Look at this.....
Osprey Energy Ltd (2) - News Release
Osprey to sell three Louisiana wells; conference call
Osprey Energy Ltd (2)
OEL
Shares issued 7,300,000
2001-08-07 close $0.95
Wednesday Aug 8 2001
News Release
Mr. R. Gary Malone reports
Osprey Energy has signed a letter of intent with one of the world's largest natural
gas producers to sell its three Northern Louisiana wells. These wells are part of
the 12 wells included in the Cotton Valley project, which Osprey purchased from
Union Pacific Resources in June of 2000. In consideration, Osprey will receive
$1.8-million (U.S.), three oil and gas wells, and three saltwater disposal wells. The
company will also receive a five-year right of first refusal for the purchase of any
wells in a significant Louisiana field that the major deems to be non-core.
Osprey will also have access to the major's saltwater disposal facilities to serve
five wells from which water is now transported by truck. The operating costs of
these wells -- the Crowell 3, Crowell 7, Bailey 32, Temple 16 and Crosby 24 --
will be significantly reduced once saltwater disposal facilities are available.
By divesting its only Northern Louisiana holdings in exchange for properties in
central Louisiana, Osprey also obtains added efficiencies in consolidating its
largest operating base in one area of the state.
The proceeds from the sale will be used primarily for remedial work on other
company wells in Louisiana. The transaction is expected to close on or before
Aug. 30, 2001.
Osprey management will host a conference call for the financial markets, advisers
and shareholders on Thursday, Aug. 9. The call will begin at 11 a.m. ET and may
be reached up to 10 minutes in advance of the start time by dialling toll-free
1-800-346-7359. Those outside of North America may join by dialling
973-528-0008. Management will make opening remarks concerning recent
developments and will then open the lines for questions. All are encouraged to
attend the call.
This must be the reason for the spike up Buckey.Looks like they did a well swap and picked up 1.8MM in cash????? I thought they only paid 1 Million for 12 wells in that property when they bought it.????? |
