A Look Back At The Past Year.Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 8, 2001 As Indusmin Energy (CDNX CDNX See Canadian Venture Exchange (CDNX). :IDM) enters 2001, we look back on 2000 as a year of great accomplishments. Included among these is the consummation of a Protocol of Intent with CrymGeologia State Geologic enterprise giving Indusmin Energy the exclusive rights to develop the East & West oil and gas fields of Crimea. The project consists of six fields, covering approximately 872 square kilometers with over 45 exploration wells with an estimated total of 392 million BOE (Barrels Oil Equivalent) proven and probable (based on data provided by CrymGeologia). Last November 3, Indusmin Energy signed a Production Sharing Protocol (PSP (PlayStation Portable) See PlayStation. ) with National Oil Company Saknavtobi (Georgian Oil) for Block VI B, in the Republic of Georgia. The PSP calls for a production sharing model whereby Indusmin Energy will receive 80% of the proceeds from production until its costs are recovered, then 30% of the total revenue net of operating costs for the remaining life of the project. Block VI B is comprised of 1000 square kilometers of untested basin area containing high quality oil and gas seeps in a general location that is historically oil rich. Adjacent to our property are operations by some of the world's leading exploration companies like RAMCO PLC of the UK (LSE LSE - Language Sensitive Editor :ROS ROS, n.pr See reactive oxygen species. ) (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :RCO), CONOCO CONOCO Continental Oil Company , a 125-year-old Houston based oil company (NYSE NYSE See: New York Stock Exchange :COC A) (NYSE:COC B) and ANADARKO (NYSE:APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ). Additionally, we have finalized the appointment of the distinguished members of our Advisory Board who are well respected in the oil and gas industry worldwide. Catherine Zammito and C. Alan Peyton bring with them a combined 57 years of varied experience in the area of Oil and Gas Development. We are confident that both Catherine and Alan, who come to Indusmin Energy with significant roles performed while working with Enron and Phillips, respectively, will continue to set the stage for continued success at Indusmin Energy. The following are the milestones reached by Indusmin Energy over the course of 2000. August 17 - Standstill Agreement signed with CrymGeologia State Geologic Enterprise. (Press Release dated August 18, 2000) August 23 - Opening of European Regional office in the city of Kiev, Ukraine. (Press Release of the same date) September 12 - Announces Summary of Interim Oil & Gas project from Karlavske Deposit. (Press Release of the same date) September 14 - David Atkinson appointed as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Indusmin Energy. (Press Release of September 19, 2000) October 4 - Appointment of Catherine Zammito, C. Alan Peyton to Indusmin Advisory Board. (Press Release of the same date) October 17 - Agreement signed with Itawes Mining Exploration Company/Opening of exploration and development office in Manila. (Press Release of the same date) October 23 - Entered into a Protocol of Intent for joint Activities with CrymGeologia State Geologic Enterprise. (Press Release of the same date) October 30 - Opening of USA office in Point Roberts, Washington  The external links in this article or section may require cleanup to comply with Wikipedia's content policies. . (Press Release of the same date) November 3 - Indusmin receives rights to explore and develop Block VI B (Republic of Georgia). (Press Release of December 6, 2000) November 14 - Agreement reached on final terms of East and West Oil and Gas Fields. (Press Release of the same date) December 29 - Indusmin launches website (www.indusmin.com) Indusmin Energy looks forward to reaching new goals for this year and has a clearly defined plan for profitable growth in 2001 and beyond. The Company is progressively investing in the best opportunities available to it, and shareholders will continue to reap the benefits of this carefully thought out growth strategy. --David Atkinson, Chief Executive Officer Indusmin Energy is committed to the business philosophy of identifying and acquiring business opportunities in newly emerging markets. Indusmin's global network of personnel provides the company with a unique opportunity to actively pursue transactions worldwide. Indusmin Energy is focused on oil properties with proven reserves and base metal and industrial mineral properties in production or near production within emerging countries. The contents of this News Release have neither been approved nor disapproved by the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Inc. |
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