Newscope Resources - Property Acquisition - New Director.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 6, 1995-- Newscope Resources Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : NEX NEX abbr. Navy exchange , 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 : NNEXF) ("Newscope" or the "Company") announced today that it has entered into a purchase and sale agreement with a major oil and gas company to purchase interests in two fields located in South Louisiana for U.S. $11,250,000. The acquisition includes seven producing gross gas wells (2.7 net working interest wells) and interests in 17 inactive wells. Current daily net revenue interest production from these properties is approximately 3.8 million cubic feet of gas and 60 barrels of oil and natural gas liquids. The Company estimates that this will add approximately 10.4 billion cubic feet of natural gas and approximately 145 thousand barrels of oil to its proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , net to the Company. The Company currently owns working interests in a majority of the wells included in this acquisition and expects to become the successor operator. Recently the Company also acquired 38 square miles of 3D seismic over these two fields and believes that these properties have excellent development potential. Closing of this purchase is scheduled for the latter part of October, 1995. Since a portion of this acquisition is subject to a preferential purchase right held by another major oil and gas company, it is uncertain at this time as to the exact interest that the Company will acquire in this transaction. In addition, the purchase and sale agreement provides for a number of precedent conditions before closing which are normal to transactions of this nature. The Company anticipates funding this acquisition with bank financing. The Company is also pleased to announce that Mr. Ronald G. Greene, founder and Chairman of the Board of Renaissance Energy Ltd., has agreed to join the Company's Board of Directors. Mr. Greene is also a significant shareholder of the Company. Newscope is a natural resource company with operations in the states of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. , Mississippi and Texas. -0- Note to Editors: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the SEC have neither approved nor disapproved the information contained herein. CONTACT: Newscope Resources Ltd. Wieland F. Wettstein, 403/266-1101 Gareth Roberts Gareth Roberts may refer to:
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