Best Pacific Announces Proposed Acquisition.CALGARY, Alberta--(BUSINESS WIRE)--March 18, 1997--Best Pacific Resources Ltd. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group ) (the "Company"), today announced that it has signed a letter of intent with an intermediate oil and gas company to acquire, on behalf of itself and an industry partner, certain oil and gas assets situated in the Company's core area of east central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. for a cash consideration of $3,600,000. Current production from these properties is over 300 barrels of oil equivalent per day (33 percent oil and 67 percent gas). Best Pacific will operate approximately half of these properties and intends to acquire a minimum of 75 percent of the acquisition, utilizing currently available credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . The effective date of this acquisition is April 1, 1997. Conclusion of the transaction is subject to completion of a due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review of the assets, board of directors approval and minor rights of first refusal. Upon satisfying all conditions, it is anticipated that the acquisition will be concluded in April, 1997. This acquisition is anticipated to increase Best Pacific's total production to over 1,400 barrels of oil equivalent per day and increase its land base by over 50,000 net acres. Over 50 percent of the acreage is undeveloped. The above information does not include any additional production from the proposed acquisition of Spirit Corporation, which is still subject to Spirit Corporation shareholder approval by March 20, 1997. Best Pacific Resources Ltd. is listed on the Alberta Stock Exchange trading symbol Trading symbol See: Ticker symbol - BPG. -0- Note to Editors: Neither the Alberta Stock Exchange nor any other regulatory body have reviewed this news release and they neither approve nor disapprove of the contents of this news release. CONTACT: Best Pacific Resources Ltd. Stephen C.M. Ko, 403/263-8389 |
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