Enter your Email To Join Us For Free Today!

Pepper Rock Resources Corp. (OTCBB: PEPR) (the "Company"), an emerging energy company focusing on the potential for major exploration and production reclamation projects in the oil and gas sector, today reported that the company has made an initial investment of $300,000 as part of phase one of three phases in its joint venture agreement with Oxalis Energy Group, Inc., based in Katy, Texas.

"This payment represents the first part of our agreement with Oxalis to re-work 2 initial natural gas wells on a property in West Texas and bring the gas production online," said Pepper Rock Resources President Phil Kueber. "As part of our corporate strategy to acquire proven non-producing reserves and develop them, we believe this is a good step towards achieving our goals."

The second phase of the joint venture will have the Company drill a minimum of 10 natural gas wells with an option to drill another 10. Each well will cost approximately $500,000 to drill and complete. After payout, Pepper Rock and Oxalis will each retain a 50% working interest in the producing wells.

Recent geological reports estimate proven undeveloped reserves of 100 billion cubic feet of natural gas. Another recent reserve report suggests a potential valuation of $285 million to $423 million, using a base price of $3.50 per thousand cubic feet of natural gas.

Mr. Kueber further stated, "As an added incentive, this agreement offers a provision that includes the opportunity to acquire future rights to develop additional oil and gas prospects and projects with Oxalis Energy Group."

Pepper Rock is currently completing geological and geophysical evaluation on these prospects to determine their cost and viability.

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the Company to be different from those expressed or implied. Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements.