SHOUGUANG, China, May 11, 2020 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt, specialty chemical products, and natural gas in China today announced that Petro China discovered huge natural gas belt with an estimated reserve of over 1 trillion cubic meters in Tianbao Township, extremely close to Gulf’s natural gas well.
On May 7, 2020, Petro China announced that it has discovered a huge natural gas belt found in China. According to Petro China and reported in all of the major news services, such as Xinhua or China.org.cn, this natural gas belt in located in Tianbao Township of Daying County.
The article from Xinhua, available on the U.S. internet, is shown below.
Source: Xinhua| 2020-05-07 17:28:49|Editor: huaxia
CHENGDU, May 7 (Xinhua) -- An oilfield branch of PetroChina, China's largest oil and gas producer, announced their discovery of a huge natural gas belt with an estimated reserve of over 1 trillion cubic meters in southwest China's Sichuan Province.
The PetroChina Southwest Oil and Gasfield Company (SWOG) completed a successful test of prospecting for oil and gas in Tianbao Township of Daying County, which had a daily output of 1.22 million cubic meters of gas, according to the SWOG.
The belt, some 130 km away from the provincial capital of Chengdu, neighbors the gasfield in the Gaoshiti-Moxi area in the middle part of the Sichuan Basin, where the current natural gas production capacity reaches 15 billion cubic meters annually.
Based in Chengdu, SWOG supplies natural gas to more than 1,000 large and medium-sized industrial companies and more than 20 million households in southwest China
(http://www.xinhuanet.com/english/2020-05/07/c_139038228.htm)
Gulf Resources’ natural gas and bromine facilities are located extremely close to this discovery, approximately 5 miles away. Even The Company has no detailed exploration information of its own, but according to Petro china's exploration, the company has reason to believe that its wells are located in this natural gas belt.
Gulf believes this discovery could have a material positive impact on the company for a number of reasons. The company had legally registered its current well with local Daying County government and written approval from local Daying County government for the sites for two additional wells. Now that PetroChina has discovered this major belt of natural gas in Tianbao Township, the government will be more focused on finalizing the exploration planning for the township and the county.
The company is optimistic that it will be able to move ahead quickly with its natural gas and brine project.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.
Forward-Looking Statements
Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
CONTACT: Gulf Resources, Inc.
