(OPP) (OPPCF) OPTIMA PETROLEUM REACHES AGREEMENT IN PRINCIPLE WITH ROXBURY CAPITAL.CALGARY, Alberta--(BUSINESS WIRE)--June 9, 1995--Optima Petroleum Corporation and Roxbury Capital Corp. (VSE See DOS/VSE. VSE - Virtual Storage Extended - ROX; US Electronic Bulletin Board - ROXCF) are pleased to announce that agreement in principle has been reached for the merger of Optima and Roxbury by Optima acquiring all of the issued and outstanding Roxbury shares in exchange for shares of Optima under a plan of arrangement. Shareholders of Roxbury will receive one Optima share for every seven Roxbury shares held. In addition, Roxbury shareholders will receive a warrant for every seven shares held, exercisable until February 28, 1997 for an Optima share at a price of $5.10 per share. The merger will combine Optima's and Roxbury's interests in several key prospects, including the Valentin prospect in Louisiana (35% combined interest), the Wildhay prospect (82% average combined interest) and Snipe Lake prospect (69% combined interest), both in Alberta. Currently, Optima is participating as to a 12.1686% interest in the drilling of the CL&F#9 Turtle Bayou bayou (bī`ō, bī`  ) [Louisiana Fr.; from Choctaw bayuk=small stream], term used mainly in U.S. Cib-Op test, with partners American Explorer, Inc. and Enserch, to a depth of 16,500 feet. Optima holds an average 19.5% interest in this 7,880 acre property, hosting gross 50 BCF BCF Billion Cubic FeetBCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of proved and 75 BCF probable gas reserves to the base of the Hollywood sands. Optima is also drilling at the J.W. Steen, Et Al at #1 Grosse Isle in Vermillion Parish, Louisiana, a 14,000 foot test of the Alliance sands prevalent in the area. Optima holds a 12.5% interest in this prospect, with drilling partners American Explorer, Inc. and Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the & Rucks Inc. In Alberta, Canada, the Trax et al Morinville 12-23-54-26W4, a 6,000 foot Leduc Reef well has been completed and is currently production testing. Optima enjoys a 15% interest in this Numac Energy farm-in. Further, in Louisiana, Optima along with joint venture partners, Amoco and Texas Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Resources, is undertaking multi-well gas prospects in South Louisiana and includes projects located at Bayou Lafourche/Lake Boeuf, East Lake Charles/Southwest Holmwood, East Cameron and North Crescent Farms. The companies have had 3D seismic surveys conducted over the total project complex to date. Optima has an 8% interest in all of the projects, with the exception of the Southwest Holmwood. The Ben Todd #1 well at Southwest Holmwood has been logged and is currently being cased. Optima enjoys a 4% interest. The proposed arrangement is subject to regulatory approval and court approval, as well as approval by the Roxbury shareholders. On behalf of the Board of Optima Petroleum Corporation Ronald P. Bourgeois, CA Chief Financial Officer On behalf of the Board of Roxbury Capital Corporation John B. McCleery, President and Director Optima Petroleum Corporation is an independent oil and gas exploration and production company with interests in the Canadian province Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" of Alberta and in Louisiana, Oklahoma and Texas in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its common stock trades actively on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System and on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: Robert L. Hodgkinson Ted Clark David Johnstone, 1-800-444-7704 |
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