Coulee Ridge Completes Major Transaction and Reverse Takeover by Del Roca.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 26, 1997--Coulee Ridge Capital Corp. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). COU COU Calendar of Updates COU Council of Ontario Universities COU Change Of Use COU Curso de Orientación Universitaria COU Columbia, MO, USA - Columbia Regional (Airport Code) COU Cardiac Observation Unit COU Cable Orderwire Unit .) Coulee cou·lee n. 1. Western U.S. A deep gulch or ravine with sloping sides, often dry in summer. 2. Louisiana & Southern Mississippi a. A streambed, often dry according to the season. b. Ridge Capital Corp. ("the Corporation") is pleased to announce that it has completed its major transaction which includes the purchase of all outstanding shares of Del Roca Resources Ltd. ("Del Roca") and certain oil and gas assets of BowRio Investments Ltd. ("BowRio"). This transaction was approved by the shareholders of the Corporation at its Annual and Special Meeting held on September 15, 1997. The asset value of Del Roca consists of oil and gas properties, independently appraised at $1.7 million, and cash of approximately $1.0 million; the BowRio oil and gas properties were independently appraised at $0.65 million. The Corporation issued 17,828,922 common shares pursuant to these transactions. In addition, the Corporation has received 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). of $523,000 under a private placement at $0.30 per share, and issued an additional 1,744,330 common shares at the closing. The Corporation may accept additional subscriptions under this placement after the closing. The Corporation's oil and gas assets are valued at approximately $3.0 million, and consist of an average 53 percent working interest in approximately 2720 acres of land including 13 oil wells in the Pembina-Norbuck area and a 20 percent working interest in 640 acres of land and 3 producing oil wells in the Turin area of Alberta. Net current production from these properties is 67 Bopd and the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cash flow is expected to exceed $400,000. The Corporation will have cash on hand of approximately $1.75 million, and no debt. The Corporation plans to develop its existing properties and pursue additional acquisition opportunities. Potential exists at Norbuck for the implementation of a waterflood scheme and additional drilling on the lands. These projects are currently being evaluated. At Turin, where Del Roca recently participated in a horizontal well, a 3-D seismic program and follow-up drilling is currently being planned. The existing Del Roca team have now assumed the ongoing management of the Corporation. The Officers and Directors of the Corporation are: Stanley W. Odut - Director, President 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. ; Richard N. Gateman Gate´man n. 1. A gate keeper; a gate tender. - Director and Secretary/Treasurer; Gawdat M.S. Ibrahim - Director; Kevin L. Norman - Director; Melvin Duda -Director; Victoria Norman - Vice President, and Donna R. Gateman, Land Manager. Mr. Odut has been President of Del Roca since its inception, and has attained extensive experience in key senior management roles at other Canadian public oil and gas companies. The management team will extend their complementary skills to the Corporation, and have extensive experience in all aspects of the oil and gas business including geology and exploration, engineering, operations, land, legal, and administration. The Corporation's shareholders also approved a motion to change the name of the Corporation to Del Roca Energy Inc. The major transactions and name change are pending final approval of the Exchange. A new trading symbol Trading symbol See: Ticker symbol will also be assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. once the name change is approved. Concurrent with the completion of these transactions, the principal shareholders of Del Roca and Bow Rio acquired 1,600,000 common shares of the Corporation from the former directors of the Corporation, which shares will remain subject to an escrow agreement Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. . NOTE TO EDITORS: THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Coulee Ridge Capital Corp. Mr. Stanley W. Odut, 403/261-5060 |
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