CANADIAN LEADER ENTERS INTO AGREEMENT WITH TRAX PETROLEUMS.CALGARY, ALBERTA--(BUSINESS WIRE)--MARCH 22, 1995-- CANADIAN LEADER ENERGY (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : LOL "Laughing out loud" or "lots of luck." See digispeak. (chat) LOL - "laughing out loud", or "lots of love" or "luck". )-- Canadian Leader Energy Inc. ("Canadian Leader") announces that it has entered into an agreement with Trax Petroleums Ltd. ("Trax") whereby Canadian Leader will provide approximately $15 million over a two (2) year period to participate in the exploration and development of an extensive inventory of prospects owned by Trax in Western Canada
Western Canada, commonly referred to as the West . The agreement is subject to Canadian Leader and Trax executing a formal joint venture agreement which is anticipated to occur on or before April 14, 1995, the approvals of all applicable regulatory bodies and Canadian Leader obtaining, prior to May 1, 1995, $15,000,000 in funding for expenditure pursuant to the joint venture. Funding for this program will be from a combination of utilizing free cash flow and third party joint venture participation with Canadian Leader resulting in no shareholder dilution. Canadian Leader Energy Inc. is a public company which shares trade on both the Toronto and Alberta stock exchanges under the trading symbol Trading symbol See: Ticker symbol "LOL". -0- Neither the Toronto or Alberta Stock Exchange has approved nor disapproved of the contents contained herein. CONTACT: Jeffrey L. Standen or Paul W.M. Read 403/264-1095, 403/264-6111 (FAX) REPEATS: 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 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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