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Old 12-29-2009, 01:09 AM
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Default Linc expands its holdings in the Powder River Basin

Linc Energy announced that its wholly owned subsidiaries Linc Energy and Linc Energy have signed agreements with Wyoming based GasTech and its related company Wold Oil Properties to acquire 81,268 acres of additional coal lease areas in Wyoming, Montana and North Dakota in the US.

These new coal lease areas will add to and complement the 92,059 acres of State of Wyoming Powder River Basin coal leases already held by the Company and announced in September 2009.

On completion of the GasTech and Wold Oil transactions, Linc Energy will hold a total of 173,327 acres of coal lease areas across both the Powder River Basin and the Williston Basin in the USA.

Mr Peter Bond CEO of Linc Energy said that the transaction was a key component to the completion of Linc Energy’s entry into the Powder River Basin.

He said that "Linc Energy now holds more State coal leases than any other company, with a coal acreage footprint of 173,327 acres. This puts Linc Energy into a very strong position to undertake commercial UCG operations in Wyoming and move quickly to the construction of a commercial Gas to Liquids facility in the USA.

The Linc Energy model will allow us to gain significant energy flows from the coals of the Power River Basin using UCG. That gas flow will feed a GTL plant, but it will also provide additional opportunities such as the sale of CO2 for use in stranded oil recovery in the Wyoming region and the ability to produce cost effective power.”

He believed that the company would have at least 20 good sites within this acreage to undertake UCG on coal properties.

Mr Bond said that "I strongly believe that the utilization of UCG in Wyoming will transform the State and Linc Energy over the next 24 months."

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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