Powder Mountain Energy Ltd. Announces the Filing of First Quarter Financial Statements, Managements Discussion & Analysis and Provides Operations Update
Calgary, Alberta (FSCwire) - Powder Mountain Energy Ltd. (“Powder Mountain” or the “Corporation”) (TSX-V: PDM) is pleased to announce that it has filed its Condensed Consolidated Interim Financial Statements and the related management's discussion and analysis for the three months ended December 31, 2014 on the System for Electronic Document Analysis and Retrieval ("SEDAR"). Copies of these documents can be found on the SEDAR website at www.sedar.com and the Company’s website at www.powdermtnenergy.com
Operations and Corporate Update
Powder Mountain is pleased provide the following operations and corporate update:
During the quarter the Company drilled and completed two horizontal Bakken wells in southeast Saskatchewan at 100% working interest to the Company. The first well was drilled at its Coteau Lake property and included a vertical strat well to test the Torquay formation before drilling horizontally into the Bakken formation. The second was a development well on its Hardy property. Both wells have been equipped and placed on production and are currently being tested for an extended period of time to enable the wells to clean up and for management to evaluate the commerciality of the wells.
Powder Mountain exited the quarter with approximately $24 million in working capital. The outlook for 2015 will be largely dictated by results from the recent drilling along with current oil pricing. The Company intends to evaluate all aspects of its business plan including drilling additional wells, property acquisitions and other opportunities that are accretive and will increase shareholder value.
Powder Mountain is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in the Western Canadian Sedimentary Basin.
Not for distribution to U.S. news wire services or dissemination in the United States.
For further information contact:
Bruce Murray
President & CEO
Tel: 403-930-4061
Email: bmurray@powdermtnenergy.com
Website: www.powdermtnenergy.com
John Newman
Chief Financial Officer
Tel: 403-930-4063
Email: jnewman@powdermtnenergy.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/powdermount02262015.pdf
Source: Powder Mountain Energy Ltd. (TSX Venture:PDM) http://www.powdermtnenergy.com
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