WITH THE COMPANY’S RECENT ACQUISITION OF ASSETS IN TURKEY, THIS WEBSITE WILL BE UNDERGOING AN EXTENSIVE UPDATE OVER THE NEXT FEW WEEKS.
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. The purchase agreement has been extended to December 15, 2016. The Company anticipates closing on the acquisition before year end 2016. The producing properties have averaged 417 BOE/D for the 9 months 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.