Company description::
Seattle, WA- April 27, 2004- Wysak Petroleum (WYSK) has acquired a second federal CoalBed Methane lease on the eastern boundary of the Powder River Basin region of Wyoming. The Company has secured this lease in order to expand its asset base in CoalBed Methane within the state of Wyoming.
The property is situated in the Weston County area of the Powder River Basin. The second lease is located approximately 45 miles north of the first lease. This region has an estimated 40 trillion cubic feet of CoalBed Methane. A number of large petroleum exploration and development companies conduct operations in this basin area, they include firms such as Williams, Western Gas, and Devon Energy.
“Wysak wishes to expand its asset base in natural gas. We believe in the present potential and economics of expansion in the Powder River Basin region.” commented Daniel Moar, President of Wysak.
CoalBed Methane (CBM) in Wyoming
Presently, over thirteen thousand wells are producing over 26,000,000 thousand cubic feet (Mcf) of coalbed methane in the state of Wyoming. Nearly all this activity is in the Powder River Basin area. Reserves in the Powder Basin are estimated at over 40 trillion cubic feet, the equivalent of a year's consumption for the entire U.S. Nearly 100 wells are being drilled each week, and the gas companies say the entire 8 million-acre basin could have 50,000 to 100,000 producing wells before they are finished. Much of this CBM is located less than five thousand feet deep. This play is the largest onshore development for natural gas in North America within the last ten years.
About Wysak Petroleum
Wysak is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air alternative energy producing technologies. Wysak trades in the U.S. under the symbol “WYSK”.
This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the companies believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in their businesses are set forth in the filings with the Securities Commissions.
Contact:
Wysak Petroleum Inc.
206-652-3310
info@wysak.com
www.wysak.com
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