SOURCE: Great East Energy, Inc.

February 04, 2014 08:15 ET

Great East Energy Files Audited Financial Statements for Subsidiaries Producing and Selling Natural Gas

Historical Production and Sales Figures Released From GASE's 160 Square Miles of Middle European Clean Energy Assets

NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Feb 4, 2014) - Great East Energy, Inc. (OTCQB: GASE) (the "Company") which controls over 160 square miles of producing clean energy holdings through two local operating companies filed three years of audited financial statements and nine months of 2013 reviewed results for its subsidiaries NPK-KONTAKT and LISPROMGAZ, acquired in November 2013. Great East Energy with its estimated gross total reserves of 47 billion cubic feet (BCF) of natural gas in the GASE license area is currently selling its production to local customers at rates up to three times the U.S. price. 

GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose wholly-owned subsidiary controls two companies which have been producing gas since 2003, own two gas processing facilities, and over eight miles of gas pipelines to their customers.

The subsidiaries bring over one million U.S. dollars of retained earnings and over $1.1 million in property, plant and equipment to the Great East balance sheet as of the nine-month period ended September 30, 2013. During that same period revenues from the sale of gas increased nearly 16% over the first nine months of 2012

GASE owns operating and distributing unconventional gas companies in the Dnieper-Donets Basin of Ukraine in Middle Europe, with current production and infrastructure already in place. GASE's 162-square mile property has seven major dome structures, and according to its prior owners, has already produced nearly one billion cubic feet of gas. 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 in 2013. The preliminary resources estimate of the Yuzivske gas field is up to 300 trillion cubic feet. The GASE Block reserves were evaluated by Marathon Oil in 2007 and through an independent NI 51-101 report.

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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