WESTERN ENERGY INC. ISSUES STATEMENT TO SHAREHOLDERS
WESTERN ENERGY INC. ISSUES STATEMENT TO SHAREHOLDERS LOS ANGELES, Nov. 1 /PRNewswire/ -- Western Energy Inc.
(Western Energy Inc. Common: OTC) today released a copy of a statement issued previously on Oct. 24 to its shareholders.
Dear Shareholder: The Board of Directors of Western Energy Inc. would like to express its thanks for your continued support over the past year. We would also like to bring you up to date on current corporate developments. Catalyst Recycling Plant Western Energy Inc. continues to concentrate its efforts on the Catalyst Recycling Plant. The company is pleased to inform you that we have received a commitment letter from a corporation to provide a credit enhancement in the amount of $12,900,000. This is to be utilized to secure financing for the construction of the Catalyst Recycling Plant. The company also has received a commitment letter from a foreign corporation for a $12,900,000 loan. This loan, in conjunction with the credit enhancement mentioned earlier, will be for a period of seven years. The company has received loan documents with regards to the subject loan for our review and concurrence. Oil and Gas Operations Western Energy Inc. continues to maintain oil and gas partnerships. These partnerships hold working interests in Texas, Utah, Oklahoma and Kansas. Western Energy Inc. is pleased to announce that on Aug. 30, 1991, the company entered into an agreement with An-Car Oil Co. of Owensboro, Ky., to drill three oil wells in the Apex Field. Western Energy Inc. will hold a 50 percent working interest in these wells. The company anticipates that the revenue from these wells will enhance the cash flow to the company. Western Energy Inc. also has earned an option to participate in seven additional wells in the Apex Field with An-Car Oil Co. On Oct. 12, 1991, the first of three wells was drilled to a total depth of 1100 feet. The well had significant oil shows in the McClosky Formation. Currently the well is undergoing testing. Once the testing is completed, the company can ascertain the potential of the well. The second oil well is scheduled to be drilled in November, 1991. -0- 11/1/91 /CONTACT: Ephraim Block, president, or Dan Green, vice president of Western Energy Inc., 213-670-4833/ CO: Western Energy Inc. ST: California IN: OIL SU: SE-EH -- LA003 -- 0083 11/01/91 09:03 EST
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|Date:||Nov 1, 1991|
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