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Oil and Gas Energy News Update

Wednesday, August 24, 2011

PGI, Fossil to Begin Drilling Kentucky Assets in Sept.

- PGI, Fossil to Begin Drilling Kentucky Assets in Sept.

Wednesday, August 24, 2011
PGI Energy Inc.

PGI through its joint venture with Fossil Energy as operator enters into E&P in Kentucky. PGI and Fossil will begin drilling in the beginning of September and will post videos and photos of the drilling activity. We expect to complete the proven wells within 90 days and begin receiving revenues. PGI Energy owns 40% of the project leases which was purchased for an undisclosed amount. PGI will receive 75% of the Net 80% NRI from the monthly production until payout of PGI contribution, and then drop to 50 Net WI. Specific details of the field will be posted to our company website. "We are excited to have closed on this asset purchase and look forward to receiving revenues from this production," said Robert Gandy, Senior Underwriter for PGI Energy.

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