OTCBB: PKPLFRANKFURT: 3P2CALGARY, July 25, 2012 /PRNewswire/ - 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 [...]
Park Place is providing additional details and clarification on its exploration permit for the Dobrich basin area, to avoid any potential confusion or misinterpretation of its intentions in exploring for natural gas. The Park Place work program is designed to explore for natural gas located in the sandstones and coals of the region. Gas found in sandstones is referred to as conventional gas, while gas found in coals is [...]
Park Place Energy Corp. representatives to appear before the Bulgarian Supreme Administrative Court on March 26, 2012 to present arguments defending the award of Vranino 1-11 block 'the Block' to Park Place. The Bulgaria Counsel of Ministers originally awarded the Block to Park Place in October 2010.
Parvez Tyab, - Parvez Tyab has over 20 years' experience as a financier and corporate executive, having served as an officer and director of a number of public and private companies. Mr. Tyab has been involved in the acquisition and development of oil and gas properties and natural resource projects in Canada, the US as well as internationally with an emphasis on Africa. In 2006 he co-founded and served as Executive Vice President of a company developing oil and gas in Egypt. More recently Mr. Tyab was involved in the acquisition of, and initial $165 Million private placement financing for, an oil and gas project in the Republic of Chad. Mr. Tyab currently serves as director of a significant potash project in the Republic of Congo. In 2009, Mr. Tyab co-founded Griffiths Energy International Inc. and served as that company's corporate secretary and director until July 2011.
Dr. Art Halleran - Dr. Halleran is a geologist obtaining his Ph.D. from the University of Calgary, who has 31 years of international petroleum exploration experience. International experience includes countries such as Canada, Colombia, Egypt, India, Guinea, Sierra Leone, Sudan, Suriname, Chile, Brazil, Pakistan, Peru, Tunisia, Trinidad Tobago, Argentina, Ecuador and Guyana. Dr. Halleran's experience includes work with Petro-Canada, Chevron, Rally Energy and Canacol Energy. Dr. Halleran founded Canacol Energy Ltd., a company with petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana, where he served as vice president of exploration, which was credited with the largest oil discovery in Colombia over the last fifteen years. Previously Dr. Halleran was a consulting geologist for Rally Energy Corp. (Egypt) which discovered prolific reservoirs in Egypt. Dr. Halleran currently serves as chief executive officer of United Hunter Oil and Gas Corp., a company with oil interests in California, USA.
Dr. Halleran and Parvez Tyab's appointments to the Company's board of directors add experience and know-how in large scale international oil and gas projects and will be valuable in furthering the Company's gas exploration activities of the Vranino 1-11 claim in Bulgaria.
Private Placement
Effective September 30, 2011, the Company issued an aggregate of 9,975,000 shares of our common stock pursuant to private placement subscription agreements for aggregate proceeds of $748,125.00. We further issued 3,288,600 shares of our common stock pursuant to the conversion of a promissory note in the amount of USD$157,500. The Company has reserved $500,000 of the proceeds of the private placement to be used in the exploration of the Vranino 1-11 claim which includes paying for the first year work program commitment of USD $350,000.
Bulgarian Dobroudja basin gas exploration project update
Park Place was awarded the concession by the Bulgaria Counsel of Ministers in October 2010. Subsequently, a competitive bidder filed an appeal against the decision. The commencement of the work program is contingent upon the successful resolution of the appeal before the Bulgarian court. Park Place has retained local legal counsel to assist in achieving a resolution to the dispute issue.
Management believes there is a tremendous natural gas resource potential in the sandstone, coal beds and shale formations in the Vranino Block. Bulgaria has substantial undeveloped unconventional gas resources and is presently a net importer of natural gas at prices approximately 300% higherthanin North America.
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 most recently in Bulgaria.
Trading symbol: OTCBB:PKPL
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.
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