NEWS RELEASE
CALGARY, ALBERTA, April 2, 2001 – Bearcat Explorations Ltd. advises that Stampede Oils Inc, the operator of the Stampede Turner Valley 2-34-20-3 W5M well, is currently conducting wellbore clean-out operations, the results of which are very positive. A five-day production test is to commence immediately after the end of the clean-out operation this week. This well is expected to be completed as a Regional Mississippian Turner Valley formation oil discovery well.
Bearcat and its partners have recently entered into a farmin agreement with Fortune Energy Inc. whereby Fortune will deepen and complete, at its sole cost of in excess of approximately $2.5 million, the Stampede et al HZ Hartell 6-12-19-2 W5M well, and tie-in both the Stampede Bcat et al Hartell 4-13-19-2 W5M and Stampede et al HZ Hartell 6-12-19-2 W5M gas wells for commencement of production. Prior to the earning by Fortune, Bearcat and partners will first recoup approximately $3.8 million related to the original drilling and completion costs. Fortune will earn 50% of Bearcat’s interest in these two wells and become the operator of the Turner Valley South gas pool lands.
In accordance with Canadian Venture Exchange regulations, Bearcat announces that subject to approval by the Exchange, the Company has recently approved a private placement financing for 3,466,848 common voting shares in the capital stock of the Company. One placement is for 1,800,180 shares at a price of $0.3333 per share and the other for 1,666,668 shares at a price of $0.40 per share. In accordance with Securities regulations, the shares are subject to a one-year hold period. The total proceeds of $1,266,667.00 will be used in the drilling and completion activities of Stampede in the Turner Valley area of southwestern Alberta.
For further information contact P. de Bruycker (403) 265-6161
Bearcat Explorations Ltd. is listed on the Canadian Venture Exchange under the symbol BEA.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
