CAYE CHAPEL ISSUES PRESS RELEASE:
(BSNS WIRE) Caye Chapel Inc. Cancels Transactions
Caye Chapel Inc. Cancels Transactions
Business Editors
NIXON, Texas--(BUSINESS WIRE)--Sept. 18, 1998--Caye Chapel Inc.
(OTC BB:CAYC) announced today that:
1. The acquisition of 160 wells on approximately 2,150 acres of
oil and gas mineral leases has been cancelled.
2. Caye Chapel had signed a letter of intent to acquire privately
owned McCormick Drilling Co. and its wholly owned subsidiaries for
$4.5 million. That transaction has now been cancelled.
3. Any agreements between Honduras Petrochemical Oil Co. and
Caye Chapel and/or any of its shareholders have been cancelled because
of non-performance by Honduras Petrochemical Oil Co.
4. CAYC will keep the Great Plains Resources assets acquired,
which includes approximately 1,800 shallow oil wells situated in south
Texas on about 40,000 gross acres of oil and gas mineral leases. The
assets include seven portable swabbing units, four oil storage
facilities, rolling stock and significant barrels of oil.
5. CAYC has appointed a new board of directors as well as
officers. Board members and officers are as follows:
Keith Alexander, Jr., President and Director
William Steubing, CFO and Director
Foy Farris, Director
R.M. Frederich has resigned as an officer and director. The
newly elected board is currently investigating additional acquisitions
that they feel will rapidly compliment the growth of CAYC. The new
board is also discussing numerous funding mechanisms to assist CAYC
with its future.
This news release includes forward-looking statements that
involve risks and uncertainties. The forward-looking statements in
this release are made pursuant to the safe harbor provisions of the
Private Securities litigation reform Act of 1995. Actual results may
differ materially due to a variety of factors, including without
limitation the company's ability to produce and market products and/or
services and other risks detailed from time to time in the company's
reports filed with the Securities and Exchange Commission.
--30--MG/dx* WBD/dx
CONTACT: Caye Chapel Inc.
Bill Steubing, 830/582-2588
KEYWORD: TEXAS
INDUSTRY KEYWORD: OIL/GAS ENERGY
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story ***
|
