Im looking at a couple of coal bed methan gas companies....both have just acquired lease holds on new areas of dev.
Follow newswire
Powder River Basin Gas Corp. Signs Definitive Funding Agreement with New York Investment Banking Firm
Tuesday September 3, 10:46 am ET
DENVER--(BUSINESS WIRE)--Sept. 3, 2002--Powder River Basin Gas Corp. (OTCBB:PRVB - News) announced today that it has signed a "definitive agreement" with New York-based Divine Capital Markets to provide up to $600,000.00 in interim equity capital to the Company.
The transaction, a "structured equity" financing, would fund on or about Sept. 15, 2002 with proceeds to complete the development of Powder River's Zulig Field in Wyoming and to purchase a 13% stake in the Buff Field already well into operation and currently producing 350mcf gas per day.
"This capital infusion comes at a crossroads for the company as it turns from a 'development stage' oil & gas company into an operator while prices for both commodities continue to trend upward. We can also leverage some of the proceeds, complete and enhance our 'working partnership' with both Emerald Operating and Rocky Mountain Oil & Gas companies, hire a COO and finish developing our management team," said Alex Campbell, President, Powder River Basin Gas
Rocky Mountain Energy Corporation Closes Acquisition of United States Oil Company
Adds 56.5 Bcf Proved Reserves and Existing Cash Flow
Thursday October 3, 10:15 am ET
HOUSTON--(BUSINESS WIRE)--Oct. 3, 2002--Rocky Mountain Energy Corporation (OTCBB:RMEC - News) announced today that it closed the acquisition of United States Oil Company (U.S. Oil) located in Denver
RMEC paid $2,900,000 for U.S. Oil. The terms of the transaction are $200,000 in cash on or before Nov. 15, 2002 with a convertible note at 2% per annum for two years for $2.7 million, interest payable quarterly. The note cannot be converted during the first twelve months, but can be converted to company stock thereafter through maturity at the then prevailing stock price. The company may at its option force conversion when the share price averages $1.50 per share for 60 days or better. |
