Park Place is in place to benefit from the increase of the price of oil and the relatively high price of natural gas that is obtained in Turkey and Eastern Europe. Park Place has the assets already for substantial internal growth and the management team to facilitate this growth which will result in Park Place be in a very positive position to continue its growth in Turkey and Eastern Europe.
Park Place has oil (Cendere) and gas (SASB) producing properties in Turkey with monthly (September 2018) revenue from those assets about $US 328,000. The Cendere Oil Field (135 bopd net Park Place) is a long term low decline oil reserve that provides cash stability to the company.
Park Place subsequent to the initial purchase of SASB (South Akcakoca Sub-Basin) gas field has increased its interest from 36.75% to 49%. SASB has existing facilities consisting of 4 platforms, pipeline to onshore gas plant, $450 Million + invested to date in wells and infrastructure. SASB will provide growth capital to Park Place as SASB has potential to substantially increase its production through undeveloped discovered gas pools, low risk exploration prospects and behind casing zones and through well optimization. Park Place anticipates re-drilling the undeveloped discovered gas pools and putting them on production in 2019.
Park Place also has 42,833 Hectare exploration block (Derecik) that has big oil potential. Derecik is located in part of the Kurdistan Zagros Basin that is with Turkey. The geology is similar to the area of North Kurdistan where very large oil fields are producing. The Derecik block has 7 leads and the 2 best leads have a Monte Carlo simulated unrisked recoverable reserve of 312 Million barrels oil.
Park Place also holds the rights to a natural gas play located in northeast Bulgaria that potentially has + 1 Tcf of gas in coal seams. The Company has been diligent in the many years it has proceeded with the courts. Park Place has started the Environmental Assessment Report which is the last step before the work program. The work program includes the drilling of 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 head office is in Vancouver, British Columbia, Canada, but the main working office is in Ankara, Turkey and a satellite office in Sofia, Bulgaria.
- Park Place is incorporated in the State of Delaware, USA. Its main office is in Ankara, Turkey, but does have a head office in Vancouver, Canada and a satellite office in Sofia, Bulgaria.
- As of October 1, 2018, Park Place has 71 634 965 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.