PPWE, – Proper Power and Energy, Inc. (Video Included!) – CRWESelect’s Stock
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__ Proper Power and Energy, Inc. (PPWE.OB) is an independent exploration and production company. The Company`s operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect. Renowned geophysicist and consultant to Proper Power, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil.
The up and down, rise and fall in gasoline and diesel prices over the last few of years shows the changes in the cost of crude oil. Those changes are decided in the global crude oil market by the worldwide need for and supply of crude oil. Weak economic conditions in the U.S. and all over the world in 2008 and into 2009 led to a weaker demand which helped knock prices down. Now, with the worldwide economic recovery, demand is rising again and is helping to catapult prices higher.
In addition to economic advancement, crude and product prices relate to a plethora of other factors including weather events, geopolitical risks, inventories, exchange rates, and spare capacity.
Utah ranked 11th in the United States in crude oil proved reserves and 8th in natural gas proved reserves (not including Federal Offshore areas) in 2008.
Many farmers in Kentucky are trading in their tractors and overalls for oil derricks and wildcatting gear. With the price of oil reaching an all time high and the family farm becoming more and more obsolete, the attraction of getting rich by striking oil on the family`s back forty is becoming harder and harder to resist. And not without promise, with current geological readings estimating that nearly five billion barrels of oil reserves could be tucked away near Kentucky`s famed coal mines of old.
PPWE has restructured its executive management team and entered into a strategic alliance. Andrew J. Kacic will replace Joseph Abdo as President of Proper Power & Energy. Mr. Kacic brings more than 32 years of progressive experience as a chief executive in oil and gas, investment banking, insurance services and public securities. Mr. Kacic was the founder and president of American Resources of Delaware, Inc. and its subsidiary Southern Gas Company, successfully taking assets from $220,000 to more than $40 million in less than 4 years. Mr. Abdo will remain the Chief Executive Officer and Chairman of the Board.
Concurrently to the management restructuring, the Company has entered into a strategic alliance with Douglas Kiggins, founder of Mayo Energy Partners. Mr. Kiggins will assist Mr. Kacic in the development of the Company`s Utah asset, with the target goal of drilling the first exploratory well in Utah by third Quarter 2011. Mr. Kiggins has participated in the drilling and development of over 250 oil and gas wells in Texas, Oklahoma and Colorado, with the deepest well reaching a total depth over 21,000 feet.
“The Company is now postured to accelerate the development of both Utah and Kentucky in the first Quarter 2011,” Mr. Abdo stated.
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