Story in Section C
Page C1
Next to a picture of Brian Mulroney.
OSPREY GRABS PIECE OF ALBERTA GAS PROJECT.
Osprey energy of Bridgewater has obtained a 21 per cent
working interest in an Alberta natural gas development.
"For a small company, this is highly significant,"
Osprey spokesman John MacDonald said Tuesday.
Mr.MacDonald wouldn't divulge exact figures but
said Osprey's investment in the development with
BPR Energy of Louisianans in the "several-million-dollar
range."
The company, formerly based in Vancouver, has interests
in holdings in Louisiana and Alberta.
It moved its headquarters to Nova Scotia because company
president Gary Malone, a New Brunswicker, prefers the
Maritime lifestyle.(Me Too!!!)
Osprey recently announced a partnership with Consolidated
Beacon Resources of Calgary to explore onshore lands near
Debert and Parrsboro.
Mr.MacDonald said all preliminary and seismic work on the
newly announced Alberta property has been completed, and Osprey
is fundraising through the issuing of 300,000 shares.
News of the Alberta development pushed Osprey's stock,
which is traded on the Canadian Venture Exchange, up from
about $1 to about $1.50, he said.
The Alberta play was developed by one of the top five oil
and gas companies in the world, but Mr. MacDonald said the firm
which retains an interest and will operate the development,
didn't want to be identified at this time.
Osprey will paricipate on a joint venture basis in other wells
as they are drilled on the Alberta property.
By Bruce Erskine, business reporter |
