August Energy Reports Sale of its Remaining Working Interest in Puckett Oil and Gas Field.PUCKETT Puckett can refer to:
TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:USR See U.S. Robotics. 1. USR - U.S. Robotics, Inc. 2. usr - User. The "/usr" directory hierarchy on Unix systems. Once upon a time, in the early days of Unix, this area actually held users' home directories and files. ) for a total sum of $900,000, payable as follows: USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $45,000 upon execution of the binding letter of intent, USD $205,000 upon completion of the proposed USR financing announced on February 2, 2005, USD $200,000 on or before June 30, 2005 and USD $450,000 payable by way of 50% of the production revenue attributable to the acquired interest. This agreement shall be considered effective as of December 1, 2004, at which time USR began earning 18% of net revenue from the field subject to the terms of the agreement, without any expenditure commitment on current re-completions or new drilling prospects until AENC has expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. USD $2,000,000 on the property, which is scheduled to be completed in June 2005, but may occur sooner. By selling off its entire interest in the Puckett Oil and Gas Field, August Energy will now focus its efforts on finalizing the acquisition of the majority interest in Pelahatchie Field, as referenced in the Company's press release of January 24, 2005. The money generated from the sale will be used toward the development of the Pelahatchie Field. This sales transaction can be considered a related party transaction since a majority of the directors of AENC are also directors of USR. Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by August Energy Corp.) contain statements that are forward looking, such as statements related to the future anticipated direction of the oil and gas industry, plans for future expansion, various property development activities, planned capital expenditures, future funding resources, anticipated production and reserve growth. These 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. are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. August Energy Corp. (PINK SHEETS:AENC) |
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