FIELD ACTIVITIES / M. L. Cass Petroleum corporate Update
M.L. Cass Petroleum Corporation (the "Company") and its Indonesian affiliate,
PT Suvarna Bhurmi Persada announced today it is proceeding with final stage
negotiations for the financing and construction of the U.S. $130 million
captive coal fired power plant, to provide electricity for a ferro-nickel
smelter, located at Pomalaa, South Sulawesi, Indonesia.
The Company has retained the firm of Loewen, Ondaatje, McCutcheon Limited of
Toronto, Canada as an advisor to the Company in securing the financing
required to construct the electrical power plant and related infrastructure
on a build, own, operate basis.
In other matters, the Company has sold four heavy oil wells at Taber North,
Alberta and a processing facility at Esther, Alberta for $1.3 million. A
portion of the proceeds was used to retire the outstanding debts of the
Company and the remainder, will be used for working capital. The transactions
conclude the Company's goal of eliminating all corporate debt.
M.L. Cass Petroleum Corporation is a publicly held Company in Calgary,
Alberta and trades on The Toronto Stock Exchange under the symbol MLO.T.
For further information, contact Public Relations Representative, Larry
Kaplan, at 352-331-3316. |
