Corp. ("Park
Place" or "the Company") is pleased to announce, with cash flow exceeding
expectations, operations at the Company's Eight Mile gas property will be
aggressively accelerated. Park Place's operating partner has called a partners
meeting to review production and 3D seismic data and decisions will be made as
to where to drill additional earning and step out wells.
Park Place has identified a new strategy in focusing on the core area
surrounding the producing Eight Mile property in North Eastern British
Columbia, in which the Company has extensive experience. Within the identified
core lies the Horn River Basin area which has been identified as the hottest
resource play in North America.
The Horn River Basin area has been identified as being larger than the
Barnett shales of Texas as reserves have been estimated as high as 50 trillion
cubic feet of natural gas by Wood Mackenzie in a recent report. The Horn River
Basin has seen land prices spike as big players such as Apache Corporation
(NYSE:APA), EOG Resources (NYSE:EOG) and Encana (NYSE:ECA) enter the area
aggressively taking large blocks of exploration land.
AJM Petroleum Consultants, providers of a full spectrum of services to the
oil and gas industry, have identified several promising blocks of land within
Park Place's mandated core area in the current and upcoming landsale bids in
both Alberta and British Columbia. In addition to the landsale bids, the
company is evaluating joint venture opportunities that involve shale gas.
These activities are in line with the Company's mandate to pursue the
acquisition, exploration and development of land or other property interests
in shale gas properties in the Horn River Basin and area.
The Company's focus for an acquisition in shale gas properties will be on
obtaining a high quality project with blue-sky potential in the heart of the
Horn River Basin area. Park Place will continue to perform due diligence on
all possible opportunities in order to ensure any acquisition will enhance the
Company's identified core exploration area and bring value to shareholders.
Please watch a company spokesperson in an interview from July 11, 2008
with MoneyTV at http://www.emergingcompany.com/volume12week27.htm.
About Park Place
Park Place Energy Corp. is a North American oil and gas company that is
participating in high impact opportunities. The Company currently has gas
production in North-East British Columbia and is committed to developing the
asset as well as acquiring additional blue-sky gas opportunities in the area,
with a focus on shale gas. Park Place's management is focused on optimizing
profitability and enhancing shareholder value.
Certain information regarding the Corporation contained herein may
constitute forward-looking statements. These statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although Park Place believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to have been
correct. These statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied. The Corporation is under no
obligation to update or alter any forward-looking statement. These risks
include operational and geological risks, the ability of the Corporation to
raise necessary funds for exploration and the fact that the Corporation does
not operate all its properties. Park Place's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
CONTACT: Investor Relations: (877) 685-0076, Email:
info@parkplaceenergy.com, Website: www.parkplaceenergy.com
SOURCE Park Place Energy Corp.
