PROPERTY ACQUISITIONS / Bow Valley Energy
BOW VALLEY ANNOUNCES SIGNING OF PL090 ACQUISITION
CALGARY, May 25 /CNW/ - Bow Valley Energy Ltd. is pleased to announce the
signing of an agreement to acquire from Brabant Petroleum Limited (a wholly
owned indirect subsidiary of Noble Affiliates Inc.) its 16 2/3% equity
interest in the UK onshore license PLO90. The agreement, subject to UK
government approval, also recommends Bow Valley assume the operator role
currently held by Brabant.
In addition to the exploration potential remaining on PL090, the
acquisitions provides Bow Valley with a significant regional database. The
acquisition complements Bow Valley's onshore position, established with the
award, as operator, of three adjoining blocks immediately to the west of
PL090, in partnership with Sterling Resources ((UK) Limited and Egdon
Resources (UK) Limited.
Bow Valley was formed in 1996 to operate as an international oil and gas
acquisition, development and production company headquartered in Calgary,
Alberta. Bow Valley has interests in the United Kingdom (both onshore and
offshore) and has signed a service contract to develop the Balal oilfield
located offshore Iran in the Persian Gulf. Bow Valley trades on the Toronto
Stock Exchange under the symbol BVX.
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For further information: Walter DeBoni, President & Chief Executive
Officer; or Dinesh Dattani, Vice President, Finance & Chief Financial Officer,
(403) 232-0292, Fax: (403) 232-8920
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