Angus Energy Announces $15 Million Financing Agreement with Providence Capital.DALLAS -- Angus Energy Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). .NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :AGSC AGSC Azerbaijan Gas Supply Company AGSC American Grease Stick Company (Muskegon, Michigan) AGSC Adaptive Generalized Sidelobe Canceller AGSC Alpine Golf & Sports Club (Thailand) ) (www.angusenergycorp.com) today announced that the company has entered into a financing agreement with Providence Capital, a private venture company with representative offices in Europe. Providence will provide $15 million to be used to fund the company's 2004 and 2005 operating plans, which include ongoing seismic surveying, the drilling and completion of several gas wells and the acquisition of additional Barnett Shale properties. "We are very pleased that Providence Capital and its associates have has become stakeholders in Angus," said Brent Nelson, Director of Angus. "We are confident that the Barnett Shale will grow to become one of the world's top producing gas fields and with Providence as a financial partner, Angus will become a major player in that expansion." Angus Energy Corp. currently controls over 17,000 acres of leasehold interests in the Barnett Shale. The company is actively expanding its Barnett Shale interests through ongoing leasing activities. About the Barnett Shale The Barnett Shale gas play is the largest natural gas field in Texas and a primary supplier to the North American gas market. It spans several thousand square miles across the Fort Worth Basin in north central Texas. Since the mid-1990s over 3,000 wells have been drilled in the field. The United States Geological Survey The United States Geological Survey (USGS) is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. (USGS USGS United States Geological Survey (US Department of the Interior) ) estimates the Barnett may hold over 26 trillion cubic feet (TCF See Trenton Computer Festival. ) of recoverable natural gas with production in the region currently exceeding 30 billion cubic feet (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 ) per month. About the Company Angus Energy Corp., www.angusenergycorp.com, is a Dallas-based independent energy company engaged in oil and gas exploration with significant lease holdings in the Barnett Shale. For more information, please contact Patty Dickerson, Investor Relations, at 214 459 8399, or visit the Company's website at http://www.angusenergycorp.com. Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Exchange Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements included in this release other than statements of fact are forward-looking statements that involve risks and uncertainties. |
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