Crown Energy and MCN Energy Group Form Asphalt Manufacturing Venture.SALT LAKE CITY--(BUSINESS WIRE)--Sept. 3, 1997--Crown Energy Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on EBB:CROE) and MCN MCN Motorcycle News (magazine) MCN Maternal Child Nursing MCN American Journal of Maternal/Child Nursing MCN Motorcycle Consumer News MCN Migrant Clinicians Network MCN Molecular and Cellular Neuroscience Investment Corp. (MCNIC) Wednesday announced that they have formed a joint venture to develop the Asphalt Ridge oil sand project in northeast Utah. MCNIC is a subsidiary of MCN Energy Group Inc. (NYSE NYSE See: New York Stock Exchange :MCN). Crown will serve as operator of the project. The first phase of the new venture will include construction and operation of a $15 million manufacturing facility designed to produce approximately 100,000 tons of premium quality asphalt annually. It is expected to begin delivering product in early 1998. As market conditions warrant, additional facilities will be developed. "The Asphalt Ridge joint venture will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the paving industry trend toward performance-grade asphalt," said Joseph Roberts, president of MCNIC Pipeline & Processing. "It represents a lucrative new business within our diverse portfolio of energy-related ventures. We look forward to working with Crown on this and other projects of mutual interest." "We couldn't be more enthusiastic about this joint venture," Crown Chairman 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. James A. Middleton said. "MCN is a formidable energy company, and our collaboration opens the door to vast opportunities not limited to the Asphalt Ridge project," he said. Middleton indicated that Crown's agreement with MCNIC is subject to shareholder ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. at the company's next annual meeting scheduled for Oct. 21, 1997. MCN Energy Group Inc. is a diversified energy holding company with approximately $4 billion of assets. MCN's contacts are Thomas Connelly (Analysts), 313/256-6701, and Stewart Lawrence (Media), 313/256-6289. Crown Energy Corp. is a major leaseholder of oil sand reserves with plans to produce and market premium asphalt products. The Asphalt Ridge project is located on a portion of Crown's 7,000 acres near Vernal, Utah For the Vernal point, see .
Vernal is a city in Uintah County, Utah, United States. The population was 7,714 at the 2000 census.and by 2004 had been estimated at 7,939. . CONTACT: Crown Energy Corp., Salt Lake City Rich Rawdin, 801/537-5610 or Jordan Richard Assoc., Salt Lake City Madeleine Franco or Bryce Benson, 801/595-8611 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion