Epic Energy -- major Ukraine oil & gas contracts signed.HOUSTON--(BUSINESS WIRE)--March 14, 1996--Ronald K. Cormick, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Epic Energy Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :EPI EPI exocrine pancreatic insufficiency. ) Thursday announced that he has signed a comprehensive Licensing Agreement with Ukraine. "This latest agreement is another important step in our ongoing policy of perfecting Epic's legal position in the evolving Ukraine business environment," Cormick said. The agreement covers the exploration and development of all shallow oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. in the Kerch peninsular area. In addition, it provides specific licensing coverage for Epic's subsequent development of the deeper and larger oil and gas fields in the same area. Although the licensing agreement is specific to Epic's active development program in the Kerch Peninsula, it provides valuable confirmation of Epic's rights under its original Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. (PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ). The PSA assigns the company the right, with its Ukraine partner, Krymgeologia, to explore and develop the oil and gas potential of the Crimean Peninsula, an 11,000-square mile region where there is an estimated potential for more than 1.3 billion barrels of oil-equivalent. This latest agreement is a detailed clarification of items and issues that are covered in more general terms within the PSA, including exploration, development, export, cost-recovery, taxation, etc. The agreement has been signed and/or ratified by all levels of the Ukraine government from the local administrative authorities in Crimea, to Ukraine's various environmental authorities, and including the State committee for Oil and Gas. Most importantly, the Agreement has been signed by the State Committee for Geology and Utilization of Mineral Resources, which is Ukraine's principal licensing authority for oil and gas development and productions. -0- Note to Editors: The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved information contained herein. CONTACT: Epic Energy Inc. Ron Cormick, 713/537-2552 or Barrington Communications Cliff Sandwell, 604/682-1700 or 800/663-0321 |
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