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Asset exchangeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
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Upton Resources Incÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ URC
Shares issued 16,567,705ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Nov 13 close $5.85
Mon 17 Nov 97ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Also Paramount Resources Ltd (POU)
Also Westminster Resources Ltd (WML)
Also Berkley Petroleum Corp (BKP)
Mr Scott Dutton reports
Upton Resources has entered into an agreementÿ inÿ principleÿ withÿ Berkley
Petroleum, Westminster Resources and Paramount Resources involving an asset
exchange of the shallow and deep rights and associatedÿ oilÿ productionÿ in
the Midale/Weyburn areas of Saskatchewan and a cash payment to Upton.
The shallow/deep asset exchange will be effective Octoberÿ 1ÿ 1997ÿ andÿ is
expectedÿ toÿ close before year end. Upton will receive $25 million and the
shallow assets which include the Frobisher/Alida production and undeveloped
petroleumÿ andÿ natural gas rights to the base of the Frobisher-Alida beds,
pertaining to the Shell Canada and AEC West acquisitions made earlierÿ this
year. In return, Upton will assign all deep assets, including the Red River
production and undeveloped petroleum and natural gas rights below theÿ base
of the Frobisher-Alida beds to Berkley, Westminster and Paramount.
Thisÿ shallow/deepÿ assetÿ exchangeÿ willÿ allowÿ Uptonÿ toÿ focusÿ onÿ the
Mississippian,ÿÿ Frobisher-Alidaÿÿ explorationÿÿ andÿÿ developmentÿÿ inÿ SE
Saskatchewan. Upton isÿ retainingÿ allÿ ofÿ itsÿ deepÿ rightsÿ outsideÿ the
Midale/Weyburnÿ areaÿ including its recent Red River discovery at Browning,
and expects to participate in several deep tests in 1998.
After giving effect to the asset exchange Upton's production will beÿ 4,900
bopdÿ andÿ isÿ expected to climb to 5,100 bopd by year end. Included in the
current production are threeÿ recentlyÿ drilledÿ Frobisher-Alidaÿ wellsÿ at
Gainsboroughÿ Eastÿ 300 bopd (250 net), Alida 450 bopd (180 net) and Cantal
450 bopd (320 net). Upton has four wells beingÿ completedÿ forÿ production,
includingÿ threeÿ Frobisherÿ wellsÿ atÿ Midaleÿ andÿ one horizontal well at
Whitebear. Current drilling operations are continuing at Star Valleyÿ (100%
WI),ÿ Midaleÿ (50%ÿ WI) and Palomino (22%). Activity for the balance of the
year includes drilling three to four development Frobisher-Alidaÿ wellsÿ in
SEÿ Saskatchewanÿ andÿ two to three exploration non-operated wells in North
Dakota/Montana.
Upton's third quarter financial resultsÿ andÿ 1998ÿ budgetÿ andÿ production
targetsÿ are being finalized and are expected to be released on November 19
1997.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Cheers, Bob |
