Energas raises a $450,000 leasing/ drilling fund.OKLAHOMA CITY--(BUSINESS WIRE)--April 14, 1999-- Energas Resources Inc. (the "Company") is pleased to announce the closing of an agreement which furnishes the Company with a $450,000 revolving fund revolving fund n. A fund established for a certain purpose, such as making loans, with the stipulation that repayments to the fund may be used anew for the same purpose. Noun 1. for the leasing and drilling of oil and gas prospects. 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. and western Arkansas Western Arkansas is a region of the U.S. state of Arkansas. It can be roughly defined by Crawford County in the northwest, Van Buren County in the northeast, Dallas County in the southeast, and Sevier County in the southwest. . The private US company providing this fund, Mankato Investments LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , will receive, subject to regulatory approval, 60,000 non-transferable share purchase warrants entitling the holder to purchase up to 60,000 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. Additionally, Mankato Investments will be carried to casing point in the first exploratory well in each prospect for a 10% working interest. This plan is set up for an initial term of 3 years and through mutual agreement can be extended to 5 years. 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. |
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