High Plains Energy Inc.
TSX VENTURE : HYE

High Plains Energy Inc.

November 14, 2005 16:56 ET

High Plains Energy Appoints Vice President Operations, Provides Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - High Plains Energy Inc. (TSX VENTURE:HYE) announces the appointment of Ryan Stevenson to the position of Vice President, Operations, effective immediately. Mr. Stevenson has ten years of petroleum experience in western Canada and Montana; his background includes positions with Penn West Petroleum, JED Oil and, most recently, Tuscany Energy. Mr. Stevenson was instrumental in High Plains' recent acquisition of a 4,400 acre property near Cutbank, Montana, where the company has recently reactivated sweet, high-quality oil production from three wells that were previously shut in.

In making the announcement, Ben Anderson, President & COO of High Plains, said, "With this appointment, our goal of putting together a strong senior management team has been accomplished. Ryan not only rounds out the talents and skills of our team; with his integral involvement in the Cutbank acquisition, he has made an immediate contribution to our corporate objective of aggressive growth."

Powermax Acquisition Results in Production Increase

Since February 2005, the new board of directors and aggressive management team have been implementing High Plains' strategy for rapid growth through low-risk, low-cost drilling and value-adding acquisitions. In late September, the company completed the acquisition of Powermax Energy Inc., which immediately increased production from 100 boepd to approximately 500 boepd. Since that time, production has been further increased to approximately 650 boepd, as a result of High Plains' ongoing optimization program, primarily at its Galahad property located in south central Alberta. Production increases are expected to continue as a result of High Plains' ongoing optimization plan and imminent drilling program.

High Plains Energy is involved in exploration, development and production in southern Alberta and northern Montana. The company has a large undeveloped land position that includes more than 250,000 net undeveloped acres. At the present time, High Plains is focused on near-term drilling and optimization opportunities at six core properties.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of High Plains Energy will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or, to a U.S. person, absent registration or applicable exemption therefrom.

READER ADVISORY

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

The reader is further cautioned that the preparation of financial statements in accordance with generally accepted accounting principles requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Estimating reserves is also critical to several accounting estimates and requires judgments and decisions based upon available geological, geophysical, engineering and economic data. These estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes.

Contact Information

  • High Plains Energy Inc.
    Ben Anderson
    President and Chief Operating Officer
    (403) 290-0078
    (403) 294-0788 (FAX)
    Email: info@hye.ca