Proper Power & Energy, Inc. updated the investment community on recent events at the company, including management changes, possible partnerships and oil and gas exploration and development activities on its properties in the United States.
Proper Power & Energy, Inc. reported that production has started from four wells in Kentucky that the company recently recompleted. The company did not release data on the level of production. Proper Power & Energy, Inc. conducts its oil and gas activities through American Resources, Inc., a 100% owned subsidiary of the company.
Proper Power & Energy, Inc. announced that Joseph Abdo will step down as President of the company and is being replaced by Andrew J. Kacic, a veteran oil and gas executive with more than 30 years experience in the industry. Abdo will continue to serve as the CEO and Chairman of the Board of Directors of the company.
Proper Power & Energy, Inc. is searching for a joint venture partner to help explore and develop its prospective oil and gas property in Utah, where the company has an 11,000 acre position that is prospective for various oil and gas formations. Proper Power & Energy, Inc. has had preliminary discussions with representatives of Thrust Resources Inc. and EQ Resources Inc.
For more information on the company, go to www.properpower.com