Mountain Energy Inc. Receives New Stock Symbol
HOUSTON--(BUSINESS WIRE)--June 18, 1998--Mountain Energy Inc., formerly traded under the symbol OTC/BB:ICVI, Thursday announced a stock symbol change to MTEI on the Over The Counter Bulletin Board.
Jack Uselton, president of MTEI, stated, "We are pleased with the new symbol which better indicates the type of business and corporate name of Mountain Energy."
MTEI sees an opportunity to attain growth and increase shareholder value through strategic acquisitions of proven oil, gas and coal properties located in the Appalachian area and oil and gas properties in the Mid-Continental and Southwest regions and along the Texas and Louisiana Gulf Coast onshore and in shallow water up to 50-feet deep.
MTEI presently owns 20,000 acres and controls the mineral rights in West Virginia that contain in excess of 2 billion cubic feet of gas and 10 million tons of coal. Additionally, the purchase of 8,000 acres has been completed and Stag Engineering is currently doing reserve studies to arrive at the present net asset value of these properties.
This value will reflect all acquisitions, exploration, operation and development costs of the properties through the life expectancy at a discounted dollar figure of the properties.
Mountain Energy's corporate headquarters are located in Houston.
For additional information, contact Jack Uselton, president; Mountain Energy Inc.; 7700 San Felipe, Suite 480; Houston, Texas 77063; Tel: 713/334-4111.
CONTACT:
Mountain Energy Inc., Houston
Jack Uselton, 713/334-4111
KEYWORD: TEXAS LOUISIANA WEST VIRGINIA
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