MERGERS - ACQUISITIONS / Tappit Resources Ltd. Acquires 91.7
Percent of Goal's Outstanding Shares
TAPPIT RESOURCES LTD.
ASE SYMBOL: TPT
JULY 7, 1998
REGINA, SASKATCHEWAN--TAPPIT RESOURCES LTD. ("Tappit") announces
that as of the expiry of the extension of its take-over bid offer
for all of the common shares of Goal Energy Inc. ("Goal") at 5:30
p.m. (Calgary time) on July 6, 1998, approximately 459,055
additional common shares of Goal were tendered into Tappit's offer
and have been taken up and paid for.
As a result of Tappit's successful offer, Tappit now holds an
aggregate of 21,631,919 shares of Goal representing approximately
91.7 percent of the outstanding common shares of Goal. Tappit
intends to forthwith proceed to acquire the remaining common
shares by Goal by implementing the compulsory acquisition
provisions of the BUSINESS CORPORATIONS ACT (Alberta).
Tappit is currently completing a 65 percent owned well in a light
oil area of S.E. Saskatchewan with production expected by August
1, 1998. Tappit's production with the Goal acquisition, is in
excess of 1,100 barrels of oil equivalent per day (BOEPD).
Tappit also announces that a Notice of Intention to Make a Normal
Course Issuer bid has been accepted for filing with The Alberta
Stock Exchange. The Notice provides that Tappit may purchase up
to 1,500,000 common shares being 5.4 percent of the issued and
outstanding capital of Tappit and approximately 6.6 percent of the
public float, commencing on July 7, 1998 for a period of one year.
Purchases will not exceed 2 percent of the outstanding common
shares in any 30 day period.
The purchases of common shares will be made through the facilities
of The Alberta Stock Exchange. Green Line Services (A division of
TD Securities Inc.,) will be making purchases on behalf of the
Company. The directors and management of the Corporation are of
the opinion that its common shares are currently undervalued
relative to the net asset value of the Corporation. As a result,
management is of the opinion that the purchase of common shares is
an appropriate use of funds and in the interests of its
shareholders. |
