FINANCING / Magin Energy
CALGARY, Feb. 04 /CNW/ - Magin Energy Inc. announced today that it has
filed and received receipts for a final prospectus in British Columbia,
Alberta, Manitoba, Ontario and Quebec. The prospectus qualifies for
distribution to the public 2,966,125 flow-through common shares issuable upon
the exercise of previously issued Special Warrants. The issue price per share
was $3.25. The Company has, after the issue, 50,386,694 common shares issued
and outstanding.
Annual 1997 and fourth quarter financial results will be released on
March 2, 1998. Production for 1997 averaged 4,900 barrels of oil equivalent
per day with the fourth quarter averaging 7,015 barrels of oil equivalent per
day (4,435 barrels, 25.8 million cubic feet). Average production for the
month of January increased a further 24 percent to 8,700 barrels of oil
equivalent per day (5,500) barrels, 32 million cubic feet). |
