VERSAILLES, Ky.--(BUSINESS WIRE)--July 16, 1997--American Resources of Delaware, Inc. (the "Company") announced that at its July 8, 1997, Annual Meeting of Stockholders, all proposals presented to the Stockholders passed. The proposals approved by the Stockholders were as follows:
1. The Board of Directors was classified into three classes of directors with staggered three-year terms.
2. Directors elected for three-year terms were Rick G. Avare and David Fox, Jr.; Leonard K. Nave, Len Aldridge and Robert L. McIntyre were elected for two-year terms; and Douglas L. Hawthorne, William D. Bishop and Donald A. Schellpfeffer will serve for one-year terms.
3. The selection of KPMG Peat Marwick LLP as the Company's independent auditors for 1997 was ratified.
4. The number of authorized shares of $.00001 par value common stock in the Company was increased from 20,000,000 shares to 50,000,000 shares.
At the meeting, the Company's President and CEO, Rick Avare, presented an overview of the Company's progress, including the status of its offshore and onshore Gulf Coast prospects. Avare indicated that the Company's most recent drilling project in the Gulf Coast, the Oakvale prospect located onshore Mississippi, had been successfully completed and is expected to be hooked up within the next thirty days.
Avare also announced the acquisition during June 1997, of a working interest in 23 natural gas wells located in Whitley and Knox Counties, Kentucky, on the Company's existing gathering facilities. The wells contain an estimated 1.5 billion cubic feet of natural gas reserves net to the Company and were purchased from Daugherty Petroleum, Inc., for approximately $526,000. "This acquisition is in keeping with our strategy of replacing our depleted reserves through either acquisition or the drill bit," stated Avare.
Of the Company's three new outside directors, Avare stated, "We believe that the Company will benefit immensely from the expertise each brings to the Board, Aldridge in the financial area, Bishop in energy-related matters and McIntyre from both a legal and geological perspective."
American Resources of Delaware, Inc. is a fully integrated producer of oil and gas. The Company owns pipelines and production in the Gulf Coast and Appalachian regions, markets gas to commercial and industrial end users as well as certain utilities in the Eastern United States, and owns a major interest in an offshore turn-key drilling company.
For more information, contact the Company's Investor Relations Department at 606/873-5455.
CONTACT:
American Resources of Delware, Inc., Versailles
Investor Relations, 606/873-5455
KEYWORD: KENTUCKY
BW1204 JUL 16,1997
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VERSAILLES, Ky.--(BUSINESS WIRE)--July 17, 1997--American Resources of Delaware Inc. (the "company") announced that on July 16, 1997, its primary lender, Den norske Bank ASA ("Den norske"), purchased 500,000 shares of common stock of the company for a price of $2.66 per share, for a total investment of $1,330,000.
The parties also entered into a Registration Rights Agreement wherein Den norske was granted certain demand and piggyback registration rights with respect to the shares purchased. The company plans to use the funds for general operational purposes.
Rick G. Avare, president and CEO of the company, said of the transaction, "We are extremely excited that Den norske has once again demonstrated its confidence in the continued success of our company by taking a position as a substantial shareholder." The company currently has a $30 million line of credit through Den norske as well as a separate development line of credit which allows the company to borrow $2.5 million for development of its Gulf Coast properties.
"Den norske Bank is very pleased with its relationship with American Resources and views this investment as a vote of confidence in the company's management and direction," commented William V. Moyer, first vice president of Den norske.
Additionally, the board of directors of the company declared a dividend of 8 percent per annum for shareholders of the company's Series 1993 8 percent convertible preferred stock of record as of July 15, 1997. The payment date shall be July 22, 1997, and holders of record who own a share of Series 1993 8 percent convertible preferred stock shall receive a semi-annual dividend to be paid in shares of restricted common stock.
American Resources of Delaware Inc. is a fully integrated producer of oil and gas. The company owns pipelines and production in the Gulf Coast and Appalachian regions, markets gas to commercial and industrial end users as well as certain utilities in the Eastern United States, and owns a major interest in an offshore turn-key drilling company.
For more information, contact the company's Investor Relations Department at 606/873-5455.
CONTACT:
American Resources of Delaware, Versailles
Investor Relations, 606/873-5455
KEYWORD: KENTUCKY
BW1434 JUL 17,1997
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Just wanted to get the actual releases on the board here so all can see
everything in its true context. Best news here is that they hit the
Mississippi well and they suckered their bank into buying some stock. |
