October 1, 2014
Park Place Energy Corp. updates progress on license in Bulgaria
Dallas, Texas, USA – Park Place Energy Corp. ("Park Place" or the "Company") entered into the License Agreement for the Vranino Block 1-11 on April 1, 2014.
The Company must secure a series of approvals from the Government before the Company can commence on ground operations on the license area. In the initial step in the approval process, the Ministry of Environment and Water approved the Company’s overall 5 year work program and its first year work program in late August. The overall work program is designed to demonstrate the technical and commercial feasibility of exploiting the known coal resources as a potential natural gas development; the program includes acquisition of 2D and 3D seismic during the first three years of the license term and the drilling of 5 new wells (or the equivalent of 10,000 meters of new wellbore) in years four and five.
A number of parties filed appeals against the decision of the environmental agency to approve the Company’s work program. The Company believes the decision of the environmental agency will be upheld. During the pendency of these appeals, Park Place will continue with data collection and its geological and geophysical evaluation of the prospect. However, until there is final resolution of the appeals, the Company will not commence on ground operations on the Vranino license area.
Scott Larsen, President, said, "The objections to the decision of the environmental agency either are grounded upon misconceptions about the nature of Park Place’s work program or misconstrue the Bulgarian regulatory requirements. The Company does not plan to use any controversial drilling or completion techniques. We specifically do not plan to use hydrofracking, which is banned in Bulgaria, or coal gasification. Our activities will meet strict environmental standards. We will continue data gathering and preparations for future operations while the appeals of the decision of the environmental agency are pending".
Disclaimer: Certain information regarding the Company contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. These risks include operational and geological risks, the ability of the Company to raise necessary funds for exploration; the fact that the Company does not operate all its properties; changes in law or governmental regulations, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed in Item 1A of our Form 10-K. The Company is under no obligation to update or alter any forward-looking statements. Park Place’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.