Carpatsky Petroleum Amends Letter of Agreement to Acquire Lateral Vector Resources.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 9, 2001 Total Transaction Value of Company's Proposal to LVR LVR Lever LVR Loan to Value Ratio LVR Low Voltage Reset LVR Louver LVR Lung Volume Reduction LVR Low Voltage Release LVR Large Volume Receiver (Canada Post) LVR Line Voltage Regulator LVR Low Voltage Relay Shareholders is $0.41 to $0.50 (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) per share Carpatsky Petroleum Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :KPY) today announces that the Company and Lateral Vector Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :LVR), an independent oil and gas company based in Regina, Saskatchewan, have amended their binding Letter of Agreement dated March 2, 2001, by which Carpatsky agreed to acquire LVR in a stock-for-stock transaction. The total transaction value of the Company's proposal to LVR shareholders is approximately $0.41 to $0.50 (USD) per share based on the net asset value of the combined companies. As a result of this amendment, the parties have agreed to: -- Conclude this transaction by way of an arrangement agreement under the court approved arrangement provisions of the Business Corporations Act of Saskatchewan; -- Extend the term of the Letter of Agreement to Aug. 1, 2001; and -- Eliminate certain conditions to closing so that the transaction is subject only to LVR and Carpatsky shareholder approval, Canadian regulatory approval and Saskatchewan court approval of the arrangement agreement. Specifically, the transaction is not subject to any regulatory approvals in Ukraine, the continuation of LVR's business or operations in Ukraine with no material change, or prior termination of any agreements with or offers from any third parties. In addition, Carpatsky has agreed to assume LVR's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. trade payables. "We are extremely pleased to have concluded this binding agreement with LVR to amend our Letter of Agreement which benefits both parties to this transaction," stated Mr. Robert J. Bensh, chairman and chief executive officer of Carpatsky. "As a result of our 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. and negotiations over the past month, we have agreed to eliminate the condition requiring approval from Ukrnafta, the Ukrainian state oil and gas company, which is LVR's partner in Ukraine. "The transaction with LVR is consistent with our strategy to expand our assets in Ukraine by acquiring existing companies with significant development potential," Mr. Bensh continued. "For LVR shareholders and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. this acquisition creates an opportunity to finally participate in a company that has operated in Ukraine for the past five years and is led by a board and management team focused on creating long-term shareholder value." "I'm very pleased to have this opportunity to build upon our already strong working relationship with our partner, Ukrnafta, and look forward to its support as we continue the process of assuming LVR's rights and obligations in Ukraine relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Bugruvativske field. We look forward to working with Ukrnafta and aggressively moving forward on a work program that finally develops the reserve potential of this field." Carpatsky Petroleum Inc. is an independent oil and gas company, headquartered in Houston. The Company's core area of operations An operational area defined by the joint force commander for land and naval forces. Areas of operation do not typically encompass the entire operational area of the joint force commander, but should be large enough for component commanders to accomplish their missions and protect their is Ukraine. Together with its partner Ukrnafta, Carpatsky is developing the Rudovsko-Chervonozavodskoye and Bitkov-Babchensky fields in Ukraine. At present, Carpatsky has working interests in eight wells with current net production of approximately four million cubic feet of gas equivalent per day. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based only upon information available to the Company on the date of this release. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurances that forecasted results will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include future oil and gas prices, drilling risks, foreign currency fluctuations, political uncertainties, environmental risks and the Company's ability to replace reserves, pursue acquisition opportunities and raise capital. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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