Basic Petroleum acquires 30% interest in contract.NEW YORK--(BUSINESS WIRE)--April 28, 1997--Basic Petroleum International Ltd. announced today that it has agreed to acquire a 30 percent interest in Contract 1-91 located in the Central Peten, Guatemala. Contract 1-91 covers 42,000 acres and is held by Compania Generale de Combustibles (CGC CGC Canine Good Citizen (AKC Dog Title) CGC Commission Géologique du Canada (Geological Survey of Canada) CGC Confédération Générale des Cadres (French labor union) ), an Argentinian company. The parent of CGC, Compania Comercial del Plata, is listed on the Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. and Switzerland Stock Exchanges. CGC will be the operator on this contract. The acquisition will be completed upon receipt of Guatemalan Government approval. Although not yet in production, three wells have been drilled and were successfully tested for oil. During 1997, workovers of the three wells and a program of 200 kilometers of seismic are planned. Basic Petroleum International Ltd. is an oil exploration, development and refining company with operations in Guatemala, executive offices in Paris and an investor relations Investor relations The process by which the corporation communicates with its investors. office in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The company's shares trade O-T-C on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol, BPILF. CONTACT: Basic Petroleum International Ltd. Monica R. Bonner, 212/664-8731 Stuart M. Carlisle 212/614-5287 |
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