8.00 a share post split?
Daleco Announces Results of Operations and Annual Shareholders Meeting
BusinessWire, Tuesday, February 17, 1998 at 15:01
WAYNE, Pa.--(BUSINESS WIRE)--Feb. 17, 1998--
Daleco Resources Corp. (NASDAQ:DLOV & CDN:DLOV)
In the annual meeting held on Feb. 16, 1998, the shareholders
overwhelmingly approved the board of directors proposed Amendment for
a ten for one reverse split of the company's common shares.
Approximately 82% of the company's outstanding shares have been
voted and management's proposals have been approved by more than 96%
of the shares voted. As reported previously, management believes
that such a move will keep the company in full compliance with recent
changes to the NASDAQ requirements and will maintain its listing on
the NASDAQ market.
The effective date for the reverse stock split is Feb. 17, 1998.
At the shareholder's meeting, Gary Novinskie, president and COO,
also announced the completion of the first phase of the Austin Chalk
development program funded by Heller Financial.
As planned for in Phase I, seven wells have been refrac'ed and
three horizontal wells have been redrilled, resulting in a 400%
increase in oil and gas production levels. The next phases of the
program call for the reentry and/or drilling of an additional 22
horizontal wells.
Dov Amir, chairman and CEO, stated that based upon these results
and the company's current holdings, management believes that the
market price of the company's common stock is substantially
undervalued.
He went on to say that management's opinion is supported by the
recent drilling success as well as the independent engineering
reports prepared for year-end 1997 which value the oil and gas
reserves alone at greater than $8.00 per share post-split.
Furthermore, the company's recent activities, which include its
aggressive acquisition and development program, will assure continued
growth and profitability.
Daleco Resources is an international natural resources company
with holdings in oil and gas, timber, and precious minerals. The
company currently has oil and gas operations in Texas, Pennsylvania,
Alabama, West Virginia, and New Mexico.
Management is aggressively reviewing additional acquisitions of
developed and undeveloped oil and gas properties to expand its
reserves base and areas of operations.
Safe Harbor for Forward-Looking Statements: Except for historical
information contained herein, the statements in this Press Release
are forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties which may cause the company's actual results in the
future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, product price
volatility, product demand, market competition, risk inherent in the
company's domestic and international operations, imprecision in
estimating product reserves and the company's ability to replace and
expand its holdings.
CONTACT: Daleco Resources Corp.
Dov Amir, 310/282-9999
Gary J. Novinskie, 610/254-4199
KEYWORD: PENNSYLVANIA TEXAS WEST VIRGINIA ALABAMA NEW MEXICO
INDUSTRY KEYWORD: MINING/METALS FOREST PRODUCTS ENMED
ENVIRONMENT BUILDING/CONSTRUCTION OIL/GAS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 1998, Business Wire
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:DLOV
Daleco Resources Corp |
