PureSpectrum, Inc. Enters Joint Venture Discussions to Acquire Interest in Producing Wells in Midwest U.S., Texas
January 30 2012 - 9:45AM
Business Wire
PureSpectrum, Inc. (PSRU - OTC Pink) is pleased to announce that
it has entered official discussions to partner with a group of
private institutional investors to acquire a working and/or
overriding interest in producing wells throughout the United States
with a focus in Texas, Southeast U.S. and the Midwest.
The companies are confident that the JV will effect production
of 100-250 BOPD within its first year of operation and allow for
streamlined expansion into 2013. PSRU CEO, Cedric Atkinson
comments, “We’ll be taking part in the increased domestic
production boom to satisfy worldwide demand, beginning with
territories rich in petroleum products. Texas, Alaska, Oklahoma,
Wyoming and New Mexico account for nearly half of the total U.S.
crude oil reserves; New Mexico, California and federal offshore
areas provide most of the remainder.”
Increased oil, natural gas and renewable energy production
within the United States and energy efficiency will lower U.S.
reliance on coal and imported energy sources through 2035, finds
the latest forecast by the U.S. Energy Information Administration
(EIA) the statistical and analytical agency within the Department
of Energy.
“Domestic crude oil production is expected to grow by more than
20 percent over the coming decade. Domestic crude oil production
increased from 5.1 million barrels per day in 2007 to 5.5 million
barrels per day in 2010,” adds Atkinson, “and we’re prepared to be
a contender in the market, working through a series of platforms
with capable partners making way for precipitous growth and
increased opportunity. Operations will establish a baseline for
cash flow which will allow us to target bigger plays
effectively.”
Upon finalization of terms, Pure Spectrum, Inc. will release
further details on initial steps under the JV toward near-term
production and revenues alongside its active JV in Navarro County
which includes the Permian Basin, the largest oil-producing basin
in the U.S.
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