NEW OIL DISCOVERY
ALSO SEE ARTICLE IN THE LATEST ISSUE OF ALBERTA VENTURE (MAY) AND DAILY OIL BULLETIN
RIO Nevada Mines Corporation
PRESS RELEASE
ASE SYMBOL - RN
May 1, 1997
FINANCING, SHARE TRANSFER AND DRILLING UPDATE
RIO Nevada reports that it has successfully drilled and cased its new pool wildcat exploratory location in the Crystal area of Alberta. The well, RIO Nevada Crystal 2-16-46-4-W5M is an indicated Basal Belly River oil well. The completion and production testing of the well is scheduled to commence approximately mid second quarter 1997.
The Company announced the closing of a transfer in escrow of 850,000 common shares of the Company by Seagrove Capital Corporation of Regina to a group of investors on April 30, 1997. As a result of this transaction, Seagrove now holds 250,000 common shares of the Company, which shares remain subject to the provisions of an Escrow Agreement dated July 23, 1996.
Further to the Company's announcement on April 29, 1997 respecting its $300,000 private placement of flow through common shares of the Company, the Company is pleased to report that the shares were purchased by a wholly owned subsidiary of EnerVest Resource Management Ltd. on behalf of the EnerVest FTS Limited Partnership 1997, a high tax effective investment providing an estimated 88% tax write-off for 1997.
RIO Nevada is an Alberta based corporation engaged in the exploration, development and acquisition of resource based properties.
For further information contact:
David J. Badyk, President of RIO Nevada Mines
@ 263-6312 / 888-660-7770 Voice-Mail / www.webresults.com/rio
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN |
