SOURCE: Great East Energy, Inc.

December 30, 2013 08:00 ET

Great East Energy Names International Financial Executives Umanskiy and Lanier to Advisory Board for Its Ukraine Natural Gas Production and Development Companies

Extensive Experience in Government, Energy, Finance and Eastern Europe to Benefit GASE and Its Operating Companies Which Hold 420 Square Kilometers of European Clean Energy Assets

NEW YORK, NY and KIEV, UKRAINE--(Marketwired - Dec 30, 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 named leading international financial executives Thomas Lanier and Igor Umanskiy to its Advisory Board. GASE is publically traded in the U.S. and is a fully-reporting company with the SEC whose 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 Mr. Lanier, an emerging market financial expert, and Mr. Umanskiy, the former Acting Finance Minister of Ukraine, to assist GASE with strategy and finance expertise for the further growth and development of Great East Energy. 

Mr. Lanier lived in the former Soviet Union for over a decade, and also served on boards for AEGON Insurance (Central and Eastern Europe), Lev Pharmaceuticals (acquired by ViroPharma), and SIGA Technologies (Member of the Audit Committee). He is a graduate of the United States Military Academy and earned an MBA at the Fuqua School of Business at Duke University.

Mr. Umanskiy is based in Kiev and currently in private consulting practice following his government career which culminated in serving as the Acting Finance Minister of Ukraine. He also worked in Ukraine's Agency of Investments and Innovation, JSC Ukrtransnafta, the National Bank of Ukraine, the State Mortgage Institution, the Ministry of Economy and European Integration, and the Cabinet of Ministers. Mr. Umanskiy has a PhD in Economics from the Odessa National Academy of Telecommunications.

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.

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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