Park Place Energy Inc. (the “Company” or “Park Place”) is a U.S. based oil and gas exploration company focused on building a portfolio of international exploration and development projects. Park Place’s current focus is the acquisition of producing oil and gas assets in Turkey. The Company entered into an agreement to purchase 3 oil and gas companies operating in Turkey in December 2015. Subject to obtaining certain regulatory approvals, the Company anticipates closing on the acquisition early in the 3rd Quarter 2016. The producing properties have averaged 434 BOE/D for the first half of 2016.
In addition, the Company holds rights to a natural gas play located in northeast Bulgaria that will produce gas from coal seams. The Company entered into a License Agreement for the Vranino 1-11 Block in April of 2014. It received regulatory approval from the environmental agency but certain NGOs appealed that approval. Until the approval issue is resolved, the Company cannot commence its planned work programs. These work programs include the drilling up to 5 wells to demonstrate the technical feasibility and commercial potential of producing coal bed methane from this potentially world-class project. (See Vranino Gas Project for further details).
The acquisition of the Turkish producing assets will be a transformative event for the Company and open up opportunities for further expansion.
» Update regarding acquisition of Turkish oil and gas production
» Park Place Energy Inc. to acquire oil and gas in Turkey
» Park Place Energy Corp.’s Stockholders Approve Reincorporation
» Park Place Energy Corp. Announces Corporate Restructuring