WTF is going on - this is two or three of these I have seen from Osprey - are thgey building or selling a companyOsprey Energy to sell Louisiana interests/leaseholds
Osprey Energy Ltd (2) OEL
Shares issued 7,300,000 Sep 27 close $0.50
Thu 27 Sept 2001 Miscellaneous
The Canadian Venture Exchange has accepted for filing documentation with
respect to an arm's-length disposition by the company of its 75-per-cent
working interest before payout and 50-per-cent working interest after
payout in three wells (T.K. Giddens No. 1, Pool No. 1 and Willamette No. 1)
and certain additional leaseholds located in the Vernon/Cotton Valley
field, Jackson parish, Louisiana, to a United States natural gas producer
(the purchaser). As consideration, the company will receive the following:
1. a 75-per-cent interest in $1.8-million (U.S.), which amount consists of
cash payment of $1.2-million (U.S.) waiver of $450,000 (U.S.) in certain
royalty payments owed, and receipt of approximately $150,000 (U.S.) in
certain net gross overriding royalty payments;
2. a 75-per-cent working interest before payout and 50-per-cent working
interest after payout in three new wells (Strickland 17-1, Churchman 9-1,
Crosby 2-1) together with any on lease salt water wells and equipment
associated therewith located in the Masters Creek field, Vernon/Rapides
parishes, Louisiana;
3. access to the purchaser's salt water disposal system in the Masters
Creek field for five wells; and
4. a right of first refusal for a period of five years to purchase any
wells in the Masters Creek field which the purchaser intends to plug and
abandon or sell as uneconomic wells.
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