Hi Steve,
The new press release is out on cayc............
CAYE CHAPEL, INC. FINALIZES THE ASSET ACQUISITION OF GREAT PLAINS, INC. FOR $6 MILLION.
Las Vegas, Nevada-May 28, 1998- CAYE CHAPEL, INC. (OTC BB- CAYC) announced today that it has finalized the asset acquisition of privately owned Great Plains, Inc. (GPI). The GPI acquisition adds to the already significant asset base of CAYC through GPI's ownership of over 1800 shallow oil wells situated in South Central Texas on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields. The acquisition also includes all other valuable assets such as ; seven portable swabbing units, all storage facilities, rolling stock, infrastructure, roads, oil inventory, and pipelines. The primary factor for the acquisition of GPI assets are the third party independent engineering reserve estimates of proved-producing, proved non-producing, and probable oil production from the 15 fields of 35 million gross barrels with cumulative estimated un-discounted future revenue potential of $526.5 million at $15 benchmark basis.
In conjunction with the acquisition CAYC appointed three new board members to it's existing Board of Directors. The new members have collectively over 73 years of oil and gas experience in areas that include but not limited to; Masters in Petroleum Engineering; Geology and Environmental Engineering; Owner of Operating Company; Owner of Drilling Company; Over $1 Billion of acquisitions review and purchase experience; Reservoir Engineering; Crude oil sales and marketing of up to 8,000 barrels of crude per day; Certified Safety Professional; Registered Professional Engineer; Certified Professional Geologist. The new board members will assist with the growth through acquisitions of CAYC.
CAYC President R.M. Frederick stated that, " the corporate offices will be moved to the Texas area in the immediate future, where all new board members are located."
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This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
CAYC |
