CLARINET RESOURCES TO ACQUIRE CANADIAN OIL AND GAS ASSETS OF SILVER BUTTE.CALGARY, ALBERTA--(BUSINESS WIRE)--APRIL 5, 1995--SILVER BUTTE RESOURCES (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :SBU SBU St. Bonaventure University (St. Bonaventure, New York) SBU Stony Brook University (State University of New York) SBU Southwest Baptist University (Bolivar, MO) Alberta Stock Exchange:KR) CLARINET RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . and SILVER BUTTE RESOURCES LTD. announced today they have reached agreement, subject to regulatory approval and satisfactory completion of normal due diligence, for Clarinet to acquire all of Silver Butte's Canadian oil and gas assets. Substantially all of Silver Butte's production is natural gas. The assets purchased include working interests in the Lanes Lake, Thunder North, Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. and Sugden areas of Alberta. The purchase will add 898 MMCF MMCF Million Cubic Feet MMCF Multimedia Communications Forum MMCF Mint Mocha Chip Frappuccino MMCF Multi Media Communication Forum to proved reserves to Clarinet's reserve base and in excess of 50 BOE's of daily production by year end. The effective date of the transaction is May 1, 1995 and the closing is expected to occur in the middle of June. Clarinet will pay for the assets with a combination of cash and common shares. During 1995, Clarinet expects to participate in the drilling of two development wells at Lanes Lake and an exploration well at Thunder North, Alberta. ON BEHALF OF THE BOARD OF DIRECTORS OF SILVER BUTTE RESOURCES LTD. -0- LOUIS P. STARCK Chairman -0- This News Release has been prepared by Clarinet Resources Ltd. and Silver Butte Resources Ltd. Neither the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). nor The Alberta Stock Exchange have approved nor disapproved the information contained in this News Release. CONTACT: Eric Switzer Clarinet Resources Ltd. 403/269-1730 or Michael Altman Silver Butte Resources Ltd. 604/685-5853 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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