Daleco Resources schedules special shareholders meeting.LOS ANGELES--(BUSINESS WIRE)--Aug. 12, 1996--Daleco Resources Corporation announced today that the special shareholders meeting to vote on the redomestication of the Company from Canada to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and to affirm the Company's acquisition of Deven Resources, Inc. has been scheduled for August 29, 1996 in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada. Dov Amir, Chairman of the Board 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. of Daleco, confirmed that the Company anticipates shareholders' approval on all issues to be addressed at the meeting due to the significant economic and operational benefits to be realized by the Company. He further stated that the greatly expanded asset base of the combined companies has permitted the Company to open negotiations with several financial institutions to provide the Company with up to $10,000,000 of capital to support its acquisition and exploitation programs. Gary Novinskie, Daleco's President, added that the exploitation program on the Company's 7,200 acre lease holdings in the Texas Austin Chalk Trend has been initiated. He reported that the Company has already fracture stimulated three of its existing chalk wells. Additionally, the Company also reported that it has commenced redevelopment drilling of its DRC DRC Democratic Republic of Congo DRC Down (Stage) Right Center DRC Director(ate) of Reserve Components DRC Disability Rights Commission (United Kingdom) V well. According to Mr. Novinskie, the plans call for drilling a second 3,000 foot horizontal lateral in the wellbore to tap what is believed to be significant additional oil and gas reserves bypassed by the well's original completion. Daleco's common stock is listed on the 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) and on the 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. Inc. (DLOV). ON BEHALF OF THE BOARD Dov Amir, Chairman CONTACT: Daleco Resources Corporation Louis Erlich, 310/282-9999 Dov Amir, 310/282-9999 Gary Novinskie, 610/964-2080 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion