JCP - MAJOR TRANSACTION / GOLD BUTTE ENERGY ANNOUNCES MAJOR
TRANSACTION, EXECUTIVE APPOINTMENTS
"Changes and additions to the board and executive officers establishes
a strong team"
CALGARY, July 2 /CNW/ - Gold Butte Energy today announced that it has
raised $300,000 by an initial public offering of 1,500,000 Common Shares.
Gold Butte shares are expected to commence trading on The Alberta Stock
Exchange on July 3, 1997 under the symbol "GBI". McDermid St. Lawrence
Securities Ltd. acted as agent for Gold Butte's initial public offering.
Gold Butte also announced that it has signed a letter of intent with
Holdco Resources Ltd. to purchase all of the issued and outstanding shares of
Holdco Resources by the issue of 4,350,000 Common Shares of Gold Butte at a
deemed price of $0.25 per share. Holdco Resources is an oil and gas company
with 97 boepd of production. The value of Holdco's properties is estimated to
be $1,300,000. This transaction is intended to constitute the Company's major
transaction pursuant to Alberta Securities Commission Policy 4.11 and Alberta
Stock Exchange Circular No. 7. Subsequent to completion of the major
transaction, Gold Butte will have 7,500,000 shares issued and have production
of 97 boepd. The Transaction is subject to director, shareholder and
regulatory approval.
Gold Butte is pleased to announce the following changes to its board of
directors and officers:
- Victor M. Luhowy, P. Eng., has accepted the position of President,
Chief Executive Officer and director. Mr. Luhowy has 26 years of
experience in the Canadian oil and gas industry, most recently as a
Senior Vice President and Chief Operating Officer of a senior public
Canadian oil company. He is also a Director of a junior public Canadian
oil company and is currently a Director and President of Holdco.
- C. David Banks, joins the board as director. Mr. Banks has 36 years of
experience in the Canadian petroleum industry, including senior
executive positions in three intermediate oil and gas companies. He is
currently President of Resource Professionals Inc., providing technical
and professional staffing for resource industries.
- Ken MacRitchie becomes Vice President and Chief Financial Officer.
- Wayne Wilson has accepted the position of Vice President, Corporate
Development.
In addition, Stephen Balog has resigned as Vice President and Chief
Operating Officer, but continues as a director of the Company.
"The changes and additions to the Company's board of directors and
executive officers establishes a strong corporate team," said Owen C.
Pinnell, Chairman of Golf Butte Energy Inc. "The board is delighted to have
Victor and David as directors and we look forward to a long and profitable
relationship together." Pinnell went on to say, "The new team and the
acquisition of Holdco places Gold Butte in a strong position to capitalize on
exploitation and acquisition opportunities currently available in the
marketplace."
Gold Butte is an emerging junior oil and gas company and is headquartered
in Calgary, Alberta. The Company is engaged in the acquisition, exploitation
and development of oil and gas reserves in Western Canada.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. |
