July 25, 2012
Calgary, Alberta, Canada – Park Place Energy Corp. (“Park Place” or “the Company”) is pleased to announce that on July 17, 2012 the Fifth Division Supreme Administrative Court in Bulgaria “the SAC” has upheld the award of the Vranino 1-11 oil and gas exploration block license ‘the License” to Park Place.
The License was originally awarded to Park Place in October 2010 further to a competitive bidding tender process initiated by the Ministry of Energy, Economy and Tourism “MEET”. Subsequently, a competitive bidder appealed the award of the license to Park Place. The resulting SAC hearing occurred before a three judge panel on March 26, 2012. The competitive bidder may appeal within 14 days of being served with the decision to a five judge panel of the SAC. It is not known at this time whether an appeal will be pursued.
Management believes that the license area, which is centered in the Dobrich Basin, Bulgaria, has tremendous untapped resource potential, particularly in the coals and sands. The economics of a coal or sands based natural gas resource play in Bulgaria are believed to be positive, given the high prices, limited supply and strong regional market demand. “With this positive ruling by the Supreme Administrative Court, Park Place will have the opportunity to realize on the potential of the basin resources. We are very excited about moving this project forward.” stated Parvez Tyab, a Director of the Company.
About Park Place
Since 2006, Park Place has undertaken oil and gas exploration activities in North America in Alberta, Saskatchewan, British Columbia, Canada Tennessee, USA. Internationally Park Place’s claims have included the North Sea, (Norway) and recently Bulgaria.
For Further Information Contact:
David Johnson, President / Parvez Tyab, Director / Telephone: 1 403 539 8710
Disclaimer: Certain information regarding the Corporation 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. The Corporation is under no obligation to update or alter any forward looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.