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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: stak who wrote (673)11/14/1996 10:56:00 PM
From: Kerm Yerman   of 24927
 
Scott / Probe Exploration

Scott, was it you that liked Probe?

PROBE SECURES SPECIAL WARRANT FINANCING

CALGARY, Nov. 14 /CNW/ - Probe Exploration Inc. (PRX-ASE) is pleased to
announce that it has entered into an agency agreement with StephenAvenue
Securities for a private placement of up to 2.5 million special warrants at a
price of $1.20 per Special Warrant for total proceeds of up to $3.0 million
before commissions and expenses.
Upon the exercise of each Special Warrant the holder will receive one
common share of Probe at no additional cost. Probe has agreed to use its best
efforts to file a final prospectus within 120 days of closing which is
scheduled for November 22, 1996. All of the proceeds will be released upon
closing.
Net proceeds from this issue will be used to partially fund Probe's 1997
capital expenditure program which is budgeted at $16 million. The capital
budget includes $6 mm for facilities, $4.5 mm for drilling and seismic plus
$5.5 mm for acquisition of additional core areas interests. Capital sources
include previously announced flow-through transactions, off-balance sheet
financing for facilities and additional borrowing through existing and
expanding lines of credit.
Probe is currently producing 1200 BOEPD and has a calendar year end
production target of 1800 BOEPD. Probe's fall technical program is on
schedule with nine out of nine wells successfully drilled or recompleted. All
of the wells have been or are being completed and equipped for production.
Probe expects to drill six more wells from mid November 1996 through to March
1997.
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