Solstice Natural Resource Corp. Enters Into Agreement With Fairmont.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 18, 1995--SOLSTICE NATURAL (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : SNRC SNRC State Nuclear Regulatory Committee (Ukraine) SNRC Sierra Nevada Research Center (US Forest Service) SNRC Service Node Routing Complex (AT&T SoIP network) ) SOLSTICE NATURAL RESOURCE CORP. ("Solstice"), a reporting issuer trading on the Canadian Dealing Network under the symbol "SNRC", announces that it has entered into an agreement with Fairmont Resources Inc. ("Fairmont") of Calgary, Alberta to acquire all of Fairmont's oil and gas interests in the Republic of Cuba for a consideration of $1,300,000 payable by the issuance of a $800,000 promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and $500,000 payable by the issuance of 2,000,000 shares of Solstice at $0.25 each. The Cuban interest involves a 100 percent interest in three Production Sharing Agreements 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. ("PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ") with CUBAPETROLEO ("Cupet"), the Cuban national oil company. The PSA's cover over 7,000 km2 of land which is approximately 6.3 percent of the geographical area of Cuba. The first PSA covers a workover obligation on the Cristales oil field which encompasses approximately 45 km2 of land and has currently 263 existing oil wells, some of which are not in production, and which have to date produced in excess of 7 million barrels of oil. A workover program is intended to be commenced in the latter part of the fourth quarter of 1995 or early 1996. The two other PSA's cover onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Blocks 16 and 17 on the northeast coast and comprise approximately 6960 km2 of land. Solstice will be continuing the extensive geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. interpretation program with a 600 km seismic program to commence in November 1995. In order to initially fund the project, Solstice will be making a private placement of up to 3,000,000 units at $0.25 each with each unit consisting of one common share and one warrant to purchase an additional share at $0.25 each until January 31, 1996 and at $0.50 each thereafter until August 31, 1996. The controlling shareholders of Solstice have also agreed to sell approximately 60 percent of the issued shares of Solstice for the purpose of reorganizing the Company. Solstice also announces that as part of the reorganization, Geoffrey M. Harris and Richard Tingle have resigned as directors and Allan J. Kent, President and a director of Cubacan Exploration Inc. and R. Charles (Chuck) Allen, Executive Vice President and a director of Cubacan Exploration Inc. both of Calgary, have been appointed to join Gregory R. Harris on the Board of Directors. CONTACT: Solstice Natural Resource President and director, 403/266-5035 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion