CORP. / Derek Resources Corp Enters Into IR Agreement
DEREK RESOURCES CORPORATION ANNOUNCES INVESTOR RELATIONS AGREEMENT WITH
INDEPENDENT CONSULTANTS DREW MARTEL AND STEPHEN STANLEY
VANCOUVER, June 24 /CNW/ - Derek Resources Corporation
VSE Symbol DRS
Derek Resources Corporation is pleased to announce that the company has
entered into an investor relations agreement with independent consultants Drew
Martel and Stephen Stanley. Commencing immediately Mr. Martel and Mr. Stanley
will provide the company with investor relations and corporate communications
services for a retainer fee of $2,500 each per month for a period of one year,
subject to earlier termination by 1 month notice. A stock option package of
33,500 options to each individual exercisable at a price of $0.49 has also
been negotiated.
In addition, the company has granted 10,000 stock options to two
employees at an exercise price of $0.49. The options will expire on June 24,
2003.
All agreements and grants of stock options will be subject to the rules
and regulations of the Vancouver Stock Exchange.
Derek Resources is an emerging oil company, which in the fall of 1997
acquired 100% interest (with another company having the back-in right to a 25%
participating interest) in a unique oil recovery project at the Lak Ranch in
the Powder River Basin, Weston County, Wyoming. Engineering estimates are
that well in excess of 120 million barrels of 20 degree, high quality, low
sulphur, napthenic-based oil are in place in the lower of two formations and
is amenable to recovery by Steam Assisted Gravity Drainage (''SAGD''). A
major oil company has guaranteed in writing to purchase oil produced from this
project at WTI less only $0.48. |
