| To: Kerm Yerman who wrote (3848) | 7/2/1997 1:34:00 PM | | From: Kerm Yerman | | | |
FINANCING - TOP 20 LISTED / CARMANAH RESOURCES LTD. FILES PRELIMINARY
PROSPECTUS
TSE SYMBOL: CKM
JULY 2, 1997
CALGARY, ALBERTA--
Carmanah Resources Ltd. announced today that it intends to file a
preliminary prospectus for a public offering of 8,000,000 to
9,000,000 common shares and has engaged HSBC James Capel Canada
Inc. to act as lead underwriter and to form a syndicate of
Canadian investment dealers to assist in the marketing and
distribution of the offering. The exact number of common shares
and the price per common share will be established following
marketing of the offering. The proceeds from the offering will be
used primarily to finance Carmanah's interest in the
recently-announced Onado joint venture in Venezuela with the
balance for general corporate purposes.
This information shall not represent an offer to sell securities
or a solicitation of an offer to buy securities in any
jurisdiction. The common shares offered will not be and have not
been registered for sale under the United States Securities Act of
1933, as amended, and may not be offered, or sold, or delivered,
directly or indirectly, in the United States or to a U. S. Person,
absent registration or an applicable exemption therefrom.
The common shares of Carmanah are listed on The Toronto Stock
Exchange and trade under the symbol "CKM". |
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| To: Kerm Yerman who wrote (3851) | 7/2/1997 1:39:00 PM | | From: Kerm Yerman | | | |
FIELD ACTIVITY / RICHLAND PETROLEUM CORP ANNOUNCES JOINT VENTURE WITH
PANCANADIAN PETROLEUM
TSE;ASE SYMBOL: RLP.A
JULY 2, 1997
Richland Announces Joint Venture With PanCanadian on 42,000 Acres
CALGARY, ALBERTA--Richland Petroleum Corporation has entered into
a joint venture agreement with PanCanadian Petroleum Limited in
Richland's south-east Saskatchewan core area. Richland will be
evaluating Mississippian, Devonian and Ordovician targets on the
joint venture lands. The Company will have rolling options to
continue to drill to earn an interest in the joint venture lands
which encompass over 42,000 gross acres. This joint venture
complements Richland's current inventory of over 90,000 acres of
undeveloped land in south-east Saskatchewan. Richland is
committed to drill at least six (6) exploratory test wells on the
joint venture lands and shoot (70) seventy kilometres of seismic
data.
Richland Petroleum Corporation is a public company involved in the
exploration and development of crude oil and natural gas in
Western Canada. Its shares trade on the Toronto and Alberta Stock
Exchanges under the symbol RLP-A. |
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| To: Kerm Yerman who wrote (3848) | 7/2/1997 2:19:00 PM | | From: Kerm Yerman | | | |
ACQUISITIONS MERGERS - TOP 20 LISTED / CRESTAR ENERGY INC. AND GRAD &
WALKER ENERGY CORPORATION
CALGARY, July 2 /CNW/ - CRESTAR ENERGY INC. ``Crestar'' (CRS: TSE & ME)
and GRAD & WALKER ENERGY CORPORATION ``Grad & Walker'' (GWE: TSE) jointly
announce that they have entered into an agreement whereby Crestar will offer
to acquire all of the outstanding common shares of Grad & Walker in exchange
for $13.50 cash or, at the election of depositing shareholders, 0.509 Crestar
common shares for each Grad & Walker common share. A maximum of 5.0 million
Crestar common shares will be available under the share election. If all Grad
& Walker common shares are tendered, the value of the offer will be
approximately $336.2 million.
Grad & Walker Resources Ltd., a holding company, and certain officers and
directors of Grad & Walker, who collectively hold approximately 21% of the
outstanding Grad & Walker shares on a fully diluted basis, have agreed to
deposit and not withdraw their Grad & Walker shares under the offer.
The offer has the unanimous support of the Board of Directors of Crestar
and Grad & Walker. The offer will be conditional upon, among other things,
acceptance of the offer by the holders of at least 66-2/3% of the outstanding
Grad & Walker shares (other than those shares subject to the deposit
agreements) and obtaining all required regulatory approvals. If the offer is
successful, Crestar intends to take such steps as may be advisable in order to
acquire 100% of the outstanding shares of Grad & Walker.
Grad & Walker has agreed to pay Crestar a non-completion fee of 2.8% plus
costs in certain circumstances and has agreed not to solicit other transaction
proposals. It is anticipated that Canadian and United States securities
filings will be made, and the offer to purchase will be mailed to Grad &
Walker shareholders, in early July and that Crestar would be in a position to
take up and pay for deposited Grad & Walker shares before the end of July.
Barry Jackson, President and Chief Executive Officer of Crestar said,
``We were initially attracted to Grad & Walker because of the calibre of its
people and the quality of its assets. Grad & Walker's operations are focused
in four core areas: Mantario/Marengo (southwestern Saskatchewan), Three Hills
Creek (central Alberta), Martineau/Bonnyville (northeastern Alberta), and
southeastern Saskatchewan. Mantario is already one of Crestar's core areas,
while Three Hills Creek is adjacent to our Eckville operating centre. Grad &
Walker operates virtually all of its production and has extremely low
operating costs - $3.19 per BOE in the first quarter of 1997.''
``Our operating styles are also similar, with self directed teams
managing our properties and we are impressed by the quality of the Grad &
Walker staff.''
``We are excited by the growth prospects in Mantario and Three Hills
Creek and Grad & Walker's lands provide us with an opportunity to participate
in the Ordovician play in southeastern Saskatchewan'', said Mr. Jackson.
Brad Hurtubise, President and Chief Executive Officer of Grad & Walker
stated, ``We believe the acquisition by Crestar provides excellent value for
our shareholders. It is a very good strategic fit and the share election
provides the opportunity for continued participation in the growth of our
assets through a larger entity.''
Crestar will be conducting a conference call to discuss the transaction,
beginning at 9:00 a.m. Mountain Daylight Time, on Wednesday, July 2, 1997.
Callers may participate by dialing 1-888-455-0032 and requesting the Crestar
Energy conference call. Callers may also listen to a taped recording of the
conference call after the fact, by dialing 1-800-408-3053, and entering pass
code No. 123478.
The Crestar common shares may be offered only pursuant to the takeover
bid circular. This does not constitute an offer to sell or a solicitation of
an offer to buy nor shall there be any sale of these securities in any
jurisdiction in which such solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such jurisdiction. |
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| 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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