SEATTLE, March 30, 2005 (PRIMEZONE) -- Wysak Petroleum (Pink Sheets:WYSK) announces the signing of a Letter of Intent with the European Commission Baltic Renewable Energy Centre (EC BREC) to assist Wysak Petroleum in the development of the Wysak Wind Power Project.
EC BREC and Wysak have signed a LOI in respect to the development of a full-sized Commercial Wind Power Project in Europe. This letter states that EC BREC can support Wysak in matters such as financial structuring and investment, regulatory issues, government policies, negotiations, wind technologies, and other aspects relating to Wind Power.
About the Wysak Wind Project
This development will be up to a maximum 90Mw in size and cost upwards of $120 million in development expenditures. Once completed, this Wind Park will supply upwards of 170,000 Mw of electricity annually for Poland and the European Community. This is enough green energy to supply upwards of 25,000 homes with electricity and offset nearly 170,000 tonnes of Greenhouse gases. Total gross electric sales over a 20-year period are estimated at over $450 million for a project this size.
About the EC Baltic Renewable Energy Centre
The mission of European Commission-founded EC BREC is to stimulate the development of renewable energy sources (RES) in Poland through the construction of RES projects, the development of innovative technologies, and the creation of relevant policies, strategies and plans. To fulfill the mission, EC BREC uses its own research capabilities and cooperates with partner institutions from the EU, other countries, and international organizations.
About Wysak Petroleum
Wysak is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air alternative energy producing technologies. Wysak controls one Wyoming Federal oil & gas lease in the Bighorn Basin region and another in the Green River Basin. Its two Wyoming State leases are located 45 miles apart within the massive CoalBed Methane play area of the Powder River Basin. Numerous large petroleum and exploration firms operate near to all of these properties; they include ExxonMobile (XOM), Williams Gas (WMB), and Western Gas (WGR) among others. Collectively, over 26,000 wells produced 54.7 million barrels of oil and 1.75 trillion cubic feet of natural gas in Wyoming.
Wysak trades in the U.S. under the symbol "WYSK".
This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the companies believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in their businesses are set forth in the filings with the Securities Commissions.