PROPERTY ACQUISITION / Spearhead Resources closes Major Transaction
Spearhead Resources Inc. has closed its major transaction after receiving
approval from its shareholders at a special and annual general meeting. The
company will be applying in the for final approval from the Alberta Stock
Exchange and to be transferred from junior capital pool status to the ASE
regular board.
The company acquired proven plus 50% probable net reserves of approximately
90,000 barrels of oil and NGL and 150 million cubic feet of gas, producing 50
barrels per day and 115 thousand cubic feet per day, in the Cecil area of
Alberta for a cost of $640,000. An independent engineering evaluation
reported the net present value, discounted at 15%, at $727,000. The operator
of the property plans to further develop the oil pool.
Spearhead's immediate plans are to identify and acquire additional producing
reserves in Western Canada.
For information contact Brian Mahood, President, at 1400, 444-5th Avenue
S.W., Calgary, Alberta T2P 2T8. Telephone (403) 265-5900, Fax (403) 264-7844.
Alberta Stock Exchange symbol "SHD".
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