|By Marketwired .||
|February 18, 2014 08:15 AM EST||
NEW YORK, NY and KIEV, UKRAINE -- (Marketwired) -- 02/18/14 -- Great East Energy, Inc. (OTCQB: GASE) (the "Company"), which controls over 160 square miles of producing clean energy holdings through two local operating companies, has announced the completion of private financings totalling USD $1,490,000 since going public. As filed with the SEC and on Form D, GASE has sold one-year hold restricted common stock to private investors priced at USD$1.00 per share. "Great East Energy will use the investment proceeds to further develop its estimated gross total reserves of 47 billion cubic feet (BCF) of natural gas in the GASE license area," said CEO Timur Khromaev.
GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose wholly-owned subsidiary controls two companies which have been producing gas since 2003, own two gas processing facilities, and over eight miles of gas pipelines to their customers. "We are pleased that private shareholders have taken a long-term view towards GASE, its current production and future prospects," Mr. Khromaev stated. "We intend to continue our fundraising activity and finance our well development plans for GASE's properties," the CEO concluded.
GASE owns operating and distributing unconventional gas companies in the Dnieper-Donets Basin of Ukraine in Middle Europe, with current production and infrastructure already in place. GASE's 162-square mile property has seven major dome structures, and according to its prior owners, has already produced nearly one billion cubic feet of gas. Twelve core wells and five vent-wells have been drilled on the producing domes to confirm the presence and production of gas.
GASE's assets are surrounded by Royal Dutch Shell's Yuzivske gas field comprising nearly 8,000 square kilometers, which was the featured asset in a USD$10 billion contract signed by Ukraine at Davos, Switzerland in 2013. The preliminary resources estimate of the Yuzivske gas field is up to 300 trillion cubic feet. The GASE Block reserves were evaluated by Marathon Oil in 2007 and through an independent NI 51-101 report.
Great East Energy 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.