TORONTO--(BUSINESS WIRE)--PureSpectrum, Inc. (PSRU - OTC Pink) is pleased to announce that it has entered official discussions to partner with a group of private institutional investors to acquire a working and/or overriding interest in producing wells throughout the United States with a focus in Texas, Southeast U.S. and the Midwest.
The companies are confident that the JV will effect production of 100-250 BOPD within its first year of operation and allow for streamlined expansion into 2013. PSRU CEO, Cedric Atkinson comments, “We’ll be taking part in the increased domestic production boom to satisfy worldwide demand, beginning with territories rich in petroleum products. Texas, Alaska, Oklahoma, Wyoming and New Mexico account for nearly half of the total U.S. crude oil reserves; New Mexico, California and federal offshore areas provide most of the remainder.”
Increased oil, natural gas and renewable energy production within the United States and energy efficiency will lower U.S. reliance on coal and imported energy sources through 2035, finds the latest forecast by the U.S. Energy Information Administration (EIA) the statistical and analytical agency within the Department of Energy.
“Domestic crude oil production is expected to grow by more than 20 percent over the coming decade. Domestic crude oil production increased from 5.1 million barrels per day in 2007 to 5.5 million barrels per day in 2010,” adds Atkinson, “and we’re prepared to be a contender in the market, working through a series of platforms with capable partners making way for precipitous growth and increased opportunity. Operations will establish a baseline for cash flow which will allow us to target bigger plays effectively.”
Upon finalization of terms, Pure Spectrum, Inc. will release further details on initial steps under the JV toward near-term production and revenues alongside its active JV in Navarro County which includes the Permian Basin, the largest oil-producing basin in the U.S.