CanArgo Energy Inc. -- Company Update.CALGARY, ALBERTA--(BUSINESS WIRE)--July 23, 1997--(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. CNAR CNAR Calling Name Restriction .) CanArgo Energy Inc. (formerly Money Works Inc.) has closed its previously announced indirect purchase of 55.9percent of the Ninotsminda Oil Company (formerly JKX JKX Jamie Kennedy Experiment (TV show) Ninotsminda)as a result of the acquisition of the shares of CanArgo Limited. Ninotsminda Oil Company is based in Cyprus and owns 100 percent ofthe Ninotsminda Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. with Georgia, arepublic of the Former Soviet Union. The Ninotsminda Oil Companyis currently producing just under 2,000 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. . For theyear ended December 31, 1996, it reported an audited net incomeafter tax of US$1,367,500. For the quarter ended March 31, 1997,it reported unaudited net income of US$248,500. Ninotsminda is currently drilling well N96. Secondary casing has been set on this well at a depth of 1,800 m and it is currentlyahead of its drilling schedule which anticipates reaching targetdepth of 2,800 m in September, 1997. The Company is pleased to announce that Mr. John McLeod For other persons named John McLeod, see John McLeod (disambiguation). John McLeod (born 1795 - died sometime after 1842) was a Scottish-born explorer of Canada, in his capacity as a fur trader with the North West Company and Hudson's Bay Company. has joined the Board of Directors. Mr. McLeod is a professional engineer who brings to CanArgo over 25 years' of international experience inproduction and reservoir engineering and the supervision andmanagement of drilling operations. CanArgo would like to confirm that the previously announced stockconsolidation (on a 40 for 1 basis) became effective July 2, 1997. The Company's shares are currently halted pending completion ofreview by the Canadian Dealer Network of the above acquisition. CONTACT: CanArgo Energy Inc. Michael Binnion, 403/777-1570 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion