GATB Acquisition Closed.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Sept. 6, 2001 Continental Energy Corporation (the "Company") (OTC-BB:CPPXF) today announced that it has closed the acquisition of 35,000 common shares of GAT Bangkudulis Petroleum Company Ltd. ("GATB GATB General Aptitude Test Battery GATB Gillian Anderson Testosterone Brigade GATB Graphical Articulated Total Body (3-D computer model) GATB guidance, apportionment, and targeting board (US DoD) ") representing a 70% majority ownership of GATB and GATB's underlying Technical Assistance Contract for the development of the Bangkudulis Oil Field located in East Kalimantan East Kalimantan (Indonesian: Kalimantan Timur abbrv. Kaltim) is Indonesian province on the east of Borneo island. The resource-rich province has two major cities, Samarinda (the capital and a center for timber product) and Balikpapan (a petroleum center with oil , Indonesia. Please refer to previous press releases dated September 25, 2000 and May 28, 2001 for further details of the acquisition. Pursuant to the April 9, 2001 share purchase and transfer agreement, the Company owes the seller of the GATB shares, Dimensions West Energy, Inc. ("DWE DWE Doppler Wind Experiment DWE Douglas Wright Engineering Building (University of Waterloo) DWE Difficulty with Evacuation DWE Deferred Work Element DWE Duration Weighted Exposure DWE Detailed Work Estimate ") of Vancouver, final consideration in the amount of US$ 185,000. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the agreement this amount is payable in cash or in the deemed cash equivalent in the form of the Company's common shares. The Company reached agreement with DWE to settle the entire outstanding amount for shares. The Company is issuing 740,000 of its common shares to DWE at a deemed value of US$ 0.25 per share in full and final satisfaction of the agreement and closing of the GATB acquisition. All shares issued to DWE are subject to a one-year hold period before the shares can be freely traded plus any other applicable trading restrictions required by securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities having jurisdiction. Continental is a small but aggressive oil and gas exploration company focusing its efforts on discovering major reserves in Indonesia. The Company owns and operates a 60% interest in two high potential exploration properties under Production Sharing Contracts covering some 3 million acres in Indonesia, the onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Bengara-II Block and the offshore Yapen Block and a 70% interest in a third Indonesian property, a Technical Assistance Contract for the development of the Bangkudulis Oil Field. By order of the Board, "Gary R. Schell" Gary R. Schell, Director & Secretary |
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