SOURCE: Sharpe Resources Corporations

SHGP, Coal, Coal Mining

August 26, 2009 09:00 ET

Sharpe Resources Corp. (SHGP) Concentrates on Clean Energy Natural Gas Projects and Coal Production for Domestic/International Markets

HEATHSVILLE, VA--(Marketwire - August 26, 2009) - SHARPE RESOURCES CORPORATION (OTCBB: SHGP) is to further its understanding of the natural gas potential of the coal seams on its Preston County, West Virginia coal property. Plans include initial testing the coal bed methane (CBM) potential of a portion of more than 17,000 acres. There is current CBM and conventional gas production on this structural trend in West Virginia and nearby Pennsylvania.

The Company expects to raise capital to fund the initial drill testing program and to acquire proximal gas production within this area as a means to advance near term production profile for this regional natural gas program. This includes achieving control of strategically positioned conventional gas production and associated pipelines and related facilities within the CBM productive areas. The objective is to develop a fully integrated operation of CBM wells and conventional gas wells, some of which will be re-completed within the coal formations on the property position.

The Preston County property offers potential for the development of a large coal bed methane program. In conjunction with this natural gas program the Company will seek to establish coal production from its Eastern Kentucky joint venture project and develop a marketing agreement with a strategic partner with coal operations within a prospective domestic and overseas market. This relationship should set the stage for the establishment of an export market for the Eastern Kentucky coal property.

For further information, contact Roland Larsen, President, #804-580-8107 and/or Rich Kaiser, Investor Relations, #800-631-8127; www.sharperesourcescorporation.com

Sharpe Resources Corporation cautions that statements made in press release and other forward-looking statements made on behalf of Company may be affected by such other factors including, but not limited to market volatility, competition, and other risks detailed herein and from time to time in its Securities and Exchange Commission filings.

Contact Information

  • Contact:
    Roland Larsen
    804-580-8107