DISCOVERY WEST CORP.'S RE-ORGANIZATION UPDATE.TORONTO--(BUSINESS WIRE)--Aug. 1, 1996-- Discovery West Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DSW DSW - penis war ) announced that the re-organization creating BlackRock Ventures BlackRock Ventures Inc. TSX: BVI is a Calgary, Alberta based oil company active in the exploration, development and production of heavy oil in western Canada. On July 10, 2006 Shell Canada completed its buy out of Black Rock for approximately $24CDN per share or Inc. and continuing Discovery West is progressing. After the re-organization, Discovery West Corp. will continue its business as a conventional oil and gas exploration and production company with its operating base in Alberta. BlackRock will hold Discovery's oil sands lease and share position in Rayrock Yellowknife Resources Inc. In addition to its Canadian operations, Discovery West is also evaluating oil production and exploration opportunities in the UK North Sea. Preliminary arrangements are being evaluated for bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. for a UK acquisition, and a joint venture agreement has been signed with an industry partner to pursue acquisitions. BlackRock Ventures Inc. intends to construct and operate a SAGD SAGD Steam-Assisted Gravity Drainage (oil extraction process) SAGD Security Architecture Guidance and Directions pilot on its Cold Lake heavy oil deposit, and participate in more conventional heavy oil properties. Good progress is being made on staffing and property identification. The re-organization will be consummated upon, among other things, a favourable response to Discovery's tax ruling request to Revenue Canada. Discovery's second quarter report will be issued in two weeks, and shareholders will also be kept advised on Dsicovery's re- organization. CONTACT: Don W. Cook David R. Crombie Discovery West Corp. Discovery West Corp. 403/263-1441 416/489-0022 |
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