WINSTON-SALEM, NC--(MARKET WIRE)--Jan 12, 2009 -- Plateau Mineral Development, Inc. (Other OTC:PMDP.PK - News), along with its partner, Plateau Mineral Development LLC, announced today that the company has acquired Evans Lease, a site boasting seven wells, four of which are high-pressured. Based on initial field reports and records, it was initially thought that only four wells would be commercial. Now Plateau has seven commercial wells with interconnecting pipeline already in place. This will save PMD approximately half of the 8500 ft of new pipeline initially thought to be needed. The firm has lined up a crew to work on extending the pipeline to 4,000 feet to tie the Evans wells into the main.
Robert Matthews, President of Plateau Mineral Development, LLC, states, "Everything is in place and preliminary tests have been completed. More intensive tests will be done later this month to evaluate oil production and a variety of other things. The acquisition of the Evans Lease is a significant step forward for PMD."
About Plateau Mineral Development, Inc.
Plateau Mineral Development, Inc. specializes in the exploration and development of gas and oil fields. Currently it is concentrating its efforts in Morgan County, Tennessee. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil. Its current priority is to complete its compressor station to sell its gas production more consistently at top market prices through its own tap (the Morgan #4) for direct sales at top market prices. The project was scheduled for initial production in November 2008.
Safe Harbor Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
Contact:
Dominic Martinez
866-508-2092
dominic@mandminvestorrelations.com
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