Cubacan Exploration - Block 17 Seismic Indentifies Targets.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 17, 1996--CUBACAN EXPLORATION (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CCX (Cisco Compatible EXtensions) Specifications for makers of 802.11 wireless LAN chips for ensuring compliance with Cisco's proprietary wireless LAN protocols. For example, Cisco's LEAP and EAP-FAST are part of CCX. See EAP. ) Cubacan Exploration Inc. ("Cubacan"), a Calgary based junior oil and gas company with interests primarily in Cuba, announces that it has identified a number of drillable targets as a result of a 400 km seismic survey program recently completed covering onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Block 17. This seismic has been processed and preliminary interpretation has resulted in identifying a number of structures with significant potential. Further processing and interpretation is currently underway in order to high-grade the data so that locations can be chosen for a winter drilling program. PARTNERS FOR $5 MILLION WINTER DRILLING PROGRAM Cubacan is pleased to announce that on September 13, 1996, it entered into a Joint Venture Agreement with Intercap Resource Management Corp. on behalf of itself and others ("Intercap"). Intercap is a Vancouver based resource company which trades on the VSE See DOS/VSE. VSE - Virtual Storage Extended under the symbol "IRC (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel. ". Intercap has the right to participate in the drilling of a test well and other wells as part of a $5,000,000 winter drilling program covering onshore Cuba Block 17. Intercap is entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to earn up to a 37.5 percent working interest by paying 50 percent of the costs of drilling an exploratory earning well. PROSPECTUS OFFERING CLOSING SEPTEMBER 30, 1996 In order to fund Cubacan's ongoing operations in Cuba, the Prospectus Offering to raise up to a maximum of $2,100,000 is planned to close September 30, 1996. The Offering consists of a minimum subscription of 1,700 units and a maximum of 7,000 units. Each unit consists of 1,000 common shares, 500 A warrants and 500 B warrants for a consideration of $300 (an effective cost of $0.30 per unit). 500 A warrants and $225 will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder to acquire, prior to January 31, 1997, 500 common shares (at an effective additional cost of $0.45 per common share). 500 B warrants and $300 will entitle the holder to acquire, prior to June 1, 1997, 500 common shares (at an effective additional cost of $0.60 per common share). The Agent for the offering is Jennings Capital Inc. of Calgary, Alberta, (403) 292-0970. -0- Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Cubacan Exploration Inc. Allan J. Kent President (403) 777-9220 |
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