ANADIME ACQUIRES LOAN ON HEAVY OIL WASTE FACILITY
``PLANT WOULD COMPLEMENT ANADIME NETWORK''
CALGARY, May 16 /CNW/ -- Anadime Corporation (ASE:AEM) today announced it
has acquired a bank loan and the related security from a local lender. The
loan of approximately $1.3 million, owing from Skimmer Oil Separators Ltd., is
secured by an oilfield waste processing facility located in Marwayne, Alberta.
Anadime has commenced foreclosure actions on the loan and intends to
realize on its security if the loan is not fully repaid. Anadime plans to
modify the Marwayne facility and seek regulatory approval to have the oilfield
waste management permit transferred.
``If we take possession of the plant, we could be operating a full
service produced sand and slop oil disposal facility in the heavy oil market
by September 1997.'' said Owen C. Pinnell, President and CEO of Anadime
Corporation. ``During 1997, the focus at Anadime has been on the heavy oil
produced sand and slop oil market, and there is remarkable synergy between our
plans and the Marwayne plant location.''
Anadime Corporation is a leading provider of oilfield processing and
disposal services to the energy industry in western Canada. The Company
offers a full range of treating, terminalling and oilfield waste processing
and disposal services from its expanding network of facilities throughout
western Canada. Traded on the ASE under the symbol AEM Anadime is based in
Calgary, Alberta.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Owen Pinnell or Gloria Wong, (403) 777-4310, Anadime Corporation,
Internet: anadime.com, E-mail: pinnello(at)anadime.com |
