Altus Explorations Inc. Announces Lease Purchase.Business Editors OLIVE BRANCH olive branch symbol of peace and serenity. [Gk. and Rom. Myth.: Brewer Handbook; O.T.: Genesis, 8:11] See : Peace , Miss.--(BUSINESS WIRE)--April 6, 2004 Altus Explorations Inc. (the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ATUX) is pleased to announce that it has entered into a Lease Purchase and Sale Agreement (the "Agreement") with CodeAmerica Investments, L.L.C. ("CodeAmerica") to purchase CodeAmerica's undivided UNDIVIDED. That which is held by the same title by two or more persons, whether their rights are equal, as to value or quantity, or unequal. 2. Tenants in common, joint-tenants, and partners, hold an undivided right in their respective properties, until working interests' in certain oil and gas leases located in Freestone County, Texas Freestone County is a county located in the U.S. state of Texas. As of 2000, the population is 17,867. Its county seat is Fairfield6. Geography According to the U.S. Census Bureau, the county has a total area of 2,311 km² (892 mi²). for approximately $4.2 million. To acquire this proven reserve asset, the Company issued 4,040,726 common shares to CodeAmerica, an oil and gas company owned by Altus President Milton Cox. Prior to the Agreement the Company held a 10% undivided working interest in the T.E. Lane gas unit proved developed reserves and in the offsetting acreage proved undeveloped reserves. With the acquisition the Company has increased its undivided working interest in the T.E. Lane gas unit to 20%, and the Company's undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the proved undeveloped reserves of the offsetting acreage to 100%. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Factors that could cause actual results to differ materially include general factors that affect all companies that explore for oil and gas, such as the uncertainty of the requirements demanded by environmental agencies, the impact of competitive products and pricing and general economic conditions as they affect the Company's customers, the price of oil and gas, and specific risks such as the Company's ability to raise financing for acquisitions or operations, inability to hire qualified employees in a timely manner, and the likelihood that no commercial quantities of oil or gas is found or recoverable. Readers should refer to the risk factors outlined in the Company's annual report on Form 10-KSB for the 2002 fiscal year, the Company's quarterly reports on Form 10-QSB and other periodic reports filed from time to time with the Securities and Exchange Commission. |
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion