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PRD Areas of Interest in Germany

PRD Energy (TSXV:PRD), the Canadian based, Germany focused oil and gas exploration company, has encountered drilling difficulties at its Boerger 7Awell. Here's a link to the news release.

"After setting a whipstock at 660m, PRD encountered directional drilling challenges in soft sediments requiring changes to the well plan. The decision has now been made to mill the existing casing, set the whipstock point at approximately 1,200m and then drill to a depth of approximately 2,024m followed by a 400m horizontal leg. Operations to remove the existing whipstock will commence the week of September16 whereafter plans to complete the balance of the program will be finalized."

PRD's share price fell over 20% in early trading Monday, however the company has been the subject of much hype from the investment newsletter industry, receiving Bakken like potential comparisons for its German exploration licenses. PRD's market value had doubled this past summer to approximately $100 million before today's news, despite not yet having any exploration or development success.

Here's the 12 month PRD chart:

(Stockwatch)

(Stockwatch)

News release: PRD Energy Announces Operational Update

Do your own due diligence.