CALGARY, July 25, 2012 /CNW/ - 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.
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.
SOURCE: Park Place Energy Corp.
For further information:
David Johnson, President /Parvez Tyab, Director / Telephone: 1 403 539 8710
Email: email@example.com / Website: www.parkplaceenergy.com