Colony To Participate In Two Natural Gas Development Projects.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--July 4, 2000 Colony Pacific Explorations Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYX) has agreed to participate in two natural gas development projects owned by Imperial Metals Corporation ("Imperial"). Anticipated expenditures are estimated to be $506,000. The first project consists of 4 infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. development wells located in the Medicine Hat area of Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. . Colony will pay a 25% share of drilling, casing and completion costs to earn a 25% share of revenues until payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. . After payout, Colony will retain a 5% share of revenues and Imperial will retain a 20% share of revenues. The second project is a workover of 16 existing wells located in the Sousa area of Alberta. Colony will pay a 4.9084% share of workover costs to earn a 4.9084% share of revenues until payout. After payout, Colony will retain a 1.2271% share of revenues and Imperial will retain a 3.6813% share of revenues. Both projects have been independently evaluated and are considered to be low risk with a combined anticipated rate of return to Colony of 15%. Imperial owns 9,029,040 shares (52%) of Colony's 17,365,518 common shares issued and outstanding. The transaction has been reviewed and approved by an independent committee of the Board of Directors of Colony and remains subject to regulatory approval. |
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