First Star Raises $2,000,000 and Elects not to Acquire Apache's Strachan North Interest
CALGARY, ALBERTA--The $2,000,000 private placement announced May
19th, 1999 was oversubscribed and has been closed out at the
$2,000,000 mark without commissions to brokers. 48 percent of the
placement was placed with new Directors and staff. As a result of
this placement, First Star has 35,210,639 shares outstanding.
First Star has elected to not proceed with the purchase of
Apache's interest in the Strachan area. Management decided that
to raise the additional capital required with today's low stock
price would result in too much dilution to existing shareholders.
After recent acquisitions now completed, First Star holds a 21
percent interest before payout of the 2-22-38-9W5 well and 27.2
percent after payout and an average 35 percent interest in an
additional 33 sections at Strachan North.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
First Star Energy Ltd.
Mr Robyn H Lore
Chief Operating Officer
(403) 221-7700
(403) 221-7719 (FAX)
or
First Star Energy Ltd.
Mr John E Squarek
Vice Chairman
(403) 221-7700
(403) 221-7719 (FAX)
firstar@firststarenergy.com
firststarenergy.com
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
THE INFORMATION CONTAINED HEREIN.
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