MERGERS - ACQUISITIONS / R.I.S. Resources International Corp.
Terminate Acquisition Discussions
R.I.S. RESOURCES INTERNATIONAL CORP. - R.I.S. AND WESTERN
TERMINATE DISCUSSION
VANCOUVER, B.C.--
R.I.S. Resources International Corp. ("RIS International"), its
wholly owned subsidiary RIS Resources (USA), Inc. ("RIS"),
Western Gas Resources, Inc ("Western") and its wholly owned
subsidiary Mountain Gas Resources, Inc. ("Mountain") have entered
into an agreement under which the respective parties have agreed
to terminate the acquisition by RIS of the 50% interest in
Western's Granger Complex. Under the settlement terms of the
agreement RIS also gives up its option to participate in the
construction of the "loop lines" and the Granger Complex
expansion. RIS International has also agreed to pay certain third
party costs relating to this transaction of approximately US
$500,000.
RIS will continue to participate with Western in the development
of southwest Wyoming's expanding gas field, through its 50%
ownership in the Bird Canyon Gathering System that it acquired
from Mountain. This 12-inch natural gas gathering system extends
through the Jonah Field 41 miles to North Lizard Head. It is
currently transporting 40 million cubic feet of gas per day for
Jonah producers.
RIS International currently owns approximately 21% (11,726,245
shares) of Ultra Petroleum Corp., an active natural gas
exploration and development company currently operating in the
Green River Basin in southwestern Wyoming. RIS International owns
27% (4,000,000 shares) of Pennaco Energy Inc., an oil and gas
exploration company active in the coalbed methane gas play now
developing in the Powder River Basin in northeastern Wyoming and
southeastern Montana. |
