High Plains Gas Provides Update on Recent Renovation Work and December Revenue Increase of 22%
February 01 2011 - 5:12PM
Marketwired
High Plains Gas, Inc. (OTCBB: HPGS) ("HPG" or "the Company"), a
Gillette, Wyoming based energy company actively engaged in the
acquisition, development and production of natural gas primarily in
the Powder River Basin, today announced an update on their
renovation work from December 2010 - January 2011.
The company began renovations on December 1, 2010, when there
were approximately 493 wells producing. In December 2010, HPG
reactivated 33 idle wells and January 2011 has experienced a
similar reactivation pace. Revenue in December 2010 was
approximately $1.9 million, up 22% as compared to December 2009
revenue numbers.
"As you can see by the numbers, we are quite pleased in the
success of our recent renovation efforts. We brought online 33
wells in the month of December and roughly the same for January
2011. During times of record snow and frigid temperatures, our
efforts have continued to result in increased production capacity
for these wells. With the pace that we are currently maintaining,
we expect to significantly ramp up our overall capacity in the next
12 months. We look forward to continually updating you as we make
progress in reworking these wells," commented Greg Greenough, VP of
Operations for High Plains Gas.
ABOUT HIGH PLAINS GAS
High Plains Gas, Inc. is a Gillette, Wyoming based energy
company actively engaged in the acquisition, development and
production of natural gas primarily in the Powder River Basin.
Through its wholly-owned subsidiary CEP M Purchase LLC, the Company
owns the former Marathon "North & South Fairway" assets. These
assets consist of 1,614 Coal Bed Methane Wells with associated flow
lines and over 155,000 net acres. This combined with the company's
existing 92 natural gas wells gives the company a strong foundation
in the natural gas industry. High Plains Gas will pursue expansion
opportunities for the profitable production and transmission of
natural gas. High Plains Gas believes it has unique expertise and
experience in the refurbishment and reactivation of wells that
produce natural gas from coal bed methane formations that helps
position it strategically in the Powder River Basin.
SAFE HARBOR STATEMENT
Statements made about our future expectations are
forward-looking statements and subject to risks and uncertainties
as described in our most recent filings made with the US Securities
and Exchange Commission, and are subject to change at any time. Our
actual results could differ materially from these forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statement.
Contact High Plains Gas, Inc. P.O. Box 1564 Gillette, WY
82717 (307) 686-5030 Email: ir@highplainsgas.com
www.highplainsgas.com American Capital Ventures Howard Gostfrand
(305) 918-7000 info@amcapventures.com