PROPERTY DISPOSITION / Brandon Energy
BRANDON ENERGY LTD.
CALGARY, June 30 /CNW/ - BRANDON ENERGY LTD. (''BRANDON'') (BDN.A - ASE)
is pleased to announce the sale of its Hartaven, Saskatchewan property
effective June 1, 1998. The company had a 13.6% W.I. in a quarter section of
land containing a producing Ordivician oil well. The well produced an average
45 BOPD net to Brandon for the first 5 months of 1998. Net proceeds of
$600,000.00 will be used to reduce the company's long term debt. Paddock
Lindstrom and Associates valued the company's position in the property at
$456,000 (PV 15% on proved and 50% probable) effective December 31, 1997.
In other news the company has entered into 2 drilling agreements, one in
southeast Saskatchewan, the other in west central Alberta. The drilling of
these wells will further the company's commitments to incur flow through
expenditures before December 31, 1998. After these wells are completed, the
commitment outstanding for the year will be approximately $1.25 million.
BRANDON is an emerging oil and gas exploration and production company
whose Class A Shares trade on The Alberta Stock Exchange under the symbol
BDN.A.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
Not for dissemination into the United States.
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For further information: Gordon R. MacMahon, President, (403) 261-1993,
Fax: (403) 262-8036
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