American Resources of Delaware, Inc. announces completion of purchase of Appalachian properties, adding 7.7 BCF to the Company's reserve base.VERSAILLES, Ky.--(BUSINESS WIRE)--March 1, 1996--American Resources of Delaware, Inc. (the "Company") announces the completion by its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Southern Gas Company of Delaware, Inc., of the acquisition of 7.7 BCF BCF Billion Cubic Feet BCF 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 net proved producing natural gas reserves (11.1 BCF gross), more than 60 miles of gas gathering pipelines with field surface facilities and approximately 40,000 acres of undeveloped leases from AKS Energy Corporation ("AKS"). The properties are located in Whitley and Clay Counties Clay County is the name of 18 counties in the United States. Most are named for Henry Clay, U.S. Senator and statesman:
adv. In what way; how: Wherein have we sinned? conj. 1. In which location; where: the country wherein those people live. 2. the Company will have the right to earn 50% of the remaining undeveloped acreage. As a result of the addition of the AKS properties to the Company's asset base, the Company's primary lender approved an increase in the Company's borrowing base under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility from $17.5 million to $20 million. A portion of the proceeds were used to complete the funding of the AKS acquisition. For additional information about the Company, please call 606/873-5455. CONTACT: American Resources of Delaware, Inc., Versailles Karen M. Underwood, 606/873-5455 |
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