OTM International - Acquisition Approval.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 8, 1994--Further to the news release of November 10, 1994, Ronald K. Cormick, President and 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. of OTM OTM See: Out of the money. International Development 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. :OTM) is pleased to announce that shareholders approved the acquisition of HHOL at the extraordinary meeting of the shareholders, held in Vancouver on February 3, 1994. As a result OTM acquires an undivided 100% interest in the 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. with the Ukraine government. This production sharing agreement provides OTM with the exclusive right to explore, develop and produce oil, gas and gas condensate within the 11,000 square mile onshore area of the Republic of Crimea, Ukraine. OTM completed the shipment of a drill rig and all ancillary equipment to Simferopol, Crimea in late January. The drill crew is currently mobilizing the equipment to the first drill site in the Aktash field. Production testing is expected to begin before the end of February. OTM officials and their engineering staff are in the Ukraine this week to finalize work plans and budgets for an additional five field discoveries. The local data received by OTM in respect of these fields indicate probable reserves in excess of 50 million barrels of liquids and 200 billion cubic feet of gas. With respect to the Special Warrant Offering, OTM has filed the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders and has obtained a receipt from both the Alberta Securities Commission and the British Columbia Securities Commission The British Columbia Securities Commission (BCSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of British Columbia. External links
CONTACT: OTM International Development Corporation office: (604) 681-4653 or Ronald Cormick (713) 248-7593 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion