SOURCE: Great East Energy, Inc.

December 17, 2013 08:00 ET

Great East Energy Engages Leading International Auditors for Its Ukraine Natural Gas Production and Development Companies

PCAOB Audit Team to Audit SEC Financials for GASE and Its Operating Companies With 420 Square Kilometers of European Clean Energy Assets

NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Dec 17, 2013) - Great East Energy, Inc. (OTCQB: GASE) (the "Company"), which controls 420 square kilometers of producing European clean energy holdings through two local operating companies in Ukraine, is pleased to announce that it has engaged a team of leading international accounting firms to audit its four entities under SEC and PCAOB standards. GASE is publically traded in the U.S. and is a fully-reporting company with the SEC. GASE's wholly-owned Cyprus-based subsidiary controls two Ukraine companies which have been producing gas since 2003, own two gas processing facilities, and 13.5 kilometers of gas pipelines to their customers.

GASE has engaged California-based Anton & Chia, LLP as its SEC auditor. After the Big 4, Anton & Chia is the largest PCAOB (Public Company Accounting Oversight Board) audit firm on the West Coast of the U.S., based on the number of SEC registrants it serves. Anton & Chia, LLP is also registered with the CPAB and the AICPA, and it focuses on providing audit, assurance, tax, and consulting services to companies that are planning to go public or, like GASE, are already publicly traded in the U.S. More information on Anton & Chia, LLP can be found at www.ancsecservices.com

Baker Tilley Ukraine, an independent member of Baker Tilley International, has also been engaged by GASE to provide field audit services to its local operating companies NPK-KONTAKT and LISPROMGAZ in southeastern Ukraine. Baker Tilly International is the world's 8th largest accountancy and business advisory network by combined fee income of its independent members. It is represented by 156 firms in 131 countries with combined fee income of US$3.3 billion and more than 26,000 people worldwide. Baker Tilley Ukraine is an independent Ukrainian company that has been successfully operating audit, business consultancy, independent valuation and accountancy services from its Kiev headquarters since 1999 and is one of the largest audit firms in the country. Baker Tilley Ukraine is also registered with the PCAOB in the U.S. More information can be found at: http://www.bakertilly.ua/en/

Rounding out the international audit team for GASE is Cyprus-based Baker Tilly Klitou & Partners Ltd., another independent member of Baker Tilly International. GASE's wholly-owned Cyprus subsidiary Synderal Services Ltd. will be field audited by Baker Tilley Klitou. Baker Tilly Klitou, headquartered in Nicosia, is a leading firm of auditors, accountants, tax consultants and business advisors, which offers services to more than 3,000 businesses operating both nationally and internationally. More information can be found at: http://www.bakertillyklitou.com/

GASE owns operating and distributing unconventional gas companies in the Dnieper-Donets Basin of Ukraine, with current production and infrastructure already in place. GASE's 420 square kilometer property has seven major dome structures, and according to its prior owners, has already produced nearly one billion cubic feet of gas (BCF). Twelve core wells and five vent-wells have been drilled on the producing domes to confirm the presence and production of gas.

GASE's assets are surrounded by Royal Dutch Shell's Yuzivske gas field comprising nearly 8,000 square kilometers, which was the featured asset in a USD$10 billion contract signed by Ukraine at Davos, Switzerland earlier in 2013. The preliminary resources estimation of the Yuzivske gas field is up to 300 trillion cubic feet. The GASE Block reserves were evaluated by Marathon Oil in 2007 and an independent NI 51-101 report is expected to be issued in 2014.

ABOUT GASE:
Great East Energy is a producing, development stage company targeting the growing independent natural gas production industry of Ukraine, as Europe's second-largest country by land mass makes energy self-sufficiency from Russia a priority. With Ukraine natural gas priced over three times U.S. levels, the energy industry holds compelling economics as well. Through its local operating subsidiaries NPK-KONTAKT and LISPROMGAZ, the completion of GASE's well development activities are planned to result in a multi-million dollar inward investment into Ukraine.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.

Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing resources; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Ukraine, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.

Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Ukraine, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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