ACQUISITIONS-MERGERS / Millennium Closes Acquisition From EnerVest
ASE SYMBOL: MLN
OCTOBER 28, 1998
CALGARY, ALBERTA--Millennium Energy Inc. reports that it has
closed its previously announced acquisition of assets from two
limited partnerships managed by EnerVest Resource Management Ltd.,
following receipt by EnerVest of certain regulatory clearances.
The purchase price of $4,149,490 was satisfied by Millennium
issuing 16,597,959 common shares at $0.25 per share. The total
number of Millennium common shares now outstanding is 25,897,959.
Reserves for the new properties were estimated at 656 mboe (proved
plus one-half probable) as at April 1, 1998 and 1999 production is
expected to average 246 boe per day.
Millennium is now reviewing a number of strategies to optimize the
value of these new assets, including exploration and development
opportunities, swaps, the acquisition of additional interests in
key areas and the disposition of minor interests. In conjunction
with closing, Millennium has received a commitment from its lender
for a new credit facility of up to $2 million. |
