Danoil Busy Buying and Selling Properties.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 12, 1996--Danoil Energy Inc.(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : DAN.A.) Danoil announces that it has concluded a property exchange effective May 1, 1996. In the exchange, the undisclosed buyer will receive lands and production in the East Central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. areas of Chauvin, Edgerton, Hayter, Heath, Reflex Lake and Ribstone. Danoil received approximately $1 Million dollars and title to 480 acres of undeveloped Freehold Freehold, borough, United States Freehold, borough (1990 pop. 10,742), seat of Monmouth co., E central N.J.; settled c.1650, called Monmouth Courthouse (1715–1801), inc. as a town 1869, as a borough 1919. mineral rights offsetting company production in the Leon Lake area of Southwest Saskatchewan. In addition, Danoil sold its interest in the Dollard/Chambery area of Southwest Saskatchewan to Pinnacle Resources Ltd. for approximately $600,000. Danoil also finalized See finalization. the purchase of a 100 percent working interest in 1280 acres of land with production in the Leon Lake area from JM Huber Canada Limited. Included in the Huber acquisition, are three producing oilwells, one shut-in well, one water source well, one water injection well and battery facilities. Subsequent to the closing, the company has refraced three of the Huber wells with oil production increases to be confirmed over the next several weeks. Various Danoil interests in Hoosier, Gleneath, Leedale and Rowley areas were divested to various companies for approximately $383,000. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Sproule Associates Limited Reserves Evaluation for Danoil, the net proven plus probable reserves for the fiscal year ending August 31, 1996 increased 2 percent after the sale of the above properties and the production of about 750,000 BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip . Danoil Energy Ltd. is a publicly listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → (DAN.A) trading on the Alberta Stock Exchange with oil and gas holdings primarily in Alberta and western Saskatchewan. -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Danoil Energy Inc. Bob Brawn, 403/261-9010 danoil@danoil.com Wayne Wadley, 403/261-9010 danoil@danoil.com Patti DeDominicis, 403/261-9010 danoil@danoil.com |
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