Daleco Resources Signs Letter of Intent.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California--(BUSINESS WIRE)--April 10, 1996--DALECO RESOURCES CORP. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : DLOV 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 : DLOVF) Louis Erlich, Chairman of Daleco Resources Corporation, announced today that Daleco has signed a Letter of Intent which will lead to the infusion of additional capital and the expansion of its natural resources management team. The Letter of Intent is between Daleco, a natural resources company involved in oil and gas production, timber harvesting and mineral exploration; Deven Resources, Inc., a resource management company with over eighteen (18) years of experience in managing and financing development of oil and gas reserves; and A.B. Merchant Group, a corporate development company with fifteen (15) years of management experience in advising and assisting natural resources companies about their financial transactions. The Letter of Intent commits the participants within 30 days to complete due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and execute agreements to advise and assist Daleco on infusing new capital and bringing additional management for the development of Daleco's assets. The Company anticipates raising $2.5 million which will be used to rework and develop existing oil and gas reserves, to expand the capacity of its significant timber rights in Guyana, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and to discharge current obligations. Deven will aid Daleco's management in a rapid and aggressive development of its oil and gas reserves and implementing a production and marketing plan for Daleco's timber operations in South America and the Caribbean regions. The parties believe that the results of these efforts should be evident later this year. The Letter of Intent commits Daleco and Deven to explore the possibility of a merger of the two companies. Deven controls net reserves of 20,201,670 Mcf of natural gas and 1,149,490 barrels of oil. Daleco owns net reserves of 8,036,640 Mcf of natural gas and 825,210 barrels of oil. In addition, the Company owns the rights to harvest hardwood timber on 6000 acre concessions in Guyana, South America and is in the process of negotiating for additional concessions. Daleco owns gold exploration claims totalling 5300 acres in the headwater head·wa·ter n. The water from which a river rises; a source. Often used in the plural. Noun 1. headwater - the source of a river; "the headwaters of the Nile" area of the Klondike River The Klondike River is a tributary of the Yukon River in Canada and gave its name to the Klondike Gold Rush. The Klondike river has its source in the Ogilvie Mountains and flows into the Yukon River at Dawson City. , Yukon Territory Yukon Territory, territory (2001 pop. 28,674), 207,076 sq mi (536,327 sq km), NW Canada. Geography and Climate The triangle-shaped Yukon territory is bordered on the N by the Beaufort Sea of the Arctic Ocean, on the E by the Northwest Territories, , Canada. Daleco's common stock is listed on NASDAQ (DLOVF) and Canadian Dealing Network Inc. (DLOV). ON BEHALF OF THE BOARD Louis Erlich, Chairman CONTACT: Daleco Resources Corporation Louis Erlich, ale/Resources Corporation Dov Amir 310/282-9999 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion