| To: Kerm Yerman who wrote (3848) | 7/2/1997 4:31:00 PM | | From: Kerm Yerman | | | |
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. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 4:35:00 PM | | From: Kerm Yerman | | | |
FINANCING / SEVEN SEAS PETROLEUM INC. PRIVATE PLACEMENT
TORONTO, July 2 /CNW/ - Robert A. Hefner III, Chairman and CEO of Seven
Seas Petroleum Inc., announced that the Company has agreed to privately place
up to US$25,000,000 principal amount of Special Notes, subject to the approval
of The Toronto Stock Exchange. Yorkton Securities Inc. has been retained to
place up to US$10,000,000 principal amount of the Special Notes with an option
to increase up to US$13,000,000 on a best efforts agency basis. A private
investor has also agreed to invest US$12,000,000 on the same terms under a
separate agreement. The Special Notes will be exchangeable by the holders into
Convertible Debentures at any time, and will be automatically converted upon
receipt of a prospectus qualifying the issuance of the Convertible Debentures.
The Convertible Debentures will be issued in denominations of US$100, will
mature five years plus one day from the date of issue of the Debentures and
will bear interest at a rate of 6% per annum. The Debentures are convertible
into units of the Company, at a rate of US$11.50 per Unit. Each Unit will
consist of one common share and one-half of one share purchase warrant, with
each whole warrant exercisable for a period of one year from the Closing Date
at US$15.00 per share.
The Company has agreed to use its best efforts to obtain final receipts
for a prospectus, and an effective date for a Registration Statement filed
with the SEC qualifying the issue of the Convertible Debentures.
The Company intends to use the proceeds of the offering to fund drilling
costs on the Company's properties and for general corporate purposes.
Seven Seas Petroleum Inc. is an international oil and gas exploration and
production company. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 4:42:00 PM | | From: Kerm Yerman | | | |
NEW LISTING / NEW LISTING ON THE ALBERTA STOCK EXCHANGE - TRANSGLOBE
ENERGY CORPORATION
CALGARY, July 2 /CNW/ - The Alberta Stock Exchange wishes to announce
that the common shares and the Dot S common shares of TransGlobe Energy
Corporation will be posted for trading on Monday, July 7, 1997.
The stock symbol for the common shares and the Dot S common shares is TGL
and TGL.S respectively. The Dot S common shares certificates bear the
following legend, ``The securities represented hereby have not been registered
under the United States Securities Act of 1933, and until March 26, 1998 may
only be transferred in accordance with the provisions of Regulation S
promulgated thereunder.''
TransGlobe Energy Corporation recently obtained final receipts from the
British Columbia, Alberta, Ontario and Quebec Securities Commissions for its
final prospectus qualifying the issuance of 4,400,000 Dot S common shares
issuable on the exercise of outstanding Special Warrants issued for US$5.72
million on March 26, 1997. Peters & Co. Limited and Jennings Capital Inc.
acted as agents on the prospectus and Special Warrant offering.
TransGlobe Energy Corporation's business is the acquisition of petroleum
and natural gas rights and the exploration for, and development and production
of, oil and natural gas in North America and internationally. The majority of
the proceeds from the Special Warrant offering will be used to explore and
develop a project in Yemen pursuant to a farm-out agreement.
The Company's contact for additional information is Mr. Ross Clarkson,
1450, 505 - 3rd Street SW, Calgary, Alberta T2P 3E6. Telephone: (403)
264-9888. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:18:00 PM | | From: Kerm Yerman | | | |
PROPERTY ACQUISITION / TRIUMPH CLOSES $21.5 MILLION PROPERTY ACQUISITION
CALGARY, July 2 /CNW/ - Triumph Energy Corporation is pleased to announce
that it has closed its previously disclosed acquisition of a 39.34% working
interest in the Manyberries Sunburst/Swift ``Q'' Unit No. 1 for $21.5 million.
This transaction brings the Company's Interest in this light oil property to
86.34%.
Triumph will embark on an active exploitation program in the Manyberries
``Q'' Unit commencing within 60 days, with initial plans to drill eight to ten
wells, including two horizontal wells. After giving effect to this
transaction, Triumph's current production has reached 3,100 equivalent barrels
of oil per day, of which 75% is light oil and 25% is natural gas.
The Company's ongoing exploration program in West Central Alberta will
include two to four wells drilled before year-end in addition to continued
development drilling at O'Chiese and Cow Lake. Seven gas wells drilled this
winter at Chinchaga River will be tied-in in December prior to the
commencement of next winters drilling program.
By year-end, the Company expects to have completed the drilling of a
total of 47 wells in its three core areas.
With an active exploitation program planned in Manyberries and with
continued emphasis on exploration in West Central Alberta, the Company remains
optimistic about its future growth opportunities. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:23:00 PM | | From: Kerm Yerman | | | |
DIVIDENDS / GULF CONFIRMS JUNE 1997 DIVIDEND RATE FOR SERIES 1
PREFERENCE SHARES
CALGARY, July 2 /CNW/ - Gulf Canada Resources Limited today announced
that the dividend rate for the month of June 1997 for Gulf Canada Resources
Limited's Fixed/Adjustable Rate Senior Preference Shares, Series 1, has been
calculated at $0.016 per share. The dividend is payable July 14, 1997 to
shareholders of record at the close of business on June 30, 1997. A special
dividend of $0.01 per share is also payable on July 14, 1997 to shareholders
of record at the close of business on June 30, 1997 as part of Gulf's
previously-announced plan to pay dividend arrears. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:30:00 PM | | From: Kerm Yerman | | | |
FIELD ACTIVITIES / ENTERPRISE DEVELOPMENT CORP SPUDS SALAH 1
ASE SYMBOL: ED
JULY 2, 1997
Enterprise Development Spuds Salah 1
CALGARY, ALBERTA--Enterprise Development Corporation (ASE-ED)
announced today that, together with industry partners, it has
spudded the 7,000 foot Salah 1 exploratory well on its
800,000-acre Jeffara Prospect, onshore Tunisia.
The location is 50 miles directly south of the Mediterranean
coast, on the Tunisian-Libyan border.
The participants anticipate that the well will reach total depth
in approximately 30 days. Testing is scheduled to be conducted
over a further 9-day period.
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:33:00 PM | | From: Kerm Yerman | | | |
PROPERTY ACQUISITION / DRAIG RESOURCES LTD. ACQUIRES PROPERTIES
ASE SYMBOL: DRG
JULY 2, 1997
Draig Resources - Corporate Update
CALGARY, ALBERTA--The Board of Directors of Draig Resources Ltd.
is pleased to announce that the company has had offers accepted
for the purchase of two producing properties located in East
Central Alberta, for $2,750,000. The properties consist of 8
producing wells (net production of 1,400 mcf/d), 33 sections of
land, a gas plant and the associated gathering system. The
potential exists to complete and tie-in existing wells in the
area. The purchase has an effective date of July 1, 1997 and is
scheduled to close by July 31, 1997. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:36:00 PM | | From: Kerm Yerman | | | |
FIELD ACTIVITIES / AMERICAN LEDUC PETROLEUMS LTD. ANNOUNCES THAT THE
FIRST WELL IN THE THREE WELL FARM-OUT DEAL HAS RESULTED IN A DRY HOLE
1997-07-02
CALGARY, ALBERTA
American Leduc announces that the first well [13-1-78-12W5] in the
three well farm-out deal on it's Little Horse property has resulted
in a dry hole. It is anticipated that the second well will spud
prior to July 31, 1997.
Surveying and site preparation is currently underway at a fourth
location on the Company's Little Horse property pursuant to a
separate farm-out agreement. Subject to rig availability, this
well should commence drilling during the summer. American Leduc
will have an after earned interest of 22.5%.
American Leduc Petroleums has granted a seismic review option on
it's undeveloped lands at Gift. The optionee has until July 30,
1997 to shoot additional seismic, drill a test well or surrender
the option. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 5:38:00 PM | | From: Kerm Yerman | | | |
CORP. / PHOENIX PLANS OPEN MARKET SHARE PURCHASES
1997-07-02
TORONTO, ONTARIO
Phoenix Canada Oil of Toronto says that The Toronto Stock Exchange
has accepted the notice of the Company's intention to make a Normal
Course Issuer Bid over the year starting July 4 to buy up to
200,000 of its shares on the open market, representing about 3.8%
of the outstanding shares.
Phoenix says that the Company's audited cash position, cash
equivalents and other liquid assets establish that its shares are
currently undervalued in the market and that the proposed share
buy-back is considered an appropriate use of Company funds and in
the shareholders' interest.
Phoenix says that it is informed that no insiders, including
Directors and Officers, or their affiliates or associates, intend
to sell any shares under the buy-back proposal.
Share purchases will be made at the discretion of management from
the Company's cash working capital position. 7,900 shares were
purchased at an average cost of $1.31 under a similar share buy-
back plan in effect during the year which ended 25 June 1997. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 6:48:00 PM | | From: Kerm Yerman | | | |
PROPERTY DISPOSITION - ACQUISITION / CORKER RESOURCES INC. ANNOUNCEMENT
ASE SYMBOL: CRK
JULY 2, 1997
Corker Resources Inc. Announces the Sale and Acquisition
of Properties in Alberta
CALGARY, ALBERTA--Corker Resources Inc. is pleased to report that
it recently sold its interests in the Drumheller area for
$937,000.
The Company also completed the purchase of a 15 percent overriding
royalty interest on a 31 section lease block (19,840 acres) in the
Liege area, 75 miles north-northwest of Fort McMurray, Alberta,
for $533,725. Two wells are currently producing gas from the
Devonian Grosmont formation on this property and another two wells
are shut- in.
In addition to its activity in Alberta, Corker is planning a 20
kilometer seismic program this summer on its property in
Northeastern British Columbia. One exploratory well will be
drilled on this property this fall and at least one other may also
be drilled, depending on seismic interpretation. A well drilled
on this property earlier this year began testing on July 1, 1997.
Corker has a 20.8367 percent working interest. |
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