Circle Energy announces sale of producing properties.
CALGARY--(BUSINESS WIRE)--May 6, 1996--CIRCLE ENERGY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
Antonym: dec. . (Alberta Stock Exchange Alberta Stock Exchange
See Canadian Venture Exchange (CDNX). :CEN CEN - Conseil Européen pour la Normalisation.
A body coordinating standardisation activities in the EEC and EFTA countries. ) Circle Energy Inc. ("Circle") announces that it has accepted, subject to regulatory and shareholder approval, an offer made by Big Horn Big Horn is a tall peak in the Cascade Range in Washington, USA. At 2438+ meters (8,000 feet) in elevation, it is the highest point in Lewis County, Washington. Big Horn, one of the Goat Rocks, is the second highest point on the ridge west of Mt. Resources Ltd. to purchase Circle's producing oil properties in Southwest Saskatchewan for $1.2 million.
The properties include a 22.17 percent interest in the Hazlet Unit and a 100 percent interest in the Gull Lake Gull Lake may refer to: Native American entities
Circle is strategically committed to pursuing high reward exploration prospects using established technology together with leading edge science such as ground based magnetic horizontal gradient intensity and radiometric surveys to reduce finding costs and increase success rates. Circle's existing producing assets are not an integral part of the company's science based exploration focus.
A portion of the proceeds from the sale will be used to pay off all of Circle's debt in the amount of $822,000. The remainder of the proceeds, together with $1,093,000 raised by two previously announced private placements, will be used to fund Circle's Nisku/Leduc Devonian Reef drilling program in Central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta.
Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. and other high potential exploration programs. -0- EDITOR'S NOTE: The Alberta Stock Exchange has neither approved nor disapproved of the information contained in this press release.
CONTACT: Circle Energy Inc.
Bill Baker, (403) 777-1926