CUW-tse Causeway
fin-info.com
2001-03-08 (provided courtesy of CCN Disclosure .)
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Causeway Retains Financial Advisor
CALGARY, ALBERTA - Causeway Energy Corporation "Causeway"
(TSE-CUW) reports that its Board of Directors has resolved to
initiate a process intended to maximize shareholder value.
Causeway has retained Waterous & Co. of Calgary, Alberta as its
financial advisor to assist in identifying strategic alternatives
for the company.
Causeway is a junior natural gas producer with production of
approximately 10 mmcf/d. Causeway's principal producing asset is
in the Battle Creek region of Blaine County, Montana. Causeway
through its wholly owned subsidiary, Xeno, Inc., operates
significant facilities in this region, including compression,
extensive gas gathering systems and a gas transmission line, which
includes an international border crossing at Loomis in southwest
Saskatchewan connecting to the Many Islands Pipeline. Xeno
controls an extensive land base of 175,000 net acres proximal to
this gas infrastructure. Gross production from Xeno's Battle
Creek area is 13 mmcf/d. Existing takeaway capacity from the
Battle Creek facilities is 32 mmcf/d. Commencing on March 27,
2001, Xeno plans to drill 35 wells prior to the end of the second
quarter including several new exploration concepts.
In Canada, Causeway has 25,000 net acres with several drill ready
prospects. Causeway has successfully cased its Medicine Lodge gas
well in the Deep Basin west of Edson. Testing of this well will
commence during the next two weeks.
At present Causeway is debt free and has 25,277,103 common shares
outstanding on a fully diluted basis, of which over 50% is held by
management, directors and close associates. |
