CUBE ENERGY CORP. AND CRESTVIEW PETROLEUM CORPORATION TO PURSUE MERGER.CALGARY, ALBERTA--(BUSINESS WIRE)--DECEMBER 21, 1994--CUBE ENERGY CORP. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CUK CUK Conservatoires UK Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : CPL CPL - Combined Programming Language. U Cambridge and U London. A very complex language, syntactically based on ALGOL 60, with a pure functional subset. Provides the ..where.. form of local definitions. Strongly typed but has a "general" type enabling a weak form of polymorphism. ) Cube Energy Corp. and Crestview Petroleum Corporation, both of Calgary, have agreed to pursue a merger pursuant to which each holder of Crestview common shares would acquire, in exchange for thirty (30) Crestview shares, one (1) common share of Cube. The merger is subject to formal documentation, satisfactory 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, receipt of all required regulatory approvals and approval of Crestview's shareholders. A special meeting of Crestview's shareholders will be held in March 1995 to approve the proposal. The principal shareholders of Crestview, owning approximately 78 percent of the outstanding Crestview shares have agreed to vote their shares in favour of the proposed business combination. Crestview has 23,335,280 shares outstanding and Cube has 2,762,850 shares outstanding. The combined entity will continue to operate as Cube Energy Corp. with the following estimated effect on Cube's existing asset base: 1) additional production of 2.45 Mmcf per day of gas and 117 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. of oil, 2) new gas production slated to come on stream in April, 1995 of 4.0 Mmcf per day, 3) increased gas equivalent reserves of 13.0 Bcf of proven and 8.0 Bcf of probable reserves, 4) incremental undeveloped lands consisting of approximately 10,333 net acres and 5) increased ownership and operatorship of a number of properties in Northwestern Alberta. Cube and Crestview have a number of common properties in Northwestern Alberta which the combined companies will be better able to exploit. Recent developments involving new custom processing facilities in the area should allow Cube to now more rapidly develop the joint holdings by bringing previously non-producing reserves on stream. CONTACT: CUBE ENERGY CORP.
Mr. Randal J. Matkaluk/Mr. Steven Dobrowolski
(403) 264-4405
CRESTVIEW PETROLEUM CORPORATION
Mr. Don Campbell, (403) 266-4472
INDUSTRY KEYWORD: ENERGY 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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