Jan. 15 - BKP.TSE - Closes Expanded Private Placement - Acquires Assets Of Martel Resources Inc.
Via: Canada NewsWire
CALGARY, ALBERTA--Berkley Petroleum Corp. advises it has closed
the private placement of 353,000 flow through shares to Officers,
Directors and Employees at $16.00 per share. The placement was
originally announced November 27, 1997 and was expanded from the
original 200,000 share offering.
Berkley also announces it has made an offer to acquire all of the
shares of Martel Resources Inc., an Alberta based private oil and
gas company with assets in the Ft. St. John, Stoddart and Siphon
areas of northeast British Columbia and the Wildhay area of
Alberta. The acquisition was approved by Martel's shareholders
January 14, 1998, and is scheduled to close January 20, 1998.
Under the agreement, Berkley will issue 450,000 shares to Martel
shareholders.
Berkley estimates the acquisition will add approximately 500 boepd
of production and reserves of 1.37MMBOE proven plus half probable
to the company.
Berkley Petroleum Corp. is an oil and gas company listed on the
Toronto and Alberta Stock Exchanges trading under the symbol
"BKP."
FOR FURTHER INFORMATION PLEASE CONTACT:
Berkley Petroleum Corp.
Michael L. Rose
President
(403) 571-3600 |
