DP Charters Inc. Announces Acquisition of Natural Resource Firm
CAPISTRANO BEACH, Calif.--(BUSINESS WIRE)--Dec. 6, 2000--DP Charters Inc. (OTCBB:DPCI) Wednesday announced that it has agreed to acquire TriLucent Technologies Inc., a developmental resource firm that specializes in the exploration of oil and gas.
TriLucent has an exclusive, worldwide license to certain technologies that are believed to increase the chance of commercial success of exploratory drilling for oil and gas. Currently, the industry has an average success rate of about 20 percent when drilling for exploratory reserves, and TriLucent believes its technologies can facilitate an increase in this success rate to more than 50 percent.
These technologies are expected to significantly reduce the risk associated with oil and gas exploration, and will partially create great economic benefit for the company's shareholders.
Jerry Witte, a geoscientist and the current CEO and president of TriLucent, will assume the same responsibilities of the combined entity. Witte, a 25-year veteran of the oil and gas industry, has been involved with alternative location technologies for the past several years, and most recently with Sonat Exploration Inc., a subsidiary of El Paso Energy Corp. (NYSE:EPG).
Witte commented, "Our acquisition by DP Charters will enable us to quickly access developmental capital for expanding our business during a period of strong commodity pricing for oil and gas, which we believe will continue for some time."
The company plans on changing its name to TriLucent Technologies Corp., or a substantially similar name. For more information about TriLucent Technologies Inc., visit www.trilucent-technologies.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in DP Charters Inc.'s filings with the Securities and Exchange Commission.
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