| 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. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 12:03:00 AM | | From: Kerm Yerman | | | |
CORP. / SUPREX ENERGY CORP SELLS TANZANIA & MOZAMBIQUE PROPERTIES
CALGARY, July 2 /CNW/ - SUPREX ENERGY CORPORATION (the ``Corporation'')
has entered into a binding Agreement with Canop Worldwide Corp. (``Canop''), a
private corporation, selling the Corporation's 25% interest in certain
exploration and development prospects in Tanzania and Mozambique (the
``Natural Resource Interests'') to Canop in exchange for 2,360,000 net common
shares in Canop. It is anticipated that Canop will be conducting a public
financing and listing itself on a Canadian stock exchange some time in the
future.
The Corporation's share holdings in Canop will amount to approximately
12.8% of the total issued and outstanding shares of Canop prior the public
financing and in connection with that financing will be subject to an escrow
agreement. The Corporation has agreed to cause its shares to be voted in
favour of those directors of Canop nominated by management until such time as
the Corporation's shares are released from escrow.
The Natural Resource Interests include the right to explore and develop
oil and gas properties in a 40,000 square kilometre area in the southern
Mozambique basin and a 15,000 square kilometre area in Tanzania. The Natural
Resource Interests were secured by the Corporation in cooperation with Canop
and with the assistance of the Right Honourable Joe Clark and the Honourable
Harvie Andre.
The Corporation trades under the symbol ``SYP'' on The Alberta Stock
Exchange.
|
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 12:08:00 AM | | From: Kerm Yerman | | | |
CORP. / GREEN MAPLE ENERGY INC. FILES FINAL PROSPECTUS TO FUND
ACQUISITION OF PARTICIPATIONS
CALGARY, July 2 /CNW/ - Green Maple Energy Inc. (``Green Maple'') has
filed on June 23, 1997 a final prospectus in the province of Quebec regarding
the issuance of a minimum of 1,000 Units and a maximum of 2,000 Units at the
price of $1,000 per Unit. Each unit consists of 1,333 Class A shares (the
``Common Shares'') at the price of $0.75 per share, and 1,333 warrants (the
``Warrants''). Each Warrant will entitle its holder to purchase one
additional Common Share at a price of $1.45 for a period of 18 months.
The proceeds of distribution of the Common Shares will be used by Green
Maple to acquire participations for exploration purposes in oil and gas
recourse regions located in Alberta and to provide working capital to Green
Maple. The Alberta Stock Exchange has conditionally approved the listing of
the newly issued Common Shares and Warrants subject to all the requirements
being fulfilled on or before September 1, 1997.
D & B Internat Securities Inc. acts as agent in this offering and the
closing will take place as soon as the minimum offering has been subscribed or
no later than July 18, 1997.
Green Maple is an oil and gas exploring and operating company whose
Common Shares are listed on the Alberta Stock Exchange under the symbol GMN.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 12:10:00 AM | | From: Kerm Yerman | | | |
EARNINGS / SCARLET EXPLORATION INC. POSTS STRONG FINANCIAL RESULTS IN
SECOND QUARTER
CALGARY, July 2 /CNW/ - Scarlet Exploration Inc. (ASE: SCO) continues to
post strong financial results, showing significant improvements over the same
period last year. In its second quarter, the six-month period ending 30 April
1997, the company reported revenue of $2.4 million in 1997 compared to $40,000
in 1996. Net income for the period increased to $773,016 in 1997 compared to
a loss of $61,027 in 1996. This increase in net income has substantially
reduced the company's deficit to $295,954 in 1997 from $1,139,641 in 1996.
Production Steadily Increasing
``Improvements are the result of a significant increase in production to
557 BOEPD net in the second quarter compared to 406 BOEPD net in the first
quarter of fiscal 1997,'' said Alan D. Jack, President and Chief Executive
Officer. ``In the third quarter, we expect production and revenues to remain
steady and operating expenses to decrease. As well, we expect to eliminate
our deficit.''
Continued Drilling Success at Zama/Sousa
Improvements are the result of maximizing production from Scarlet's core
property in the Zama/Sousa area of northwestern Alberta. By the end of the
first quarter, two of the five wells in Scarlet's winter season horizontal
drilling program at Zama/Sousa had been drilled and completed as producing
oil wells at rates of 200-300 BOPD each (273 BOPD net to Scarlet). At the end
of April 1997, all five wells had been drilled and completed as producing oil
wells. The last two wells, 9-15-113-7 W6 and 9-16-112-6 W6, initially came on
at rates in excess of 300 BOPD each. Scarlet's working interests in these
wells are 41.8% and 59.5%, respectively. At the end of the second quarter,
production from this area reached 1300 BOPD (780 BOPD net to Scarlet).
Additional contiguous acreage in this reef-prone area has been secured by
Scarlet and its partners.
Fueled by continued success in the Zama/Sousa area, Scarlet is employing
its geologic and operations expertise to other parts of the Rainbow Basin.
Scarlet has negotiated a multi-parcel farm-in in this area and the company's
technical personnel have identified reefal features for a summer season
horizontal drilling program. Drilling of a horizontal re-entry well on this
property began on June 27, 1997. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 12:15:00 AM | | From: Kerm Yerman | | | |
FIELD ACTIVITIES / GHP EXPLORATION DRILLING IN WEST CAMERON AREA
1997-07-02
HOUSTON, TEXAS
GHP EXPLORATION DRILLING IN WEST CAMERON AREA
Houston, Texas (July 2, 1997) - GHP Exploration Corporation
(CDN:GHPX.U) today announced that it has completed negotiations on
two new prospects in the Gulf of Mexico. GHP will have a 15.5%
working interest in a prospect located in West Cameron 195 and a
10% working interest in West Cameron 18 prospect. Both prospects
will be operated by IP Petroleum.
The WC 195 prospect is located 40 miles offshore Louisiana in 40
feet of water. The prospect is a structural-stratigraphic trap with
a Miocene objective demonstrating 3-D amplitude anomalies believed
to be direct hydrocarbon indicators. The WC 195 prospect is offset
by the WC 196/197 field that has produced in excess of 160 BCFG
(billion cubic feet of gas). The well is considered medium risk
and is currently drilling towards a proposed total depth of
11,000'.
The WC 18 prospect is located five miles offshore Louisiana in 25
feet of water. The prospect is a deeper pool wildcat structurally
and stratigraphically analogous to the adjacent WC 17/19 Miocene
fields. These fields have cumulative production in excess of 887
BCFG and 85 BCFG, respectively. The prospect is a 3-D controlled
structural closure with associated anomalous amplitudes believed to
be direct hydrocarbon indicators. The prospect is considered low to
medium risk and should be drilled to a total depth of 16,000 feet
in the fourth quarter of this year.
GHP engages in the exploration for and development and production
of crude oil and natural gas in the United States and
Internationally with operations and interests in acreage in the
Gulf of Mexico, onshore Texas, Utah and in Tunisia. The Company
currently has 17.4 million common shares outstanding. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 12:18:00 AM | | From: Kerm Yerman | | | |
FINANCING / NU-SKY ENERGY INC. RECEIVES SUBSCRIPTIONS FOR PRIVATE
PLACEMENT
1997-07-02
CALGARY, ALBERTA
Nu-Sky Energy Inc. ("Nu-Sky") announces that it has closed its
previously announced private placement of Units, each consisting of
one Common Share and one-half of a Common Share Purchase Warrant.
Each whole Common Share Purchase Warrant entitles the holder to
receive one Common Share for $0.45 at any time until May 22, 1998
to be issued on a flow-through basis. Units were priced at $0.30
per Unit with the initial Common Share being issued on a non
flow-through basis. Nu-Sky has received subscriptions for 630,267
Units at $0.30 for gross proceeds of $189,080. The private
placement was sold to 13 purchasers all resident in Alberta
pursuant to registration and prospectus exemptions under the
Securities Act (Alberta). All of the Common Shares issuable on the
exercise of the Common Share Purchase Warrants are subject to the
hold periods under the Securities Act (Alberta) until July 1, 1998.
Proceeds of the private placement will be used for exploration and
development activities. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 2:53:00 AM | | From: Kerm Yerman | | | |
FIELD ACTIVITIES - KERM'S WATCHLIST / WESTMINSTER RESOURCES LTD.
DILLING ACTIVITY & ACQUISITION
TSE SYMBOL: WML
JULY 2, 1997
Westminster Resources Ltd. "Continued Drilling and Development at
Midale and Gas Property Acquisition"
CALGARY, ALBERTA--
Midale Update
There are currently 25 wells producing light sweet crude oil from
the Ordovician Yeoman formation in which the company has a working
interest. Westminster and partners continue to develop the Yeoman
with a total of eight exploration wells, six development and three
horizontal wells targeting this formation. Westminster's average
working interest in all these wells is approximately 20 percent.
Total expenditures for this drilling, net to Westminster, is
estimated at $4.3 million dollars.
An application to implement water flood in the Yeoman formation
has recently been submitted. Once approved by regulators, the
water flood can be implemented and the pool produced under Good
Production Practices (GPP) rates. Westminster's current net
production from Midale will increase from approximately 1,000 bopd
to 1,800 bopd with GPP approval. 1997 exit rates are expected to
be 2,500 bopd.
Westminster and its partners are also exploring for and developing
the shallow horizons above theYeoman which include the Bakken,
Birdbear, Duperow and Frobisher formations. There are potentially
47 wells planned to target these formations during 1997. Efforts
in developing these oil reserves have been very successful to
date, and it is expected to continue as drilling progresses
through 1997. Westminster will spend an additional $4.0 million
dollars for shallow drilling and related facilities.
A further acquisition in the Midale area from Shell has also
recently been signed. In this agreement Westminster earns 7.5
percent in approximately 40 sections of land which covers the
rights to all zones below the Midale formation.
Gas Property Acquisition
Westminster has acquired a 5.75 percent working interest in 10
sections of land and six wells producing 14mmcf/d (gross) natural
gas. Net reserves to Westminster in this acquisition are
approximately 3 bcf. The reserves were acquired for $1.70 per boe
and the transaction is expected to close in mid July.
Westminster Resources Ltd. is an oil and gas company listed on the
Toronto Stock Exchange trading under the symbol "WML."
|
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 3:03:00 AM | | From: Kerm Yerman | | | |
ACQUISITIONS - MERGERS - TOP 20 LISTED / CRESTAR ENERGY TO BE VERY
ACTIVE ON GRAD &WALKER ACREAGE
Wednesday July 2 2:06 PM EDT
Crestar sees active drilling on new acreage
CALGARY, July 2 (Reuter) - Crestar Energy Inc expects to drill 150 to 200 wells on Grad & Walker Energy Corp lands over the next 18 months, Crestar Chief Executive Barry Jackson said on Wednesday.
About a third of those exploration and development wells would be drilled in the Mantario area of southwestern Saskatchewan, where the two firms which announced a merger on Wednesday have core operations, Jackson told a conference call. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| To: Kerm Yerman who wrote (3848) | 7/3/1997 3:08:00 AM | | From: Kerm Yerman | | | |
ACQUISITION - MERGERS - TOP20 LISTED / CRESTAR ENERGY ANNOUNCES TERMS FOR ACQUISITION OF GRAD & WALKER
Wednesday July 2 12:33 PM EDT
Crestar Energy to acquire Grad & Walker
CALGARY, Alberta, July 2 (Reuter) - Canada's Crestar Energy Inc. (CRS.TO) said on Wednesday it agreed to buy Grad & Walker Energy Corp. (GWE.TO) for C$336.2 million ($244.1 million) in a friendly cash and stock deal.
Under the terms of the merger, Crestar would acquire Grad & Walker for C$13.50 ($9.80) a share in cash and 0.509 of a Crestar share for each Grad & Walker share.
The two Calgary-based companies are involved in oil exploration in southwestern Saskatchewan and Three Hills in central Alberta. Crestar bought the large Mantario, Saskatchewan oil field in 1995 from then cash-starved Grad & Walker for C$46 million ($34 million).
Crestar officials said the offer was a good strategic move that had the unanimous support of both companies' boards of directors.
``We were initially attracted to Grad & Walker because of the caliber of its people and the quality of its assets,'' Crestar Chief Executive Barry Jackson said.
Grad & Walker President Brad Hurtubise said the deal allowed his firm's investors to keep participating in the company's asset growth as holders of a larger firm.
Earlier this year, Crestar was in the running to acquire Regina, Saskatchewan-based Wascana Energy Inc., but lost out to Canadian Occidental Petroleum Ltd. (CXY.TO), which scooped up Wascana in a C$2 billion ($1.5 billion) all-cash deal.
Shares in Grad & Walker topped actives on the Toronto Stock Exchange on Wednesday, soaring C$2.25 to C$13.40. Crestar rose C90 cents to $26 in thin trade in Toronto. |
| | KERM'S KORNER | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| |
