PRD Energy Inc. (“PRD”)
With operations currently focused in Germany, PRD Energy Inc. (“PRD” or the “Company”) is a Canadian publicly-traded oil and natural gas company. Common shares of PRD are listed on the TSX Venture Exchange under the symbol “PRD”. Directors and officers hold approximately 22 percent of the common shares outstanding.
PRD was established to engage in the development, production and exploration of natural gas and crude oil. The Company’s corporate office is in Calgary, Alberta. PRD’s wholly-owned German subsidiaries, PRD Energy GmbH and PRD GmbH, are based in Berlin, Germany.
PRD Business Strategy
PRD’s long-term objective is to rank within Germany’s top tier of oil and natural gas producers. We plan to achieve this by using our technical expertise to adopt and implement innovative exploration and production technology while ensuring continuous protection of the environment where we operate.
PRD’s business activities are concentrated on the analysis of oil and natural gas fields in central Europe, specifically, the redevelopment of oil and natural gas reserves previously considered uneconomic. Improvements in horizontal drilling have the potential to efficiently recover a larger portion of existing reserves. PRD employs evaluation criteria developed in-house to identify new projects that feature low geologic risk with repetitive opportunities to achieve cost reductions and deliver attractive rates of return on the capital invested.
For more information on how Germany fits our strategy click here.
In Germany, PRD currently holds seven production licences and six exploration licences:
Six production licences in Hohenassel, Broistedt, Molme, Oberg, Volkensen and Prasdorf. These licences are granted for an initial period of three years.
Ten exploration licences for the regions Steinhorst, Wittmund, Sittensen, Uelzen, Ostrohe, Schwarzenbek Bramstedt, Sudbayern Nord, Elmshorn and Gettorf. These licences are granted for an initial period of five years.
Current licences cover a total area of approximately 2,413,300 acres.
Discussions continue to secure further production and/or exploration licences.
Industry Partners in Germany
PRD has a farm-in agreement with GDF Suez E&P Deutschland GmbH for exploration and production in the Boerger Werlte oil field.
PRD has an agreement with ExxonMobil Production Deutschland GmbH to acquire the legacy seismic and production data for all five production licences the Company currently holds.
For more information on our licences and industry partners click here.