RWR-cdnx Ravenwood. The ex-Neutrino folks.
MAY 16, 2001 - 09:01 EDT
Ravenwood Retains Waterous
CALGARY, ALBERTA--Ravenwood Resources Inc. (CDNX: "RWR") today
announced that its Board of Directors unanimously approved a
process intended to review strategic alternatives for maximizing
shareholder value. One option being considered for this process
is a sale of the entire company. Ravenwood has retained Waterous
& Co. as its exclusive agent and financial advisor in seeking out
a potential buyer of the company. Detailed information will be
available for prospective buyers later this month with bids due by
the third week of June 2001. Interested parties should contact
Waterous directly. There is no assurance that any sale
transaction will actually occur or the timing of a sale will occur
as presented.
Jeff Arsenych, Chairman and Chief Executive Officer of Ravenwood
stated, "In the past fifteen months since our start-up, we have
created significant shareholder value that we had previously
anticipated would require several years to accomplish. It is our
responsibility as management to look at all options for maximizing
a return to shareholders." David Beckwermert, President and Chief
Operating Officer of Ravenwood stated, "Ravenwood's substantial
cash flow, and minimal drawdown on our sizeable credit line,
provides considerable financial flexibility. We therefore plan to
continue with our aggressive drilling and development program
throughout this process." The review process will also involve
Ravenwood identifying and evaluating strategic initiatives that
are an alternative to selling the company.
April 2001 daily production averaged an estimated 667
barrels-oil-equivalent (6:1 gas:oil) of which roughly two-thirds
was natural gas. Over 90% of production was from two high working
interest, company-operated fields in Eastern Alberta. With the
connection of two additional gas wells in late May 2001,
Ravenwood's daily production rate is expected to exceed 700
barrels-oil-equivalent. On May 12, 2001, Ravenwood commenced
drilling an additional gas target in the Grande Prairie area of
North-Western Alberta. This well offsets a gas discovery, in
which Ravenwood participated during December 2000, that was
brought onstream in February 2001.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ravenwood Resources Inc.
Jeff Arsenych, Chairman & CEO
(403) 261-1911
or
Ravenwood Resources Inc.
David Beckwermert, President & COO
(403) 261-1911
(403) 261-1924 (FAX)
Web site: www.ravenwoodres.com
or
Corporate sale process:
Waterous & Co., Attn: Christopher P. Slubicki
(403) 261-4242
(403) 269-8355 (FAX)
Web site: www.waterous.com |
