Jim,
Here is the reason (?) for the recent activity in Tracer stock.Wonder,
what happens if the bid is not successful? Back to square one?What do
y'all think? Let's us hope the bid will be successful for all our
sakes ! Tracer is the only stock that went up today, among many other
stocks i own,never thought Tracer would come to my resue in a day
like today,go figure !
Friday August 8 1:26 PM EDT
Company Press Release
Source: Tracer Petroleum Corporation
Tracer Petroleum Announces Presentation of Bid for
Production Blocks Located In Indonesia
VANCOUVER, B.C., Aug. 8 - Tracer Petroleum Corporation (Nasdaq:TCXXF)
(Vancouver SE: TCP) has entered into an agreement with Tarkington Sherwood Limited (``Tarkington'') of Christchurch, New Zealand to acquire the rights to bid for two oil and gas blocks located in the Republic of Indonesia. Concurrent with the acquisition of the above rights, a formal bid has been presented to the vendor, the details of which are subject to confidentiality agreements.
Should the Company be successful in the subject bid, Tarkington will be issued a total of approximately 7,000,000 common shares of the Company at a deemed price of US $0.25 per share (the price at the close of business on August 7, 1997), upon the completion of the novation of the Company into the Blocks. The final number of shares to be issued will be dependent upon the ultimate work program as negotiated. Also, the shares to be issued will be subject to a hold period of 180 days from the date of issue. The terms of the issue are subject to the approval of regulatory authorities, and should the bid be unsuccessful, the agreement will be null and void.
In addition, the principals of Tarkington are individuals of
significant experience in the oil gas business in Indonesia and will become part of the integral management of the Company's investment
in the Blocks.
Both Blocks would represent the acquisition of significant proven reserves with one Block currently in production and one that management believes could be brought into production in a relatively
short time frame.
An aggressive bid process is currently ongoing and there is no guarantee that the Company will be successful in its proposal.
Management will provide further details as available subject to all appropriate confidentiality requirements involved in the bid documents.
SOURCE: Tracer Petroleum Corporation
|
