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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC.
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To: CIMA who wrote (248)9/16/1999 7:33:00 PM
From: RSkarsten  Read Replies (1) of 277
 
Pan Ocean property acquisition

Pan Ocean Explorations Inc POE
Shares issued 3,031,035 Sep 15 close $0.47
Thu 16 Sept 99 Acquisition
The Vancouver Stock Exchange has accepted for filing a participation
agreement dated Aug. 24, 1999, between the company and Tri-Valley Oil and
Gas Co. whereby the company will acquire a 4.375-per-cent working interest
in the initial well to be drilled on the Ekho project oil and gas property
in the San Joaquin Valley, Kern County, Calif. In consideration, the
company will finance 5 per cent of Tri-Valley's property acquisition and
work program costs, including drilling the initial well, at an estimated
total cost of $475,000 (U.S.). Tri-Valley will have a 12.5-per-cent carried
interest before payout of the well, which will convert to a 25-per-cent
working interest after payout and will result in a reduction of the
company's working interest to 3.75 per cent.
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