Suppose there is some relationship here.I see they both mention 640,000 acres????
Rally Energy Corp - News Release
Rally closes stage one acquisition of PE property
Rally Energy Corp
YRY
Shares issued 12,901,849
2001-06-15 close $0.39
Monday Jun 18 2001
News Release
Mr. Blair Coady reports
Further to the company's news release in Stockwatch dated June 5, 2001, Rally
has closed the stage one acquisition of a 15-per-cent working interest in 642,136
gross acres (96,320 net acres), subject to a 5-per-cent net profits interest before
payout reverting to an 8-per-cent GORR after payout in seven exploration permits
onshore Prince Edward Island (the PE gas property). Rally retains the right to
acquire an additional 15-per-cent stage two interest and a further 10-per-cent
stage three interest in the PE gas property subject to satisfactory financing and
other conditions (see release of June 5, 2001). Rally anticipates an exploration
program consisting of a detailed assessment of existing seismic data and drill well
logs as well as acquiring new data in prospective areas of the PE gas property will
indicate potential drill targets and warrant further exploration.
Rally further reports that Energy Power Systems Limited has exercised its option
to acquire Rally's remaining 25-per-cent average interest in the Sibbald property,
Alberta, effective April 1, 2001. The option was exercised pursuant to an
agreement previously reported by Rally on March 26, 2001, when EPS
purchased an average 25-per-cent interest in the Sibbald property and some
smaller interests in Ontario.
Rally has granted, subject to regulatory and exchange approval, 955,000 common
share purchase options to acquire 955,000 common shares at an exercise price of
40 cents until June 14, 2002, to directors and consultants of the corporation.
Under the corporation's stock option plan a total of 1,290,100 common share
purchase options are reserved for issuance of which 1,005,000 have been
granted.
Looks like PEI is heating up here.CDH and ONG also have properties in the area and ONG.V is awaiting a test rig to flow test the well they drilled in the Souris formation right next door.Interesting..... |
