PGI Energy

August 24, 2011 11:33 ET

PGI Energy Acquires Proven Oil & Gas Field Assets From Fossil Energy in Kentucky

HOUSTON, TX--(Marketwire - Aug 24, 2011) - PGI Energy, Inc. (PINKSHEETS: PGIE)

PGI ENERGY, INC. through its joint venture with Fossil Energy as operator enters into E & P in Kentucky. PGI and Fossil will begin drilling in the beginning of September and will post videos and photos of the drilling activity. We expect to complete the proven wells within 90 days and begin receiving revenues. PGI Energy owns 40% of the project leases which was purchased for an undisclosed amount. PGI will receive 75% of the Net 80% NRI from the monthly production until payout of PGI contribution, and then drop to 50 Net WI. Specific details of the field will be posted to our company website. "We are excited to have closed on this asset purchase and look forward to receiving revenues from this production," said Robert Gandy, Senior Underwriter for PGI Energy.

About us
PGI Energy, Inc. is an energy holding company, headquartered in Houston, Texas. The company's purpose is to acquire assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.

PGI has formed several partnerships to grow its core business organically through strategic alliances diversifying its interest in green energy through biomass production, waste to energy, wood pellets production, syn gas, bio char production and plastics to synthetic crude. PGI has several core divisions which provide support to its operations and customers such as PGI Transportation & Logistics, PGI Manufacturing & Engineering, PGI Green E & P and PGI Commodities Trading.

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    Media & Investor Relations Contact:
    PGI Energy, Inc.
    Jose I. Colon