Daleco Resources signs developmental funding agreement for Texas oil and gas operations.WAYNE, Pa.--(BUSINESS WIRE)--June 19, 1997--Dov Amir, chairman of the board and chief executive officer of Daleco Resources Corp. (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 :DLOV), announced Thursday that Daleco has signed a financing agreement which will provide up to $15 million for the exploitation activities of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Westlands Resources Corp., along the prolific Austin Chalk trend in Texas. Amir added that, over the years, Daleco has developed a substantial degree of expertise in drilling and completing Austin Chalk wells. With the available capital, the company is in a position to take maximum advantage of its existing inventory of developmental drilling prospects and remedial well workover candidates as well as to aggressively pursue viable acquisition targets. Gary Novinskie, Daleco's president, stated that a primary goal of the company has been to secure an appropriate capital commitment which would allow the company to initiate its developmental drilling and expansion plans. Novinskie noted that, "While the funding is subject to the preparation and execution of final documents, no apparent obstacles are foreseen." He continued, "Of the $15 million available to the company, approximately $11 million has been earmarked specifically for drilling 22 horizontal drilling a drilling machine having a horizontal drill spindle. See also: Horizontal prospects and various other developmental projects on Daleco's 7,300 acre leasehold along the Austin Chalk trend." He added that the currently identified developmental projects represent a potential value, net of development cost, in excess of $27 million based on third party engineering estimates. He further stated that the remainder of the funds will be used to minimize the risk associated with product price fluctuation and in the support of the company's acquisition efforts along the trend. Daleco Resources Corp. is a natural resources entity concentrating on oil and gas exploration and development in 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. . Through its wholly owned subsidiary, Sustainable Forest Industries, the company is involved in developing timber concessions in Guyana. Additionally, the company has interests in 109 gold claims in the 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, of Canada and an interest in a Mexican mining company. -0- Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Except for historical information contained herein, the statements of this press release are forward-looking statements that are made pursuant in the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , imprecision im·pre·cise adj. Not precise. im  pre·cise ly adv. in
estimating product reserves and the company's ability to replace
and expand its holdings.
CONTACT: Daleco Resources Corp. Gary J. Novinskie, 610/254-4199 or Dov Amir, 310/282-9999 |
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