DENVER and HOUSTON, April 3,
2014 /PRNewswire/ -- Escalera International Co. LLC, a
subsidiary of Escalera Resources Co. (formerly Double Eagle
Petroleum) (NASDAQ: ESCR), announced today it has signed a
Memorandum of Understanding ("MOU") to enter into an Energy Joint
Venture headquartered in Tirana, Albania.
The purpose of the proposed joint venture ("JV") between
Escalera International Co. LLC ("ESCRI") and AOR Albanian Oil
Rafinery ShA ("AOR") is to identify and acquire upstream oil and
gas drilling opportunities along with related facilities and
infrastructure in Albania. The JV
will be owned equally by both parties and is subject to approval by
both parties as well as the outcome of normal due diligence
procedures conducted by both parties.
Northern Albania, which is part
of the Balkans regions, is believed to have 2.7 trillion cubic feet
of natural gas reserves and 198 million barrels of oil according to
a survey conducted by Gustavson Associates in 2008.
Management Comments
Mr. Charles F. Chambers, Chairman
and CEO of Escalera Resources Co., said: "Escalera Resources,
formerly Double Eagle Petroleum, recently announced an expanded
business strategy along with the name change. Escalera
International Co. LLC is a significant part of the expanded
strategy to grow shareholder value. This JV with Albanian Oil
Rafinery ShA is the first effort to identify and acquire both
upstream E&P and mid-stream facility and infrastructure assets
outside of the U.S."
Mr. Eric Icsel, President of
Escalera International Co. LLC, added: "Albanian Oil Rafinery is a
well-established company with contacts throughout the Albanian
affiliates and the oil and gas industry in Albania, making them an ideal partner for this
JV. Most of Eastern Europe has a
single supply of natural gas which has proven tenuous at times in
recent years. Being on the leading edge of developing additional
supply for the area is certainly an exciting opportunity. Both
parties hope to complete due diligence early in the third quarter
of this year and move forward with the JV."
Nejat Bocnak, Vice President of Business Development of Albanian
Oil Rafinery ShA commented: "This alliance with Escalera is not
only very meaningful for our company, but is important to the
country of Albania, which furthers
our investment and supports the community."
About Escalera Resources Co.
Escalera Resources Co. will have offices in Houston, Texas, Denver, Colorado and Casper, Wyoming. The Company has historically
explored and developed natural gas and crude oil properties in the
Rocky Mountain region. The Company currently has development
activities and opportunities in Wyoming in both the Atlantic Rim and on the
Pinedale Anticline. Also, exploration potential exists in its
Niobrara acreage in Wyoming and Nebraska, which totals over 70,000 net acres,
and in its acreage in Nevada,
which totals over 6,000 net acres. The Company is actively pursuing
new focus areas, including international and midstream
opportunities.
Company Contact:
John Campbell, IR
(303) 794-8445
www.dble.com
SOURCE Escalera Resources Co.