PRD Energy Inc. has been awarded the Ostrohe Exploration License covering approximately 156,000 acres as well as the Prasdorf Production License, covering approximately 2,000 acres. Both licenses are located in the state of Schleswig-Holstein, and are within the Northwest German Basin. The licenses have been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Ostrohe license. The Ostrohe 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 one well 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 in Germany.

Tags: PRD Energy