Tidal Announces Receipt for Filing Final Prospectus.CALGARY, ALBERTA--(BUSINESS WIRE)--JULY 12, 1996--TIDAL RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : TID tid 3 times a day ) -- Tidal Resources Inc. is pleased to announce it has received receipts from the applicable jurisdictions for the filing of a final prospectus relating to the previously announced issue of 4.5 million Special Warrants at a price of $1.90 per Special Warrant for gross proceeds of $8,550,000. Each Special Warrant entitles the holder to one common share of the Company, at no additional cost to the holder. The proceeds of this issue were used to acquire a partner's interest in the Chinchaga property and to fund ongoing drilling programs. The Chinchaga property was brought on stream in June, with four wells producing at rates up to 15 mmcfpd gross (8 mmcfpd net). The remaining three wells in the field are expected to be brought on stream over the next few weeks. Production rates are expected to stabilize at 18 mmcfpd gross (9 mmcfpd net) once normal start-up operations are complete. The Company has an active development drilling program in North Dakota planned for this summer. Tidal will drill at least two horizontal wells at Haas, and four infill development wells at Mackobee Coulee cou·lee n. 1. Western U.S. A deep gulch or ravine with sloping sides, often dry in summer. 2. Louisiana & Southern Mississippi a. A streambed, often dry according to the season. b. and Mouse River Park. These operations are scheduled to commence immediately. Current production rates are approximately 1900 BOEPD BOEPD Barrels of Oil Equivalent Per Day , which is one half natural gas and one half oil. The Company anticipates production rates to reach 2500 BOEPD during the third quarter as the Chinchaga property and North Dakota development drilling are brought on stream. In conjunction with the filing of the above noted final prospectus, the securities regulatory authorities have requested that the Company amend Tidal's 1996 first quarter financial statements to reclassify cash proceeds in excess of cost on the sale of certain raw land located in North Dakota as a reduction to capital spending rather than a gain. The impact of this revision is to reduce net capital spending and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses by $493,000. Tidal Resources Inc. is an Alberta based oil and gas exploration and development Company listed 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 TID. CONTACT: Paul Wanklyn President (403) 231-1400 or Tidal Resources Inc. John Rooney Vice President, Finance (403) 231-1400 |
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