International Petroleum Corporation Completes Sale of Common Shares to Morrison Middlefield Resources Limited.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 5, 1995--INTERNATIONAL PETROLEUM CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IRP See Interest rate parity line. )(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 :IRPPF) ("IPC") is pleased to announce the completion of the sale of all the common shares of IPC Expro (UK) Limited ("Expro") and inter-company debt of Expro and its subsidiaries (the "UK Companies") to Morrison Middlefield Resources Limited ("MMRL MMRL Multimedia Medical Reference Library ") which occurred on Friday, June 2, 1995. The UK Companies own and operate 100% of the oil and gas rights granted under adjacent production licenses in the East Midlands region of the United Kingdom together with related facilities and gathering systems. Total consideration for the sale is US$40 million comprised of two notes payable by MMRL totalling US$17.9 million and limited recourse debt with the UK Companies of US$22.1 million. The first note is for US$13.9 million and matures on December 28, 1995. The second note of US$40 million is due on May 31, 1998. IPC is a publicly traded, independent Canadian energy company, exclusively engaged in international oil and gas exploration and production. IPC's shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol "IRP") and on NASDAQ (symbol "IRPPF"). CONTACT: Ian H. Lundin President (604) 689-7842 Telefax: (604) 689-4250 |
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