PPWE - Proper Power

[mickymoose99]

Proper Power & Energy Announces Meeting to Discuss Drilling Timeline
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Companies:Proper Power and Energy, Inc..Related Quotes
Symbol Price Change
PPWE.OB 0.12 +0.00


{"s" : "ppwe.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00", "o" : "","j" : ""} Press Release Source: Proper Power & Energy, Inc. On Monday July 19, 2010, 4:00 pm EDT
TAMPA, Fla., July 19 /PRNewswire-FirstCall/ -- Proper Power & Energy, Inc. (OTC Bulletin Board:PPWE.ob - News) announced today that a meeting will be held at the offices of Proper Power & Energy to discuss the Company's progress as it relates to a recent initiative set forth for financing its projects in Utah. This will be the second round of meetings in the past two months to address raising capital. Two private funding sources have agreed to return with the expectations of all parties agreeing on a financing structure that would help Proper Power begin drilling in 2010.

"This meeting should give the Company a clear direction as to a definitive timeline for when we can commence drilling," stated Joseph Abdo, Proper Power CEO. "We will keep shareholders informed as to the Company's progress throughout the summer."

About Proper Power & Energy:

Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas. The organization is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.

[youngboy815]

Could be a big week. Keep PPWE on your radar.

[RAZOR11]

PPWE came with news yesterday after the bell. Seeing alot of chatter about it this morning. Looks like were going to see this one reall move today. Keep watch on it

Proper Power Reveals Results of Independent Study
TAMPA, Fla., Aug 17, 2010 /PRNewswire via COMTEX/ -- Proper Power and Energy, Inc., (OTC Bulletin Board: PPWE) today released elected results from an independent study of seismic data on its oil and gas leases. The Company commissioned Howard Dunn, P.E. Chem, B Sc. G.E., M Sc. MT E of Meridian, Idaho to review raw seismic data that Proper Power purchased from an independent source.
The interpretations made by Dunn concerned a body of older seismic velocity stack trace image. The opinion is a review of the interpreted subsurface geological structures. The expected purpose of Proper Power's scope of work is to determine a best effort location to complete an exploratory well in the Paleozoic - Mesozoic subsurface sedimentary rock stratigraphic sequences in the area. Dunn has completed a comprehensive literary search of relevant geological information that has been reviewed and utilized to opine on the completed seismic interpretation.
Dunn states in his report, "Utah has a significant history of oil and gas production. Moving into Central Utah the dominant feature is the over-thrust belt region which extends from the Northeast (Anschutz field) arcing southeast down into the Southern Central region of Utah to include areas such as the recently discovered Covenant field near Ritchfield."
Current estimates of recent production in the Central Utah play include 10 - 12 thousand barrel/day production by Wolverine Oil.
Current Related Activity:
"Recent exploration activity (since the Covenant field discovery, 2003) has been significant along the north-northeasterly trending over-thrust region laying parallel to Highway 15 with off-set exploratory drilling being completed on the trend-axis both to the west and east along the longitudinal direction of the trend. The producing unit is the well known Navaho eolian-sandstone section of Jurassic age. The source material is believed to be the thick underlying late Paleozoic sequences of the Mississippian shales. Secondary targets also include the interbedded twin creek sandstone units up section from the Jurassic Navaho. The exploration activities would be considered, in the author's opinion, to be on-trend plays," concluded Mr. Dunn.
"These 'on-trend plays,' stated by Mr. Dunn, are obviously an exciting development in our continuing efforts to educate the public on the incredible reserve potentials right here in the U.S.," stated Proper Power President, Joseph Abdo.
Mr. Dunn is a well respected petroleum engineer with past experience with oil and gas exploration in the states of Kentucky, North Dakota, Utah and Texas, as well as countries in South America. He is a graduate of the Colorado School of Mines and is a leader in the development of downstream gas-to-liquids process (GTL) facilities, and is a member of the Society for Petroleum Engineers.
Mr. Dunn is not now, nor ever has been as Officer or Director of Proper Power and Energy, Inc. or any subsidiary thereof. He has never been an insider or shareholder of the Company. The Company plans to release the balance of Mr. Dunn's independent report at a future date.