Osprey Energy Ltd (2) - News Release
Osprey lowers price on private placement
Osprey Energy Ltd (2) OEL
Shares issued 10,908,621 Apr 16 2002 close $.420
Wednesday Apr 17 2002 News Release
Mr. John MacDonald reports
Osprey Energy has repriced the non-brokered private placement disclosed in Stockwatch on March 27, 2002. The placement for up to three million units is repriced from 50 cents to 40 cents per unit for gross proceeds of up to $1.2-million. Each unit consists of one common share and one non-transferable share purchase warrant exercisable at 60 cents (previously 75 cents) for a two-year period until April 16, 2004. A finder's fee will be paid according to Canadian Venture Exchange guidelines.
Proceeds will be used as working capital and to accelerate the continuing work program on the company's oil and gas properties in Louisiana. Last week Osprey announced the acquisition of additional prospective petroleum zones from its Louisiana partner, BPR Energy, of Lafayette. Reserve reports for the properties indicate proven reserves of more than five billion cubic feet of gas and 845,000 barrels of oil. Negotiations to acquire other assets in the area, including both proven reserves and promising exploration properties, are continuing.
The company also announces the appointment of Bernard P. Robichaux as president and chief executive officer, replacing Gary Malone who has retired from the management team but remains as a member of the Osprey board of directors. Mr. Robichaux, who is president of BPR Enterprises and BPR Energy of Lafayette, La., has extensive operational experience, both onshore and offshore, in the oil and gas industry. He has managed both international and domestic projects, with special concentration in Louisiana and the Gulf of Mexico, and has demonstrated expertise in property acquisitions and well completions. He has been a senior vice-president of Osprey Energy since October of 2001. |
