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Gold/Mining/Energy : Gronarctic Energy Inc
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To: Wats who wrote (17)9/11/1997 7:04:00 PM
From: Wats   of 32
 
Here is a news release that's a few days old. Gee, I wonder if this sounds familiar....hmmm....the same old stuff but reworded. I hope they don't spend all their time thinking about how to reword a news releases... ;-)

6mo interim report

gronArctic Energy Inc GRO
Shares issued 36,295,882 Sep 9 close $0.14
Wed 10 Sept 97 Company Review
Ms Camille Hanna reviews the company
In April the company signed an agreement in the Czech Republic to acquire
the exploration and development rights to oil and gas producing properties
with 300,000 barrels and 8 bcf of recoverable oil and gas reserves. The
exploration and development area covers 24,957 acres. The potential
recoverable reserves is estimated at 2.5 mmcf/d of oil and 35 bcf of gas.
The company will provide 100% of the capital costs for the exploration and
development of the lands and receive 100% of the revenue subject to a 15%
convertible net royalty to Unigeo as, a public geotechnical and
environmental project engineering company in the Czech Republic.
The company remains focused and enthusiastic on its exploration lands in
Greenland. The government of Greenland has recently conducted an Aeromag
survey over the company's lands to further evaluate the hydrocarbon
potential for the area. Combined with the airborne gravity and magnetic
survey conducted by the company in 1996, the Aeromag will assist in
defining depocentres and structural highs with the potential for
hydrocarbon generating source rocks and reservoir traps. The company is
actively pursuing a farm-in partner to participate in a seismic acquisition
program and the drilling of future wells.
The company intends to complete an equity financing of $3.5 million in the
third quarter of 1997 to finance the development of the existing oil and
gas reserves in the Czech Republic.
(c) Copyright 1997 Canjex Publishing Ltd.
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