WINSTON-SALEM, N.C., March 31, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) issued a statement today detailing the income projections on the recently acquired wells.
Each additional well is expected to produce a minimum of one barrel of oil per day without rework. There are approximately 26 production days per month, and each barrel is currently worth $60. Therefore, each well can produce an income stream of around $1,560 per month. The additional revenue total comes out to approximately $36,000 per month or $900,000 per year. When combining the new wells, in addition to the existing owned 29 wells, Plateau will have a total of 51 producing wells. With a minimal rework of some of these wells, the return can dramatically increase.
Robert Matthews of Plateau Mineral Development, Inc., states, "Each of the properties are located in areas where the basin is thriving and productive, so we do not foresee any problems in hitting our goal of one barrel per day. MEI's revenue stream is expected to generate around $1,000,000 per year. In short, the projections are positive and we are striving to reach our productivity goals."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Forward Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.