PRD Energy Inc. has been awarded the Uelzen Exploration License covering approximately 200,000 acres in Germany. The license is located onshore in the state of Lower Saxony, Germany and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Uelzen license is situated adjacent to the Steinhorst Exploration License, which the Company currently holds. The Uelzen license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing at least two wells onto production within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities.

PRD Energy GmbH has also applied for several other exploration and production licenses in Germany on behalf of PRD,and anticipates responses to these applications in the coming months.

Tags: PRD Energy