PRD Energy Inc. has been awarded the Bramstedt Exploration License covering approximately 162,000 acres. The license is located in the state of Schleswig-Holstein, Germany, and is within the Northwest German Basin. The license has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Bramstedt license. The Bramstedt license is awarded for an initial period of five years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to drilling two exploration wells within the initial five year term. The award of this license is subject to the review and approval by various municipal and state government authorities in Germany.

Tags: PRD Energy