NEW YORK, NY--(Marketwired - Feb 6, 2014) - Great East Energy, Inc.'s (OTCQB: GASE) latest Reserve Report only proves what the company already knew. This report estimates that Great East Energy is sitting on a significant amount natural gas. The report estimates there are gross total reserves of 47 billion cubic feet of natural gas in the company's licensed area in the Ukraine. This newly released opinion by petroleum geologist Barry Whelan, falls right in line with a report done by Marathon Oil back in 2007, so the company's investment in 160 square miles of producing clean energy land is looking pretty competitive.
These holdings have Great East Energy in good company alongside industry giants Shell, Chevron, and Exxon Mobil who also own significant holdings in the country. Shell has almost 3000 square miles of licensed land immediately to the west of Great East Energy's property. Chevron owns significant assets in west Ukraine, and Exxon Mobil is also at work with property to the southwest of the company's projects.
Great East Energy is an independent oil and gas exploration and production company focused on bringing North American capital, industry knowledge and technology to Ukraine and other parts of central and Eastern Europe. The company's focus currently is on that producing land in Ukraine, and for good reason.
In that report, the 47 billion cubic feet of Reserves are comprised of 25 billion cubic feet of Proved Reserves, and 22 billion cubic feet of Probable Reserves. For investors, the significance of all of that natural gas is that it's sold at prices three times higher ($12-15) than here in the U.S.
Additionally, the exploration and production work being done in the region by each of these energy companies has the attention of the Ukrainian government as the country seeks energy independence from Russia. Oil and gas production is such a priority in Ukraine, that Royal Dutch Shell's expansive Yuzivske gas field which surrounds Great East Energy's property, was the featured asset in a $10 billion contract signed by Ukraine at Davos, Switzerland, in 2013.
According to an article in the Christian Science Monitor, Ukraine and its Eastern European neighbors may host some of the more promising shale basins in the region, and with the European Union now outlining recommendations for shale exploration, the region looks ripe for a breakthrough.
The preliminary resources estimate of the Yuzivske gas field is up to 300 trillion cubic feet, so given the prices companies are fetching for gas in the region it's clear to see why the industry's big boys are gobbling up assets. And, right in the thick of those energy giants is the smaller Great East Energy.
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