WINSTON-SALEM, N.C., Jan. 6, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP - News) has issued a statement concerning the natural gas that can be generated by the company's converter. Plateau's converter will generate solvent, carbon black and natural gas. Six to eight percent of the total product load discharged by the converter is natural gas.
The company's main goal is to use the natural gas to run a generator that will provide power to the pumps and compressors in the field, allowing for a stand-alone unit that needs no electrical power from the local grid to operate. This is a cost saving option when electric power may not be available in a remote site.
Alternatively, the gas could be commercially compressed into a pipeline and sold in the marketplace. Gas is currently selling for around $5.65 per MCF (NYMEX). However, at this time, Plateau has decided that it will continue to utilize the gas as a tool to lower operating costs by running the converter equipment in the field without the need for electrical power. This will allow the company to fully focus on marketing the converter's other two end products, solvent and carbon black, which are most lucrative.
"Running electrical power out to remote job sites can be a costly undertaking," states Robert Matthews of Plateau Mineral Development, Inc. "We have the unique ability to utilize a resource outputted by the process that allows us to save a considerable amount of infrastructure funds that would have otherwise been spent on operating expenses. This is yet another step towards increased revenue for the company."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Safe Harbor Statement: This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
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