The acquisition of Turkish assets marks a transformative event for the Company. We now have meaningful production and cash flow. We anticipate being able to increase production at the SASB field during 2017 and plan to drill new wells in 2018. We continue to look to expand our portfolio of oil and gas properties with particular focus on
Park Place 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 and received regulatory approval from the environmental agency for its work programs but that approval was appealed by certain NGOs. 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.
Park Place is headquartered in Vancouver, BC. The Company is led by a team of experienced international oil and gas executives, with decades of experience and much recent involvement in both Turkey and Bulgaria.
- Park Place is incorporated in the State of Delaware, USA. It has its principal office in Vancouver, BC, an office in Ankara, Turkey and a satellite office in Sofia, Bulgaria.
- As of February 1, 2017, Park Place has 55.4 million shares issued and outstanding.
- Park Place is fully audited and is an SEC reporting entity.
- The Company’s shares are presently quoted on the US:OTCBB and the OTC:QB under the ticker symbol PKPL.
- The Company has a wholly-owned subsidiary in Bulgaria for local operations.
History of Projects:
- From 2006 to 2010, the Company held interests in several producing and non-producing properties in the provinces of British Columbia, Saskatchewan and Alberta as well as in an offshore oil exploration block in the North Sea.
- In 2009 and 2010, the Company disposed of substantially all of its North American properties to refocus its exploration efforts in Europe.
- In October 2010, the Company was awarded an exploration permit for the Vranino 1-11 Block located in northeast Bulgaria by the Bulgarian Counsel of Ministers.
- A competitor in the bidding competition contested the award and litigation ensued. In mid-2013 such the litigation was resolved in the Company’s favor.
- In April 2014, the Company signed the License Agreement for the Vranino 1-11 Block.
- In August 2014, the Bulgarian environmental agency approved the Company’s planned work programs for exploration of the Vranino 1-11 Block.
- In September 2014, a number of parties appealed the decision of the environmental agency to approve our planned work programs.
- Once the issues surrounding the regulatory approvals are resolved, the Company will commence on ground exploration activities on the Vranino 1-11.
- In late December 2015, Park Place entered into an agreement to purchase three companies which have oil and gas production in Turkey. The purchase was conditional on obtaining the approval of certain Turkish regulatory agencies.
- The regulatory approvals were finally received in November 2016 and Park Place closed on the acquisition of the Tiway companies in January 2017.