Thank-you Patt, The figures mentioned by Grayhairs are approx. what I had remembered from this past spring. The news released buy Hilton on the 16th of November left me wondering if the % of ownership had changed.
I'm visiting my Parrents in Redlands right now and am going to take a drive up to the area early next week if I get a chance. Sunday the kids have me booked for Disneyland.
Cheers
Hilton Petroleum Ltd - Acquisition
Hilton acquires interest in Greater San Joaquin Basin
Hilton Petroleum Ltd
HTP
Shares issued 27,503,961
2000-11-16 close $1.45
Friday Nov 17 2000
Acquisition
The Canadian Venture Exchange has accepted for filing documentation pertaining
to an operating agreement dated June 15, 1999, between the company and
Berkley Petroleum Corp. pursuant to which Hilton will acquire a 4-per-cent
capital interest in the greater San Joaquin basin joint venture for $1.4-million
(U.S.) in cash. In addition, Hilton will acquire a 0.7-per-cent working interest in
the East Lost Hills property from Berkley, which will revert back to Armstrong
Resources LLC upon payout of the purchase price and drilling costs from East
Lost Hills production.
The exchange has also accepted for filing an agreement dated July 6, 1999,
between the company and Hilton LLC, pursuant to which the company will sell a
3-per-cent interest in the joint venture for $1.55-million (U.S.) and payment of 4
per cent of any costs to drill on the joint venture lands. The investors in the limited
partnership would have the option, after 12 months, to convert their capital
account into common shares of the company.
Pursuant to a news release dated Sept. 8, 2000, the company disclosed the
conversion of the limited partnership units into common shares of the company.
The Hilton LLC raised $2,950,110 which was used to acquire the interest in the
joint venture and participate in drilling. The company will issue 1,558,730 shares
to the members of the limited partnership to complete the transaction.
Conv. price:
$1.91 per share
Members:
David Cowan, 83,440; Nottinghill Resources, 76,380; Limoges
Investments Ltd., 534,661; DNN Investments, 152,760; DMD
Investments, 152,760; and Bank Insiger de Beaufort N.V., 76,380
Conv. price:
$1.71 per share
Member:
463294 BC Ltd., 85,420
Conv. price:
Modesitt Partners LLC, 82,022
Conv. price:
$1.89 per share
Member:
San Joaquin Oil & Gas Ltd., 314,907
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