Hughes P. Salat and David Rutt have been appointed to the company's board
of directors to replace Michael Pezim and Basil Pantages who have resigned
as directors and officers of the company. Mr. Salat has been appointed
president and Mr. Rutt secretary-treasurer.
The company has agreed to settle $75,000 of debt by issuing 500,000 shares
at 15 cents.
The company has also arranged a non-brokered private placement of 800,000
shares at 15 cents. Proceeds of $120,000 will be used for working capital.
"The Magdalen Basin - underexplored gas territory on Prince Edward Island with the Bear River Prospect in the Souris permit having the potential of (minimum 1 Tcf Target) based on seismic results. cheers, jerry |
