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Gold/Mining/Energy : V.EGG - Ebony Gold & Gas
EGG 3.799-3.6%Dec 5 9:30 AM EST
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To: dennis naughler who wrote (991)10/7/1997 10:36:00 AM
From: Alex Harrington   of 1088
 
News release

Ebony Gold and Gas Inc -

Slocan acquires interest in Hurricane Creek property

Ebony Gold and Gas Inc
EGG
Shares issued 6761199
1997-10-06 close $0.3
Monday Oct 6 1997
Mr Daryl Pollock of Slocan Holdings reports
Slocan Holdings Ltd has entered into an agreement with Ebony Fuels Inc, a
wholly owned subsidiary of Ebony Gold and Gas Inc, whereby Slocan has
purchased a 10% working interest in the Hurricane Creek oil and gas property
consisting of 15,000 acres in Arkansas. The acreage was previously developed
with 10 gas wells, of which two are presently producing and eight are shut in.
The interest purchased includes all existing wells, tangibles, intangibles and a 10%
interest in pipeline facilities currently being constructed to service the property.
The net revenue interest available to the working interest holders of the lands is
variable from 75% to 78.125%.
The consideration due and payable for the interest is a cash payment of
US$25,000 and the assumption of a payment of US$47,507 due and payable to
the operator for cash calls related to the construction of a pipeline to the property.
The purchaser will pay the additional sum of US$110,000 by paying to Ebony
Fuels Inc 25% of the income payable to Slocan as a distribution from production
attached to its 10% working interest. A finder's fee is payable with respect to the
acquisition.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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