Ascentex Energy Purchases Assets of Lone Butte Energy.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 3, 1997--Ascentex (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AEN AEN Address Enable AEN America's Emergency Network AEN Australian Energy News (magazine) AEN Agenzia per l'Energia Nucleare (Italian: Nuclear Energy Agency; OCSE) AEN Administrative Exception Note .) ASCENTEX ENERGY, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . announced that the purchase of oil and gas assets of Lone Butte Butte, city, United States Butte (by  t), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. Energy Inc. (formerly the Canadian assets of American Trading and Production Corporation) has been concluded following shareholder approval on January 31, 1997. At the same time shareholders also approved the following: - a 1 for 3 consolidation of the company's common shares to approximately 10,000,000 shares outstanding. - the election of E.C. Gronberg (President and 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. ), E.A. Beaman (Vice President, Operations), J.H. Currie, P.S. Ffoulkes-Jones, M.M. Kanovsky, H.L. Knutson and R. Wlodarczak to its Board of Directors. - a name change to BONAVISTA PETROLEUM LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE symbol BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. ) to reflect the significant changes in the Company's capitalization, management and asset base. The new name and TSE listing is expected to become effective the middle of February, 1997. Bonavista Petroleum will have proven plus probable (risked by 50 percent) reserves consisting of 2.7 million barrels of oil and 39.5 billion cubic feet of gas, valued at approximately $45 million using a 15 percent discount factor. In addition, the Company has significant excess tax pools, undeveloped land and seismic data with an estimated value of $11 million. Production currently averages 15 mmcf/d and 600 bopd and cash flow from 1997 is forecast to be in the $7.0 to $7.5 million range (approximately $0.75 per share on a consolidated basis) on gross revenue of $15 million. The Company has also identified some thirty potential drilling locations on its undeveloped lands, most of which are adjacent to Bonavista operated gas processing and gathering facilities in the Dixonville and Oyen areas of northwestern and southeastern Alberta. Further more, Bonavista owns some 22,000 net acres of land in southwestern Manitoba along the productive Mississippian, Tilston and Lodgepole subcrop trends, where industry has been increasingly active during the past six months. CONTACT: Ascentex Energy, Inc. Eric Gronberg, 403/265-3320 |
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