| 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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| 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.
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| 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. |
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| 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. |
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| 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. |
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