PRB Energy, Inc. today announced that it has received drilling permits from the State of Colorado for the first 11 wells of its Denver-Julesburg (D-J) Basin drilling program. The Company has also entered into a drilling contract and plans to begin drilling Niobrara wells during the week of June 24th. At this time, the Company is preparing applications for additional drilling permits. The remaining 3 of the original 14 permits filed in April should be approved by the state of Colorado within the next 10 days.
Robert W. Wright, PRB's Chairman and CEO, noted, "This development has been much anticipated and we are looking forward to the acceleration of our drilling program in the D-J Basin. Our previously announced plan continues to call for the drilling of 70 wells during 2007."
About PRB Energy, Inc.
Having commenced operations in January 2004, PRB Energy has evolved into an exploitation and gathering company with development activities in the Rocky Mountain States. The Company is vertically integrated, combining upstream exploitation and production as well as midstream gathering and processing. This model is intended to increase PRB Energy's access to and acquisition of high-potential development properties at attractive prices, delivers cost savings and provides additional revenue through the gathering of third-party gas.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Registration Statement on Form S-3/A recently filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Company Contact: or Investor Relations Counsel:
PRB Energy, Inc. DRG&E
Robert W. Wright, Chairman and CEO Jack Lascar/Lisa Elliott
(303) 308-1330 (713) 529-6600
investors@prbenergy.com jlascar@drg-e.com/lelliott@drg-e.com
Source: PRB Energy, Inc.
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