News Release:
V.S.E. Notice
NOTICE TYPE: Minor Property Transaction
NOTICE DATE: February 3, 1998
The Vancouver Stock Exchange has accepted for filing a letter agreement dated November 28, 1997
between Pan-Global Enterprises Inc. (the `Company') and Axyn Petroleum Corporation (Robert A.
Wilson, Kenneth S. Meek, David S. Ragan) (`Axyn') in respect of certain oil and gas prospect and
projects located in the Sturgeon Lake area of Alberta. Subject to the completion of certain transaction
between Axyn and Range Petroleum Corporation (`Range'), the Company will have an option (`Option') to
earn:
a) 1.5% working interest in a Well at Range et al Sturls 5-35-70-24 W5M;
b) 1.5% working interest in certain lands set out in Alberta Crown License #5495080092 known as Block
A lands; and
c) 2% working interest in certain lands set out in Alberta Crown Leases #0593120184, #0597100725,
and #0593120187 known as Block B lands.
The consideration payable to Axyn for the Option is $30,000 and 50,000 shares, which are issuable
upon Exchange acceptance.
To exercise the Option, the Company is required to pay Axyn a further $50,000, pay Axyn's 1.5% share
of all costs associated with the Well beyond the point of earning by Range and issue 75,000 shares.
The Company may also exercise the Option in respect to the Block B lands only, which requires the
Company to pay $25,000 and issue 37,500 shares. Any shares issued to exercise the Option will be
subject to Exchange acceptance of a geological report detailing the exploration work done of the
properties and recommending further work. Upon payout occurring, the Company will have 66.67% of
Axyn's pre-farmout interests in the properties. |
