APF Announces Major Transaction.CALGARY, Alberta--(BUSINESS WIRE)--May 13, 1998--APF(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AY.UN.) APF APF, n the abbreviation for acidulated phosphate fluoride. Energy Inc., on behalf of APF Energy Trust, announced today that it has agreed to acquire assets for $8.8 million. The transaction is scheduled to close on June 8, 1998, following completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The assets, located in the Wayne-Rosedale area of southeastern Alberta 16 kilometers south of Drumheller, are expected to produce approximately 385 boe per day during 1998, comprised of 332 bbls of oil and natural gas liquids, and 530 mcf of gas. APF has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. reserves of 2,611 mboe (proved plus one-half probable) as of January 1, 1998. Significant development potential exists through infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling, waterflood implementation and re-fracing certain wells. APF has estimated that peak production could exceed 1,050 boe per day by the year 2000. The established reserve life index of these assets exceeds 18 years. Together with APF's recently announced acquisitions at Gleneath, Saskatchewan and Pembina, Alberta, APF's corporate reserve life index will be 11.2 years. In addition to increasing the reserve life index, APF believes that current distribution levels will be sustained, based on expected 1998 production and netbacks. CONTACT: APF Energy Management Inc. Steve Cloutier, Executive Vice President, 403/294-1000 403/294-1074 (FAX) http://www.apfenergy.com invest@apfenergy.com |
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