VANCOUVER, March 23, 2012 /CNW/ - Park Place Energy Corp ("The Company") 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.
An appeal was taken by an unsuccessful competitor in relation to the award of the Block to Park Place. The Court will review the Council of Ministers decision and is expected to present its findings in May of 2012. The Company believes the award of the Block will be affirmed.
Management believes the Block presents a substantial opportunity and is committed to defending its exploration license. Park Place's winning bid involved drilling five wells and the re-testing of a previously drilled well. Exploration will commence once the permit issue is resolved.
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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