CORP. REPORT / Sunburst Oil & Gas Inc Annual Shareholders Meeting
SUNBURST OIL & GAS INC. ANNUAL MEETING HELD ON MARCH 23, 1998 ANNOUNCED
SUBSTANTIAL INCREASES IN THEIR RESERVES PRODUCTION AND A POSITIVE CASH FLOW
ENVISAGE FOR THE ENSUING YEAR.
EDMONTON, April 1 /CNW/ - SUNBURST OIL & GAS INC. (ASE:SBS) held their
annual stockholders' meeting on March 23, 1998 in Edmonton, Alberta. The
meeting was successfully held with a good record of shareholders in
attendance. The Motions were carried out favorably respecting the re-election
of directors and authorizing their fixed remuneration. Also, confirmed
nomination election of newly appointed auditors for the Corporation being Mr.
Brian Ross associated with the firm of Kingston Ross Pasnak Chartered
Accountants. The new board members elected for the corporation were as
follows:
President:- Mr. Theodor Belter, Businessman
C.F.O & Sec.-Treasurer:- Mr. Joseph Paulowicz, C.E.O.
(P.B.Res.Inc.)
Director:- Mr. Ted Brownless, Petroleum Engineer
Director:- Mr. Karl Herbold, Businessman
Director:- Mr. Don Deane, P.Eng.
(Windsor Energy Corp.)
Consultant to Corporation:- Mr. Barry Wihak, Geologist
(Golden Horizon Expl.)
The highlight of the meeting was about the developmental program of the
Corporation's ''West Pembina Properties'' and their extensive rehabilitative
exploitation work-overs on the majority of their ''Pembina'' well-sites
including several upgraded producers enhanced by the corporation's recent
successful horizontal-drill re-entry of 16C-20 wellsite striking the targeted
reservoir of the 'Cardium Pool'.
Corporation's geologist, Mr. Wihak indicated that Sunburst's Properties
(approx. 2000 acres) are situated on a large oil concentrated reef of fine
grained quartz sand with porosity levels ranging from 8 to 16% which may
support a conglomeration of horizontal-well drills.
Sunburst Oil & Gas Inc. management indicated that their strategies are to
further develop and optimize their growth within the 'Pembina Field'.
Currently, the company controls 22 well-sites, 3 treatment facilities, and all
flowlines & pipelines necessary to extract, process, and deliver finished
product to their purchasers.
Sunburst also hosts two gas wells in 'Viking-Kinsella Field' with recent
re-entry drills into two more zones bringing the current production of gas
reserves up from 1.9 units to 11.1 units.
Sunburst has primarily accentuated on increasing production volumes of
light crude and natural gas for the ensuing year. Given the success of the
1997-1998 winter drilling and upgrading, production levels scaled upward in
excess of 30% from time of purchase.
Management anticipates a positive growth in the reserves of both oil and
gas for benefit of increasing cash flow based upon the return of historical
crude and gas prices. |
