CORP. / Sharon Energy Delisted From Boston Stock Exchange
Sharon Energy
VSE:SHY
ENGLEWOOD, Colo., Jan 2 (Reuters) - Sharon Energy Ltd said on Friday that the Boston Stock Exchange has suspended trading it its shares effective December 23, 1997 because the stock does not meet standards for assets, shareholder equity and market value of the public float shares.
Also, the company is abandoning one of two wells that have been drilled at its Merlin Prospect in Glenn County, California. The two wells have been drilled by Equity Oil (Nasdaq:EQTY - news) of Salt Lake City, Utah, in fulfillment of its July 1, 1997 agreement to carry Sharon for a 20 percent no-cost carried working interest through completion on two wells.
One of the wells drilled, the Henning 1-15, is being completed for production. The other well, the Finch 1-10, has been plugged and abandoned.
Completion results on the Henning 1- 15 well are expected by mid-January, Sharon said.
EARLIER IN DAY RELEASE
Drilling Update
Sharon Energy Ltd. (VSE: SHY - news) reported that two additional wells have been drilled and one well is being completed in its Merlin Prospect, Glenn County, California. The two wells have been drilled by Equity Oil of Salt Lake City, Utah, in fulfillment of its July 1, 1997 agreement to carry Sharon for a 20% no-cost carried working interest through completion on two wells. One of the wells drilled, the Henning #1-15, is being completed for production. The other well, the Finch #1-10, has been plugged and abandoned. Completion results on the Henning #1- 15 well are expected by mid-January.
In other news, the Company has been notified by the Boston Stock Exchange by letter dated December 9, 1997, that it does not currently meet the Exchange's minimum maintenance requirements for total assets, shareholders' equity and market value of the public float shares. As a consequence, the Boston Stock Exchange has suspended trading of Sharon stock effective December 23, 1997.
Sharon Energy Ltd. is an oil and gas exploration and production firm headquartered in Englewood, Colorado, with gas properties in California. Sharon specializes in the application of high-resolution 2-D and 3-D seismic to reduce exploration risk and enhance development opportunity. Sharon trades on the Vancouver Stock Exchange (''SHY''). The Vancouver Stock Exchange does not review and does not accept responsibility for the adequacy or accuracy of this news release. |
