Caye Chapel Inc. Finalizes the Asset Acquisition of Great Plains Inc. for $6 Million.LAS VEGAS--(BUSINESS WIRE)--May 28, 1998--Caye Chapel Inc. (OTC/BB:CAYC CAYC Canadian Association for Young Children ) Thursday announced that it has finalized the asset acquisition of privately owned Great Plains Inc. (GPI (Graphical Programming Interface) A graphics language in OS/2 Presentation Manager. It is a derivative of the GDDM mainframe interface and includes Bezier curves. ). The GPI acquisition adds to the already significant asset base of CAYC through GPI's ownership of more than 1,800 shallow oil wells situated in southcentral Texas on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. . The acquisition also includes all other valuable assets, such as seven portable swabbing units, all storage facilities, rolling stock rolling stock Any of various readily movable transportation equipment such as automobiles, locomotives, railroad cars, and trucks. Rolling stock generally makes good collateral for loans because the equipment is standardized and easily transportable among , infrastructure, roads, oil inventory and pipelines. The primary factors for the acquisition of GPI assets are the third-party independent engineering reserve estimates of proved-producing, proved-nonproducing and probable oil production from the 15 fields of 35 million gross barrels with cumulative estimated undiscounted future revenue potential of $526.5 million at $15 benchmark basis. In conjunction with the acquisition, CAYC appointed three new board members to its existing board of directors. The new members collectively have more than 73 years of oil and gas experience in areas that include, but are not limited to, a master's degree in petroleum engineering, geology and environmental enginerering, owning an operating company operating company A business that engages in transactions with outsiders. , owning a drilling company, more than $1 billion in acquisitions review and purchase experience, reservoir engineering, crude oil sales and marketing of up to 8,000 barrels of crude per day, being a certified safety professional The Certified Safety Professional (CSP) is a certification offered in the United States by the Board of Certified Safety Professionals (BCSP). The CSP has been accredited in the United States by the National Commission for Certifying Agencies and the Council of Engineering and Scientific , being a registered professional engineer, and being a certified professional geologist. The new board members will assist with the growth through acquisitions of CAYC. CAYC President R.M. Frederick stated, "The corporate offices will move to the Texas area in the immediate future, where all new board members are located." -0- This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
CONTACT: C. Jones & Co.
Allen Jones, 303/470-8783
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