CORP. / Ocelot receives cash
OCELOT ENERGY INC. RECEIVES $24.4 MILLION IN TERMINATING
LONG TERM GAS SUPPLY CONTRACT
CALGARY, July 7 /CNW/ - Ocelot Energy Inc. announces that it has received
$24.4 million for the settlement and termination of a long term gas supply
contract. The proceeds will be used for working capital purposes and to reduce
bank indebtedness. Commenting upon the transaction, Ocelot's Chairman and CEO,
David Lyons, said:
''This cash receipt increases Ocelot's asset value by $0.87 per share and
provides additional financial flexibility to advance the Corporation's
international growth agenda.''
Ocelot Energy Inc. is a publicly traded international energy company
engaged in the exploration, production and marketing of oil and natural gas.
Ocelot Energy's Class B Subordinate Voting shares and Class A Common shares
are listed for trading on the Toronto, Montreal and Alberta stock exchanges
under the symbols OCE.B and OCE.A, respectively. For further information on
Ocelot, please visit our website at www.ocelot.ca.
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For further information: David Lyons, Chairman and CEO,
+44-1483-409401, wdlyons@ocelot.co.uk, or George Crookshank, Vice
President, Finance and CFO, (403) 299-5799, georgec@ocelot.ca |
