Colombian interest to be sold
Parkcrest Explorations Ltd PKC
Shares issued 11,270,637 Nov 25 close $0.335
Thu 26 Nov 98 News Release
Mr. Robert Lipsett reports,
Parkcrest Explorations Ltd., has reached a purchase agreement with Harken Energy Corporation (AMEX: HEC) of Dallas, Texas to sell its interest in the Alcaravan and Miradores Associations contract areas located in the Lianos basin of Colombia.
Under the terms of the agreement Harken will issue to Parkcrest 1,350,000 shares of Harken's common stock and will assume all debt owed by Parkcrest relating to these operations (approximately $4-million (U.S.) representing all outstanding loans and including the $2.6-million (U.S.) secured line of credit).
Completion of this transaction is subject to Parkcrest obtaining shareholder approval at an extraordinary shareholders meeting which has been called for 10:00 a.m., Wednesday, December 30, 1998, 10th floor, 595 Howe St., Vancouver, British Columbia. Following shareholder approval, the transaction is expected to close immediately.
Looks like Lipsett may be on the way out, if public sentiment is correct. I might check out this meeting if I can get away from work. I imagine it'll be a short one though. |
