Nce Petrofund Enhances Reserves With $10 Million Acquisition.TORONTO--(BUSINESS WIRE)--Aug. 13, 1997--NCE Resources Group (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). NCF See National Cristina Foundation. .UN) John Driscoll John Edmund Driscoll (b. June 27, 1981 in Fort Belvoir, Virginia) is an American television and soap opera actor. Early Life Driscoll grew up in Virginia. He went to Woodbridge Senior High School in Woodbridge, Va and graduated in 1999. , President of NCE NCE Networks of Centres of Excellence NCE New Chemical Entity (pharmaceutical research) NCE Normal Curve Equivalent NCE New Civil Engineer (UK Journal) NCE Non-Commercial Educational NCE New Century Energies Resources Group, announced today that NCE Petrofund has closed two agreements to purchase assets of two oil and gas companies. Acquisition The assets were acquired from Predator Corporation and Erehwon Inc. Purchase price The combined price of the two purchases was $10,205,412. Detail of assets Production The assets include an interest in 14 wells currently producing approximately 515 boepd (barrels of oil equivalent per day) with a proven plus one-half probable reserve estimate of 1.9 million boe (barrels of oil equivalent). This equates to a $5.40 cost per boe. Eighty percent of the reserves are gas. Economic Life and Reserve Life Index The assets are attractive for NCE Petrofund because of their stable production profile and a very long economic life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. of 30 years. The reserve life index is over 10 years. Location The properties are located in Alberta and British Columbia. Replaces production "NCE is committed to continual replacement and enhancement of production and reserves," said Driscoll. "This new purchase of quality properties contributes to our continuing program of adding to reserves. Already this year, we have more than replaced our forecast 1997 production." NCE Petrofund NCE Petrofund is a Royalty Trust royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. that derives income from producing oil and gas properties, primarily located in Western Canada. The units trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol NCF.UN. NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. It provides a full range of technical, operational, administrative and investor services. NCE has interests in over 4,900 wells in Western Canada. The company employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations Investor relations The process by which the corporation communicates with its investors. . Total oil and gas production, including NCE Petrofund, ranks NCE among the top 30 oil and gas companies in Canada. More information For more information, please contact NCE Resources Group: David Schwartz 416/364-8788 800/563-4623 or NCE Investor Services Toronto residents: 416/364-9297 Across Canada toll free: 888/739-4623 Hours of service(x): Monday - Thursday 8 a.m. - 8 p.m. Fridays 8 a.m. - 6 p.m. EST (x)except on Canadian statutory holidays. CONTACT: NCE Resources Group David Schwartz, 416/364-8788 800/563-4623 or NCE Resources Group NCE Investor Services, 416/364-9297 888/739-4623 |
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