This was a loooong time coming eh:-))
Thursday May 23, 12:52 pm Eastern Time
Press Release
SOURCE: Shelton Canada Corp.
Shelton Canada Corp.: Agreement With Chornomornaftagas
EDMONTON, Alberta--(BUSINESS WIRE)--May 23, 2002--Shelton Canada Corp. (TSX VENTURE:STO) ("Shelton") announces that it has successfully negotiated an agreement ("Agreement") with Chornomornaftagas ("CNG") concerning a joint exploration and development work plan for hydrocarbon reserves located in the north west area of the Azov Sea.
CNG is a joint stock company wholly owned by Naftagas, the Ukrainian government holding company responsible for all hydrocarbon exploration, development, production and transmission in the Ukraine. CNG has responsibility for hydrocarbon exploration, development, production and transmission in all of Crimea, Ukraine including the Black and Azov seas in Ukraine.
On May 20, 2002, officers of CNG and Shelton signed the Agreement and a non-disclosure agreement at the Canadian Embassy in Kiev, Ukraine in the presence of Alberta Premier Ralph Klien and Canadian Ambassador Andrew Robinson, as part of the Premier's program, during Premier Klien's official visit to the Ukraine.
Shelton will be evaluating existing seismic records and will be negotiating a comprehensive production sharing agreement which will further define the terms and conditions of the CNG-Shelton development and production program covering several structures in designated areas of the Azov Sea.
Shelton is an Alberta oil and gas company listed on the TSX Venture Exchange holding an interest in production properties located near north eastern British Columbia, Lloydminister, Alberta and north of Edmonton, Alberta on the Alexander Indian Reserve.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities of the corporation have not been and will not be registered under the U.S. Securities Act, 1933, as amended, and subject to certain exemptions may not be offered or sold in the United States or to U.S. persons. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Contact:
Shelton Canada Corp.
Zenon Potoczny, 416/252-4101
or
Richard Edgar, 403/269-1053 |
