Energas raises $500,000 for a leasing fund.OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Dec. 18, 1998--Energas Resources Inc. (the "Company") is pleased to announce the closing of a loan agreement which furnishes the Company with $500,000 for the leasing of acreage and purchase of seismic data. The Company's primary focus will be on natural gas targets in the Arkoma Basin of eastern Oklahoma See Also: Green Country Eastern Oklahoma is usually defined as east of Oklahoma City and east of Interstate 35 in Oklahoma. The region includes Tulsa. The region is usually divided into two main areas: Northeast Oklahoma, and Southeast Oklahoma. . Mr. Taylor Dillard, Vice President of Exploration said, "This will further propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin our shallow gas drilling program which will greatly enhance our production potential." The private US company making this loan will receive, subject to regulatory approval, 50,000 non-transferable share purchase warrants entitling the holder to purchase up to 50,000 common shares at a price set at $0.35 per share if exercised in the first year or at a price of $0.41 per share if exercised in the second year. The lender will receive a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. amount of his money back as each prospect is sold and additionally will be carried to casing point in the first exploratory well in each prospect for a 10% working interest. ON BEHALF OF THE BOARD OF DIRECTORS ENERGAS RESOURCES INC. By: George G. Shaw, Pres. 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 ADEQUACY OR ACCURACY OF THIS RELEASE. FOR FURTHER INFORMATION CONTACT SCOTT SHAW, 1-800-365-6201. |
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