October 15, 2009 (FinancialWire) — Proper Power & Energy, Inc. (OTCBB: PPWE) (Current Market Cap: $18.23 Mil.) said it has begun negotiations with Energy Management Corp. concerning the potential acquisition of producing shallow petroleum wells located near the Abilene basin in Central Texas.

The company said it would acquire a 51% controlling interest in the projects under the deal, covering two separate fields.

Proper said that the fields contain a total of 14 to 20 potential producing and feeder wells. The fields have been in producing mode for the better part of 20 years, yielding low to moderate yields. The local operator and ECM believe that daily production can be increased by drilling one additional well.

The company added that the fields are in minimal production mode at the present time and require moderate fit-up and piping to return to maximum production, according to ECM personnel.

Tampa, Florida-based Proper Power & Energy was formed in 2006 as an exploration and production company for oil and gas.

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