Dusty Mac Oil & Gas makes announcement.VANCOUVER, B.C.--(BUSINESS WIRE)--July 19, 1995--On June 29, 1995, Dusty Mac Oil & Gas Ltd. (VcSE:DM)(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 :DMACF) announced that it was sending a delegation to Yemen to review and assess various oil and gas concessions which were being made available by the Ministry of Oil & Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature . The delegation was sponsored by the Al-Ahmar Group, which is reported by the Canadian Embassy as being the most powerful and influential group in Yemen. The Al-Ahmar Group is controlled by Shaik Abdullah Al-Ahmar (the "Shaik of Shaiks" in Yemen) and chaired by his son, Shaik Hamid Abdullah Al-Ahmar. While in Yemen, the company and the Al-Ahmar Group executed an Agency Agreement whereby the Al-Ahmar Group agreed to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d and faithfully to further progress and safeguard the interest of the company in respect of signing a contract for oil concession(s) and to endeavour to introduce other concessions and business opportunities in the oil industry to the company. Under the terms of the agreement, the Al-Ahmar Group will not receive any consideration for their services unless the company is successful in obtaining an interest in the concession(s) of its choosing. The delegation fielded by the company consisted of Richard Coglon (president of the company), Sohail Kiani (president of Dusty Mac Oil & Gas International, Canada, Ltd.)., The Honorable Don N. De Marino (chairman, U.S.-Arab Chamber of Commerce), Salman Siddiq (investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , London) Erwin Noyes (formerly general manager 1987-1991, in Yemen for Candaian Oxy Offshore International Ltd.), Ross Clarkson (chief geologist for a major Canadian oil and gas company situate sit·u·ate tr.v. sit·u·at·ed, sit·u·at·ing, sit·u·ates 1. To place in a certain spot or position; locate. 2. To place under particular circumstances or in a given condition. adj. in Calgary, Alberta, and general manager of their operations in Yemen from 1988 to 1992), Ken Morrision (senior consulting geophysicist ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. , formerly with Canadian Oxy) and Bob (Robert) Smith (formerly senior geologist, Chevron Corp.), an independent consulting geologist. Upon arriving in Yemen, the delegation was warmly received by Shaik Hamid Al-Ahmar, and was promptly introduced to all senior members of the MInistry of Oil & Mineral Resources, including on numerous occasions the vice-minister (acting minister), the deputy minister and officials of the Ministry of Supply & Trade (Sana'a). The technical members of the delegation, having a combined 12 years of oil and gas exploration and development experience in Yemen, were presented with information, reports and approximately 1,600 square kilometers 3D seismic on a concession of particular interest to the company. The company's technical advisers are in the process of finalizing a geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. report and feasibility analysis of this concession. Prior to departing de·part v. de·part·ed, de·part·ing, de·parts v.intr. 1. To go away; leave. 2. To die. 3. Yemen, the company made a formal offer to the vice-minister (acting minister) to acquire the concession. The offer has been presented by the Al-Ahmar Group on behalf of the company. The company estimates that if is successful in its bid for the concession, its initial financial commitment will be in the order of $15 million to $20 million (US). The company has granted director and employee stock options in the amount of 100,000 shares at the exercise price of $5.75 (Canadian) per share, expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on July 19, 1997. On behalf of the board of directors, Dusty Mac Oil & Gas Ltd. Richard L. Coglon, president NOTE TO EDITORS: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the accuracy fo this news release. CONTACT: Dusty Mac Oil & Gas Ltd., Vancouver, B.C. Richard L. Coglon, 604/683-2568 or U.S. toll free 800/444-9348 or Canada toll free 800/561-2166 |
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