San Antonio, Texas (PRWEB) June 28, 2010 – MPG Petroleum, Inc. (http://www.mpgpetroleum.com), local oil and gas operator has generated a very exciting oil and gas prospect by applying the latest geological concepts and geophysical techniques to define deeper targets within an established oil and gas province. Margaret P. Graham, President and CEO (http://www.mpgpetroleum.com/about.html) states, “The best place to find oil and gas is where it has been found before. Ultimate hydrocarbon recovery from land based prospects create sensible oil and gas investment opportunities.”
Only major oil and gas companies such as Shell and BP pursue deep-water exploration due to the tremendous investment required, but it is the independent oil and gas producer and their investors that are responsible for most new field discoveries. It is imperative that the existing capital incentives (http://www.mpgpetroleum.com/about.html) which promote investment in oil and gas well drilling and the development of reserves remain intact. Qualified individual investors and institutional investors teaming up with oil and gas industry professionals keep the drill bit turning to the right!
Oil and gas production from the Gulf contributes 25% of the energy consumption in the United States. Due to the recent oil spill in the Gulf of Mexico, regulatory policies will likely be tightened to the point that major oil and gas companies will head to international waters where environmental restrictions are minimum. The result will be higher U.S. dependence on imported oil. The only beneficiary in this unfortunate situation will be OPEC and Middle Eastern producers. It is the highest calling of the independent oil and gas producer to be creative and ambitous in the development of large scale, drilling prospects which have the potential to fill the gap of reserves that will be left untapped in the deep waters of the Gulf of Mexico.
In collaboration with the University of Texas at Austin (UT)’s Bureau of Economic Geology and the “STARR" Project (State of Texas Advanced Oil and Gas Resource Recovery) MPG Petroleum, Inc. seeks to do its part by pursuing the drilling and development of the Pearl Prospect. With success of the test well, the Pearl Prospect may lead to an entire new trend in onshore oil and gas exploration. MPG Petroleum, Inc., and the Participants of the Pearl Prospect will be in position to take the lead in the development of the “String of Pearls”.
Contact:
Margaret P. Graham, President & CEO
MPG Petroleum, Inc.
Energy Plaza Building
8620 N. New Braunfels, Suite 411
San Antonio, Texas 78217
Main Office: 1.210.828.4666
Toll Free: 1.888.789.4674 Ext. 123
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained in this news release contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe”, “expect”, “may”, “should”, “up to”, “approximately”, “likely”, or “anticipates” or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in the news release before making any investment. MPG Petroleum, Inc. undertakes no obligation to update any forward-looking statements contained in this news release.
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