CS Resources acquires properties.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 8, 1995--CS RESOURCES LIMITED (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: CRZ CRZ Cruise CRZ Contamination Reduction Zone CRZ Chirped Return to Zero CRZ Close Reconnaissance Zone CRZ Controlled-Reaction Zone CRZ Compact Renaissance Zero ) CS Resources Limited announced today the acquisition of two properties. Both of these acquisitions consolidate interests in existing operated areas. The Company acquired working interests ranging from 16.67 percent to 100 percent in producing and undeveloped lands in the Garrington area of west central Alberta. Production from the acquired properties is currently averaging 575 barrels of oil equivalent per day and the 4,300 net acres of undeveloped lands will compliment the holdings of CS Resources in this area. The purchase was effective August 1, 1995 and is subject to rights of first refusal. The second acquisition was made at Pelican Lake, an 89 square mile oil sands lease located in north central Alberta. The Company has acquired the remaining 23 percent working interest in this area to bring the ownership of CS Resources to 100 percent. The crude oil production acquired was 350 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . As a result of these acquisitions, CS Resources has increased the 1995 capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. program from $60 million to $70 million. CS Resources Limited is a Calgary-based petroleum company with operations focused in the western Canada sedimentary basin. The Company's common shares are listed for trading on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: Dennis A. Sharp, President or George A. Crookshank, Vice President, Finance, 403/260-6100, 403/260-6191 (FAX) REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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