Direct Energy Marketing Limited to Purchase Channel Lake Petroleum Ltd.CALGARY, ALBERTA--(BUSINESS WIRE)--April 10, 1997-- OPTUS (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :OPT.IR.) Direct Energy Marketing Limited ("DEML DEML Detached Enlisted Men's List DEML Digital Electromagnetic Log DEML Military Construction, Defense-Wide (PPBS) DEML Depositor E-Mail ") and Saskatchewan Power Corporation ("SaskPower") announced today that they have entered into an agreement for the purchase by DEML of all of the shares of Channel Lake Petroleum Ltd., a wholly-owned subsidiary of SaskPower. Channel Lake Petroleum operates 325 gas wells in ALberta and owns two gas processing plants in the Medicine Hat area where most of the company's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight gas of 10 MMcf/d is produced. The sale, which is subject to standard regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , is expected to be completed by June 1, 1997. As part of the acquisition, DEML will enter into a natural gas supply management agreement with SaskPower, whereby DEML will be managing all requirements for SaskPower's gas-powered electrical generating facilities. DEML will obtain natural gas from various sources with a preference for Saskatchewan supply. DEML is a leading marketer of natural gas with 1996 gas sales in excess of $850 million. DEML is a wholly-owned subsidiary of OPTUS Natural Gas Distribution Income Fund. OPTUS is a Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. listed income trust (TSE symbol:OPT.IR) currently distributing natural gas to more that 325,000 residential and small business customers in Ontario and Manitoba. The OPTUS Fund has no external debt and a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $120 million. CONTACT: Direct Energy Marketing Limited Louis R. Dufresne, 403/ 266-6393 or Direct Energy Marketing Limited Hugh N. Mcintosh, 403/ 266-6393 or Direct Energy Marketing Limited Nino C. Silvestri, 905/ 339-3385 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion