Funny you should mention it! I especially like the aprt about NP owning Medinah shares...see ya May 1st!
BW0617 APR 10,2001 9:10 PACIFIC 12:10 EASTERN
( BW)(CA-NP-ENERGY)(NPER) NP Energy Corporation Announces Corporate Update
Business Editors
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--April 10, 2001--Management of NP Energy Corporation is pleased to announce the following corporate updates.
An agreement was completed with Jelco Energy regarding all rights of NP Energy Corporation in non-producing gas wells in the Cisco Dome Field in Grand County, Utah. Under the terms of the agreement, Jelco assumed all responsibility for debt and operational expenses owned by NP Energy Corporation and paid a cash contribution for the acquisition. Total amount of debt assumption and cash exceeded $100,000.
This sale is in accordance with management's objectives to eliminate overhead and non-productive assets and to acquire interests in well-managed operating companies.
Acquisition of an equity interest in Bolivian Hardwood was announced previously and further updates regarding the marketing successes of Bolivian Hardwood will be forthcoming.
NP Energy Corporation is now completing its conversion of preferred share equity in Medinah Minerals, Inc. (MDMN) to common shares and will retain their interest in Medinah Minerals, Inc. as a long-term investment. NP Energy Corporation also retains its 43% interest in Frontier International Resources Inc., which owns a substantial interest in Medinah Minerals, Inc.
Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of NP Energy Corporation are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
--30--ac/ny*
CONTACT: NP Energy Corporation
Investor Relations
801/463-6362
npenergy.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: ENERGY |
