FIELD ACTIVITIES / Golden Trend Petroleum Ltd. Drilling Update &
Financing
GOLDEN TREND RAISES $960,000 AND CASES TWO WELLS
CALGARY, ALBERTA--
Golden Trend Petroleum Ltd. reports that in December 1998 it
raised $959,400 through the private placement of flow-through
shares. On December 31, 1998, the Company closed the sale of
1,523,500 Class A flow-through common shares at $0.40 per share,
for gross proceeds of $609,400. In a separate transaction, which
closed December 30, 1998, Golden Trend issued 875,000
flow-through special warrants (with each special warrant
convertible to one Class A common share) to Triax Resource
Limited Partnership II, at $0.40 per special warrant, for gross
proceeds of $350,000.
The net proceeds from this fundraising will be used for the
Company's 1998 and 1999 shallow gas exploration and development
drilling program in east-central Alberta. Including development
drilling at its core Redwater area, Golden Trend is planning to
drill at least eight wells on shallow gas prospects in 1999.
The Company also reports that two wells drilled at Redwater, in
December 1998, have been cased as potential multi-zone natural
gas wells. Completion activities on both wells will be started in
early February 1999. Another Redwater well Golden Trend drilled
in October 1998 has been successfully completed as a Viking gas
well. Production from these three wells is expected to commence
in February 1999.
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