Thursday November 13, 3:49 pm Eastern Time
Company Press Release
SOURCE: Cassco Capital Corporation
Cassco Capital Corporation Announces Acquisition of Trico Oil & Gas Incorporated
HOUSTON, Nov. 13 /PRNewswire/ -- Cassco Capital Corporation, (OTC Bulletin Board: CSCA - news) announces the acquisition of Trico Oil & Gas Incorporated, a Texas corporation.
Trico operates oil and gas properties.
Trico's recent acquisition of a property in Panola County, Texas, adds 43 producing oil wells and 50 new drill sites to its operations. Trico's current business plan projects 500 to 600 barrels of oil per day after the property is improved and developed. A four-phase development plan has been approved by the board of directors. The projected completion of all four phases is May 31, 1998. Revenues are projected to be $2 million annually following the completion of the fourth phase of development. The developed property will add $.47 per outstanding share of gross cash flow when all phases are completed.
The property has calculated reserves of 13 million barrels of oil in place originally with 538,000 barrels produced to date.
There are six other oil and gas properties being evaluated for acquisition with a market value of approximately $32 million.
Cassco has also entered into merger discussions with two other privately held corporations valued at $40 million and $2 million, respectively.
SOURCE: Cassco Capital Corporation |
