CORP / Meridian Energy: Incentive Stock Options / Oil and Gas
Update
ASE, VSE SYMBOL: MDG
FEBRUARY 23, 1998
CALGARY, ALBERTA--
Incentive Stock Options
Meridian Energy Corporation (the "Company") wishes to announce
that it has granted an additional 525,000 incentive options to
members of its management team. The Company has granted Fred
Thompson, President and Chief Executive Officer and Allen Bradley,
Vice President, Exploration, an additional 200,000 options each,
Norris Morgan, Secretary, an additional 100,000 options and
Shannon Matthyssen, Comptroller, an additional 25,000 options all
subject to the approval of The Alberta Stock Exchange and The
Vancouver Stock Exchange. Each option will entitle the officer to
acquire one (1) Class A Common Share in the capital of the Company
at an exercise price of $0.50 per Class A Common Share. The
options will expire on February 10, 2003.
Owing to the policies of the Vancouver Stock Exchange the existing
outstanding 290,000 incentive options in favour of the above
officers have been cancelled and reissued on the same terms and
conditions (including the exercise price of $0.50 per share) as
the additional options granted. The weighted average exercise
price of the options cancelled was less than the exercise price of
the new options. When approved, all of the outstanding options in
favour of the directors and management of the Company will
represent approximately 9 percent of the issued and outstanding
common shares after the Special warrants issued in December 1997
have been converted into common shares.
Oil and Gas Update
At Paddle River, the Company expects to drill three development
wells offsetting its new pool oil discovery announced earlier.
All three locations have been licensed and the first well is
expected to spud sometime this month. In the case of the
Company's other new pool oil discovery in Southern Alberta, the
well was placed on continuous production on February 10, 1998 and
is presently producing medium gravity oil at a rate of 195 barrels
per day. Approvals have been obtained to conduct a two square
mile 3-D seismic survey. Permitting is expected to commence by
early March with the seismic shot prior to spring breakup.
Fred Thompson, President and CEO
Fred Thompson, the President and a Director of the Company, has
prepared this News Release on behalf of the Company. |
