A-TEC Compressor Units Procured in November Providing Production Increases
NEW YORK, NY and KIEV, UKRAINE / ACCESSWIRE / December 17, 2014 / GASE Energy, Inc. (OTCQB: GASE) ("GASE" or the "Company") which controls over 160 square miles of producing, clean energy holdings through two local operating companies in Ukraine, today announced its recently installed and tested compressor units have increased the Company's natural gas production approximately 40%. All of GASE's production is purchased by its local, industrial customer.
As announced by the Company in September of this year, GASE procured a set of A-TEC compressor units through Anlagentechnik GmbH, Germany. The compressors were added to GASE's flare system to recapture excess methane gas previously burned off by flaring excess gas. The installation of the compressors allowed GASE to increase gas output to 110 MCF per day in December 2014.
"As the world knows, the situation remains tense In Ukraine, and natural gas is a consistent topic of conversation for our economy," stated Timur Khromaev, CEO of GASE. "We are one of many companies preparing for increased natural gas production, particularly locally-produced natural gas. Though the environment has been challenging, and we are witnessing a small decline of gas production in our older wells, this decrease will be offset by our newly installed equipment. We will meet our goals for the year and look forward to the year ahead. 2015 calls for us to increase production from existing and new wells, develop pipeline and processing infrastructure and research other, commercial-viable domes throughout our property."
GASE has two gas processing facilities, one each on the NT and ST domes, each with capacity of 350 MMCF per month. GASE estimates its current monthly production had increased to approximately 3.25 MMCF per month. The Company also owns a 13.5 km gas pipeline to its customers to directly serve their demand.
About GASE Energy, Inc.:
GASE Energy, Inc. is a producing, development stage company targeting the growing independent natural gas production industry of Ukraine, as Europe's second-largest country by land mass makes energy self-sufficiency from Russia a priority. With Ukraine natural gas priced over three times U.S. levels, the energy industry holds compelling economics as well. Through its local operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion of GASE's well development activities are planned to result in a multi-million dollar inward investment into Ukraine.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing resources; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Ukraine, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Ukraine, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
CONTACT:
www.greateastenergy.com
John Mattio
+1 646 248-5515
[email protected]
SOURCE: GASE Energy, Inc.