PROPERTY ACQUISITION / Icon Energy Limited Announces Property
Exchange
ASE, ME SYMBOL: IOE
MAY 27, 1998
CALGARY, ALBERTA--Icon Energy Limited (IOE-Montreal) is pleased to
announce that it has signed a letter of intent with the operator
that will allow the Corporation to exchange its current 15 percent
working interest in its heavy oil property at Kitscoty, Alberta
for an additional 55 percent interest at Antler, Saskatchewan
which is currently producing 160 barrels of light sweet crude oil
per day. Upon completion of this transaction, Icon will own a
total of 65 percent working interest in 3,680 acres of land that
has been recently evaluated with a detailed 3D seismic program.
Closing for the above transaction is scheduled for June 5, 1998
when Icon will effectively take over as operator of the property.
Immediately thereafter, the Company is planning to upgrade the
existing facilities that will include, but not be limited to,
increasing water disposal capacity, repairing existing flowlines
and suspended wells and building new flowlines to tie in shut-in
wells. Longer term plans include twinning of existing wells and
additional purchases.
Icon would like to add that this property exchange is the first in
a series of steps that will consolidate the Corporation's
interests and enable it to control the timing and priority of its
capital expenditures. |
