Plateau Mineral Development, Inc., along with its partner, Plateau Mineral Development LLC, is pleased to announce the signing of a farm-out agreement with Eastern Energy Resources of Sunbright, Tennessee.
This agreement, dated October 16, 2008, gives Eastern Energy Resources the right to drill new wells on three of PMD’s leases. These specific drill sites are within easy reach of the existing trunk lines that gather and deliver gas to the PMD Compressor Station.
Robert Matthews, President of Plateau Mineral Development, states, “With an industry partner like Eastern Energy that has its own drilling and service rigs and financing in hand, we look forward to an active development program to enhance the production of natural gas into the PMD system.”
About Plateau Mineral Development, Inc.
Plateau Mineral Development, Inc. specializes in the exploration and development of gas and oil fields. Currently it is concentrating its efforts in Morgan County, Tennessee. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil. Its current priority is to complete its compressor station to sell its gas production more consistently at top market prices through its own tap (the Morgan #4) for direct sales at top market prices. The project is scheduled for initial production in December 2008.