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: High Plains Gas Inc producing gas immediatly
Diese ,,FastPleitebude,, scheint ihren fundamentalen Rebound zu finden.
GILLETTE, Wyo.--(BUSINESS WIRE)--May 29, 2014-- High Plains Gas, Inc. ("High Plains") (symbol HPGS) announced that the company has signed a contract to sell natural gas from their coalbed methane wells to United Energy Trading of Lakewood, Colorado. Terms of the agreement have not been released, but the company expects to begin producing gas immediately.
High Plains filed an 8-K on March 3, 2014 disclosing the acquisition of approximately 1400 coalbed methane wells from Luca Technologies, Inc. Per the agreement, High Plains Inc. acquired all member interest in Patriot Energy Resources LLC and Patriot Energy Gathering LLC. The acquisition has cleared Bankruptcy court and High Plains has now taken possession of the wells. Including the Patriot wells, High Plains Gas, Inc., now owns approximately 3,000 coalbed methane wells and expects to begin production in immediately. High Plains' CEO Ed Presley adds, "We will start producing wells on a small scale, but our intention is to produce all 3,000 wells within 18 months."
CASPER, Wyo. ? Federal officials announced nearly $3.4 million in fines for High Plains Gas Inc. on Monday, the latest in a series of financial penalties brought against the beleaguered coalbed methane producer by regulators.
Monday?s fine was issued by the U.S. Department of Interior?s Office of Natural Resource Revenue for failure to report production on 218 leases in Wyoming.
Ed Presley, High Plains CEO, said the fine was expected and comes as the company works to bring its some 3,000 idle coalbed methane wells back online.
?This is part of the cleanup work we have to do to put Humpty Dumpty back together again,? Presley said
Presley said he is optimistic the company will raise the money and bring the idle wells back online, relying on a piece of equipment known as the ?Gazmo? to reduce production costs.
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