Drake Gold Resources, Inc. Announces Progress Update on Pennsylvania Lease Toward Active Revenues in

Before you go, we thought you'd like these...
Before you go close icon

Drake Gold Resources, Inc. Announces Progress Update on Pennsylvania Lease Toward Active Revenues in 2013

CARSON CITY, Nev.--(BUSINESS WIRE)-- Drake Gold Resources Inc. (OTC:DKGR), a natural resources company with a focus in oil and gas, announces today a progress update on the company's Myers Lease in Pennsylvania.

"Our operator has purchased pump jack motors, oil tanks and water tanks to replace substandard hardware. These are currently being installed to both abide by DEP rules and to maximize potential in terms of production output and revenues," states Drake Gold Resources CEO, Peter Matousek.


He continues, "Upon installation, pipes will be connected from our wells to the tanks, where the water tank will contain the brine water necessary for treatment. Once re-assembled toward optimal output, we begin production immediately on a number of wells which require no further rework." The company's operator is confident that electricity will be installed next week and, weather permitting, wells will be producing oil in Q4 2012.

Matousek states, "This is truly groundbreaking for Drake Gold Resources, pun intended. This marks a specific catalyst in which the company will be generating product and revenues toward sustainable, long-term growth. In discussions between our operator and previous lease owner, the Myers lease is agreed to be the most promising once reworked."

He continues, "I am thrilled with the progress we've made since July and feel that this is a sign of the times to come for Drake and its shareholders. As my father would say, "Trpělivost růže přináší ", which means: Patience brings roses. It is a Czech proverb that I feel is befitting for all of us. I thank shareholders for the patience, support and opportunity I've been given to grow the company in a way that has been a long time coming."

The company is confident the new initiative will result in all-time record operating revenues for Drake Gold Resources in 2013.

Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.



Drake Gold Resources Inc.
Peter Matousek, 775-410-4458
CEO
IR@DRAKEGOLD.COM

KEYWORDS:   United States  North America  Nevada  Pennsylvania

INDUSTRY KEYWORDS:

The article Drake Gold Resources, Inc. Announces Progress Update on Pennsylvania Lease Toward Active Revenues in 2013 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners