Resolute Energy Sells Indonesian Operations for US$18 Million.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--July 23, 2003 Resolute Energy Inc (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :RSE RSE Relative Standard Error RSE Responsabilidad Social Empresarial (Spanish) RSE Royal Society of Edinburgh (UK; also seen as TRSE) RSE Rear Seat Entertainment (Volvo) ) announced that it has closed the sale of the shares of its Indonesian subsidiary, Equatorial equatorial /equa·to·ri·al/ (e?kwah-tor´e-al) 1. pertaining to an equator. 2. occurring at the same distance from each extremity of an axis. Energy (Indonesia) Inc. today for cash proceeds of US$18.0 million. The subsidiary comprises all of the Company's interests in the Sembakung and Tanjung Lontar Technical Assistance Contracts, as well as associated working capital, and results in a complete exit from Indonesia. Proceeds from the sale will be used to pay down debt, leaving the Company very well positioned to pursue its core growth strategies in Canada. This news release contains statements that are forward looking, such as those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc results of operations and financial condition, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , financing sources, commodity prices, costs of production and the magnitude of oil and gas reserves. By their nature, forward-looking statements are subject to numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those predicted. The forward-looking statements contained in this news release are as of April 17, 2003 and are subject to change after this date. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Resolute disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Resolute Energy Inc. is a growing, independent oil and gas company, actively pursuing petroleum and natural gas exploration, development and production in western Canada
Western Canada, commonly referred to as the West . The Company also owns and operates two Technical Assistance Contracts in the Republic of Indonesia. Based in Calgary, Alberta, Resolute's common shares (RSE) trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . Learn more about Resolute at www.resoluteenergy.com. |
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