FINANCING / Circle Energy
CIRCLE ENERGY INC. CLOSES $750,600 PRIVATE PLACEMENT & ADVANCES NATURAL GAS EXPLORATION PROGRAM
CALGARY, July 3 /CNW/ - Circle Energy Inc. announced today it has closed
the previously announced (June 16, 1998) private placement. The Company
issued 1,251,000 flow-through common shares at a price of $0.60 per share,
realizing $750,600, an increase of $250,200 over the previously announced
$500,400.
The Company continues to focus on natural gas exploration. Circle Energy
has a 25% working interest in a multi-well drilling program in Texas. The
program is subject to the success of the first well scheduled for early
August. Circle also has a working interest of approximately 40% in two gas
wells currently being licensed in central Alberta. Drilling is scheduled for
this summer.
Circle Energy Inc. is a petroleum and natural gas exploration company
that holds oil and gas leases in the Brazeau, Waskatenau and Morinville areas
of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA.
The Company's shares trade on The Alberta Stock Exchange under the symbol
CEN.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Bill Baker, President, Gord Robinson, V.P.
Operations, Circle Energy Inc., (403) 777-1925
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