Cube Completes Acquisitions.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 26, 1995--Cube Energy Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CUK CUK Conservatoires UK ) has completed several acquisitions of additional working interests in its existing properties over the past three months. These assets were acquired from an industry partner and two joint venture companies for a total consideration of $3,291,000. Total proven reserves acquired were 7.0 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of gas and 45,100 barrels of oil for an average acquisition cost of $4.42 per proven barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. . As part of a rationalization process after Cube's merger with Crestview Petroleum Corporation earlier in 1995, Cube has also begun to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. itself of minor properties. Proceeds from property sales, which have been completed during the past 5 months or agreed to in principle, are estimated to total $2,176,000, of which approximately $660,000 of the consideration will be received in shares of a private company. These dispositions include 25 properties and working interests in 81 gross (19.3 net) wells. CONTACT: Cube Energy Corp. Randal J. Matkaluk, Steven Dobrowolski, 403/264-4405 |
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