Here is news in one of the stocks in the portfolio that has moved up very fast probably due to the low float and only 3.3 MM shares O/S.It last traded at .40 to-day.
Osprey Energy Ltd -
Osprey Energy arranges private placement; appointment
Osprey Energy Ltd
OEL
Shares issued 3,334,288
1999-10-07 close $0.35
Monday Oct 11 1999
Mr. R.G. Malone reports
Osprey Energy has arranged a non-brokered private placement of two million
units at 35 cents per unit for a total of $700,000. A unit consists of one common
share and one non-transferable share purchase warrant. Each warrant entitles the
holder to purchase another share of the company for a period of one year at an
exercise price of 50 cents. A finder's fee will be paid, as permitted under the rules
of the Vancouver Stock Exchange. The company will use proceeds of the private
placement as working capital to finance the following programs:
Osprey's working interests in a five-well (four horizontal and one vertical) drilling
program in Alberta, as announced in Stockwatch Sept. 13, 1999;
Osprey's initial $300,000 (U.S.) payment for a 15-per-cent working interest in the
Livingston and Bayou Choctaw fields in Louisiana, as announced in Stockwatch
Sept. 29, 1999.
This transaction is subject to approval by the Vancouver Stock Exchange.
In another matter, the company is also pleased to announce the appointment of
Charles R. Sommers, as vice-president of geology. Mr. Sommers has extensive
experience as a professional geologist. He completed his graduate studies and
instructor of geology at Mississippi University and joined Gulf Oil Corporation. He
held various management positions with Gulf and retired with 25 years, as senior
regional exploration geologist in New Orleans, La. In his position, he was
responsible for the exploration effort for Onshore Southwest Louisiana, Offshore
Eastern Gulf of Mexico, Florida Shelf, Atlantic Seaboard and co-ordinated the
geological and geophysical programs of these areas. In 1983, he joined the
management of New Energy Corp. where he is responsible for all geological and
geophysical programs. In his role with Osprey Energy, he will oversee all
geological and geophysical aspects of our oil and gas operations.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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