Carpatsky Petroleum to Resume Trading on the Canadian Venture Exchange.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 5, 2001 Company Announces Restructured Board of Directors and Termination of Proposed Merger with Pease pease n. pl. pease or peas·en Archaic A pea. [Middle English; see pea. Oil and Gas Company Robert J. Bensh, chief executive officer of Carpatsky Petroleum Inc. announced that the company has been advised that it has satisfied all of the requirements of 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) in order for trading in Carpatsky stock to resume on the Exchange. The company anticipates that trading will resume on Friday, April 6, 2001. "This development is a significant step toward our goal to substantially expand Carpatsky and proof that the company is gaining positive momentum," said Robert J. Bensh, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Carpatsky. Mr. Bensh also took the opportunity to announce a restructuring of the board of directors. The current members of the board of directors are Robert J. Bensh, Houston; David A. Melman, Houston; David F. Phillips, Calgary, AB and James D. Thomson, Calgary, AB. Finally, the company announced that the proposed merger with Pease Oil and Gas Company has been terminated by agreement between the parties. Under the terms of the agreement, Carpatsky has paid Pease US$80,000 for bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. and accounting expenses, and has signed a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payable to Pease for US$180,000 with no interest. The note is payable in eight quarterly installments of US$22,500 beginning on June 1, 2001 with the final payment due on or before March 1, 2003. Pease is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to accelerated payments if Carpatsky receives capital from debt or equity financings Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. prior to payment of the note in full. The note is convertible into Common Shares of Carpatsky at a price to be established in accordance with a formula set forth in the note or such higher price as may be prescribed by the Canadian Venture Exchange. This conversion feature of the note is subject to regulatory approval. 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, the Ukrainian state oil and gas company, 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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