Oklahoma City-based Precision Petroleum Corp. (OTCBB: PPTO) has recently instituted a capital reorganization of its structure. The company has decreased its total liabilities from $1.3 million as of Sept. 30, 2010 to $531,000.
Based on the company's Jan. 6 economic evaluation, the study shows total proven reserves of future net income being $2,394,376, thus removing any major obstacles to financing potentials. This debt share re-structure was approved by the board.
Richard Porterfield, Precision's president, says, "We are very encouraged that the company is currently in a very solid position to attract new capital and proceed with very attractive oil and gas acquisitions which are currently being reviewed. Precision is currently reworking their existing producing wells to increase its production and in turn increase revenue. The company is also evaluating any possible future acquisitions as previously mentioned."
Recommended Reading
Emeren, Glennmont to Develop 155 MW of Battery Storage Projects
2024-03-15 - The collaboration between Emeren Group and Glennmont Partners marks a strategic move to enhance renewable energy storage capacity in the region.
TotalEnergies Cements Oman Partnership with Marsa LNG Project
2024-04-22 - Marsa LNG is expected to start production by first quarter 2028 with TotalEnergies holding 80% interest in the project and Oman National Oil Co. holding 20%.
Marketed: Anschutz Exploration Six Asset Package in Wyoming
2024-02-26 - Anschutz Exploration Corp. has retained EnergyNet for the sale of six AFE asset packages in Campbell County, Wyoming.
Enterprise Buys Assets from Occidental’s Western Midstream
2024-02-22 - Enterprise bought Western’s 20% interest in Whitethorn and Western’s 25% interest in two NGL fractionators located in Mont Belvieu, Texas.
Diamondback Prices Senior Notes to Help Cover Endeavor Deal Cost
2024-04-10 - Diamondback Energy’s notes will help cover cash consideration for the pending acquisition of Endeavor Energy as well as repaying debt owed by Endeavor.