Centurion Closes Sale of Canadian Oil and Gas Properties.CALGARY, Alberta--(BUSINESS WIRE)--Aug. 22, 1997--Centurion Energy International Inc. (Centurion) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CUX CUX Corporate University Xchange (provides education research, benchmarking and advisory services to corporate America) ) announced today that it has closed the sale of its Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. oil and gas properties as previously announced, for proceeds of $16.5 million. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Centurion after retirement of all its bank debt are approximately $8 million. These funds will be utilized in the company's ongoing development and exploration programs in North Africa. Planned activities before year end are as follows: -0- TUNISIA Ezzaouia Field Jurassic Wells 1. Ezzaouia Well No. 8 Workover -- completed August, 1997 with addition of 400 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot (125 BOPD, net). 2. Ezzaouia Well No. 12 -- expected spud date -- October, 1997. 3. Ezzaouia Well No. 13 -- expected spud date -- December, 1997. This well would be the second of a three well program including No. 12. We are still discussing the merits of a multi well program. Well No. 12 has been approved by the partners as a single well program. The third well in this program would be spudded in early 1998. El Biban Field El Biban Well No. 3 Re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the (tested at 5,500 BOPD, November, 1996) -- Pipeline and tie-in underway, all route approvals in place, with first production expected in early October, 1997. Grombalia Permit El Manzah Exploration Well No. 1, location staked, with expected spud date -- November, 1997. Robbana Field Development Well Robbana No. 2, expected spud date -- December, 1997. EGYPT 1. Test existing well El Wastani No. 1 (drilled 1968) -- September, 1997, if sustained commercial production rates are established, tie-in to follow, pipeline within 3 KM. 2. Drill exploration well Abu Monkar No. 1, expected spud date -- November, 1997. ARGENTINA Centurion has terminated negotiations to purchase the shares of Glacco Compania Petrolera S.A. and have requested the return of the purchase deposit. CONTACT: Centurion Energy International Inc. Said Arrata or Barry Swan swan, common name for a large aquatic bird of both hemispheres, related to ducks and geese. It has a long, gracefully curved neck and an extremely long, convoluted trachea which makes possible its far-carrying calls. , 403/263-6002 |
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