Bighorn Petroleum Ltd., Flying A Petroleum Ltd., Tenaka Drilling Consortium Ltd. and Wyn Developments Inc. Provide Amalgamation Update, Announce Drilling at Trutch.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Bighorn Bighorn, river, United States Bighorn, river, 461 mi (741 km) long, formed in W central Wyo. by the confluence of the Wind and Pop Agie rivers and flowing north to join the Yellowstone River in S Mont. Petroleum Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. ) ("Bighorn"), Flying A Petroleum Ltd. (TSX VENTURE: FAB) ("Flying A"), Tenaka Drilling Consortium Ltd. ("Tenaka") and Wyn Developments Inc. (TSX VENTURE: WL) (FWB (Fixed Wireless Broadband) See fixed wireless. : YXE YXE Saskatoon, Saskatchewan, Canada - Saskatoon (Airport Code) ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : WYDPF) ("Wyn"), (collectively the "Partners"), continue efforts to complete the amalgamation amalgamation /amal·ga·ma·tion/ (ah-mal´gah-ma´shun) trituration (3). amalgamation ( into Canada Gas Corp. (the "Company") as soon as possible. Recent efforts have concentrated on financing the Company to meet near term commitments, which include both drilling and acquisition. Focus Energy Trust has now drilled the first well of the 2007/2008 winter season, the a-38-A/94-G-15 Triassic Halfway development well at Bougie Bougie: see Bejaïa, Algeria. Trutch. The well is now undergoing testing and completion and upon success, will be tied into production prior to the end of the 2007/2008 winter drill season (Q1 2008). Wyn Developments Inc. and Flying A Petroleum Ltd. announce that they have each entered into bridge loan agreements with a third party investor for the total loan sum of $200,000, subject to regulatory approval where required. Pursuant to the Wyn bridge loan agreement, the lender agreed to lend a total of $92,000 to Wyn. Wyn has agreed to issue the lender 92,000 of its common shares as a bonus at a deemed price of $0.10 per share, issuable upon receipt of regulatory acceptance of the Wyn bridge loan agreement. Pursuant to the Flying A bridge loan agreement, the lender agreed to lend a total of $108,000 to Flying A. Flying A agreed to issue 108,000 of its common shares to the lender as a bonus at a deemed price of $0.10 per share, issuable upon receipt of regulatory acceptance of the Flying A bridge loan agreement. The Wyn and Flying A loans are repayable upon the earlier of the completion of an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. by Canada Gas Corp. (the merged entity) and April 30, 2008. The bridge loans bear interest at 12% per annum Per annum Yearly. . Discussions are ongoing among the Partners with a number of interested investor groups respecting the form and terms of an equity financing for Canada Gas Corp, however, the Partners will now finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the share exchange ratios and seek conditional Toronto Venture Exchange acceptance of the transaction. The shareholder information circulars Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible outlining the entire transaction with prospectus level disclosure will be distributed as soon as possible thereafter, ahead of shareholder meetings to be scheduled at least 25 days from mailing. After the meetings, the Partners will require court and final Exchange approval prior to the Company being called to trade. ABOUT CANADA GAS CORP. The Partners are currently active in three natural gas projects; the Prophet River, Bougie Trutch, and Trutch East natural gas development projects, all located in the Foothills region of the prolific natural gas bearing Western Canadian Sedimentary Basin The Western Canadian Sedimentary Basin (WCSB) is a vast sedimentary basin underlying 1.4 million square kilometres (550,0000 sq. mi.) of Western Canada including southwestern Manitoba, southern Saskatchewan, Alberta, northeastern British Columbia and the southwest corner of the , northeastern British Columbia, Canada. The Western Canadian Sedimentary Basin is home to many world-class oil and gas fields, and features extensive logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation infrastructure. The combined assets of Canada Gas Corp. will include: * A combined revenue stream from existing wells in production. * A 100% interest in the core asset, the 21 square mile Prophet River Project. * A 100% interest in the recently drilled d-60-E/94-G-15 Prophet River well, which as previously announced, yielded an initial unstabilized gas flow of up to 7.943 MMcf.d. from the Mississippian Horizon and excellent gas detection in the Triassic Halfway Formation. This well has been confirmed a 'new pool discovery' by the British Columbia Oil and Gas Commission. * A 100% ownership of the Prophet River 3D seismic data. * A 19.5% to 32.5% gross working interest in the Bougie Trutch and Trutch East lands, including a third party overriding royalty, subject to various terms. * A 19.5% to 32.5% gross working interest 6 Triassic Halfway Formation wells: Three Triassic Halfway wells producing since February 2007, one well currently shut-in, one suspended, and one currently undergoing testing and completion (a-38-A). * A 32.5% interest in 14,217 meters of six inch pipeline from the Tommy Lake field to Trutch East and Bougie Trutch lands. * Milestone third party bonuses and stock payments from third parties for successful tie-in on the Trutch East lands. * A combination of approximately $37 million in gross tax pools, plus government royalty and exploration credits. * A British Columbia Oil and Gas Commission issued Operator's license. Mr. Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release. Mr. A.J. Shah, P.Eng, of Reliance Engineering Group Ltd. has prepared these reserves evaluations in compliance with national instrument 51-101 policy. For more information on the Partners, please visit www.wyndevelopments.ca, www.bighornpetroleum.com and www.flyingapetroleum.com. For more information on Canada Gas Corp., visit www.canadagas.ca.
On Behalf of the respective boards,
WYN DEVELOPMENTS INC. FLYING A PETROLEUM INC.
"David McMillan" "Nash Meghji"
------------------ --------------------
David McMillan Nash Meghji
President & CEO President and CEO
BIGHORN PETROLEUM LTD. TENAKA DRILLING CONSORTIUM LTD.
"Darren Stevenson" "Alistair MacLennan"
------------------ --------------------
Darren Stevenson Alistair MacLennan
President & CEO President and CEO
COMPANY CONTACT INFORMATION
BIGHORN PETROLEUM LTD.
Suite 605, 535 Howe Street
Vancouver, B.C. Canada V6C 2Z4
Tel: (604) 683-7837
Fax: (604) 683-7881
info@bighornpetroleum.com
FLYING A PETROLEUM LTD.
Penthouse, 535 Howe Street
Vancouver, B.C. Canada V6C 2Z4
Tel: (604) 683-0466
Fax: (604) 685-8474
Toll Free: (800) 665-3250
info@flyingapetroleum.com
TENAKA DRILLING CONSORTIUM LTD.
Suite 718-744 West Hastings St.
Vancouver, BC, Canada V6C 1A5
Tel: (604) 684-1007
Fax: (604) 684-3033
Email: alistair@urg.ca
WYN DEVELOPMENTS INC.
Wyn Developments Inc.
520 - 700 West Pender Street
Vancouver, BC, V6C 1G8
Tel: (604) 685-5851
Fax: (604) 685-7349
Toll Free: (888) 685-5851
Email: chad@urg.ca
FORWARD LOOKING STATEMENTS This press release may contain 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. including expectations of future production. More particularly, this press release contains statements concerning the Partners' future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2007/2008. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Partners' operations or financial results are included in the Partners' reports on file with Canadian securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . The forward-looking statements or information contained in this news release are made as of the date hereof and the Partners undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release may contain disclosure expressed as "boe." All oil and natural gas equivalency equivalency the combining power of an electrolyte. See also equivalent. volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner A drive that writes write-once optical discs such as CD-Rs and DVD-Rs. A "burner" implies a one-time recording, but the term is erroneously used to refer to drives that "write" to re-recordable CD-RW and DVD-RW/+RW media as well. See burn, CD-R and DVD-R. tip and does not represent a value equivalency at the well head. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion