GILLETTE, Wyo., May 6, 2011 /PRNewswire/ -- High Plains Gas, Inc.
(OTCBB: HPGS or "HPG" or "the Company") today announced the
amendment of the Purchase and Sale Agreement between the Company
and J.M. Huber Energy Corporation. The transaction involves
certain coalbed methane assets in Wyoming and Montana and the anticipated closing date has
been extended to May 31, 2011.
Details of the transaction were first announced on
February 27, 2011.
This amendment grants High Plains Gas, Inc. additional time to
close the purchase of Huber's Powder
River Basin coalbed methane assets through the date of the
extension. Huber will receive 500,000 shares of High Plains
Gas stock in consideration for the extension. The value of these
shares will serve as a deposit, and at the closing, Huber may elect
to credit the purchase price with the agreed upon value of the
shares or return the shares to the Company.
Brent Cook, CEO of High Plains
Gas, Inc., said, "This extension allows more time to complete
details of the transaction. We look forward to concluding
this transaction with Huber in the second quarter of 2011."
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
Investor Relations
Lippert/Heilshorn & Associates
Mary Magnani
(415) 433-3777
hpg@lhai.com
SOURCE High Plains Gas, Inc.