Kerm/ anyone. Opposite of debt would seem to be cash. Do you have a list of cos. currently sitting on cash reserves?
Key West had approx. $20mil+ recently, might be interesting to see when/where some of the spending on assets happens as I suspect some assets from heavy-debt weighted reserves-based borrowers are going to be put on the auction block. A buyer's market?...
currently hold a position.
=-=-=-=
KEYWEST ENERGY CORP: Colt KeyWest Merger / December 18, 1998
KEYWEST ENERGY CORP ("KWE-TVY") COLT ENERGY INC ("COE-Y") - Colt - KeyWest Merger Keywest Energy Corp. and Colt Energy Inc. announced that Colt shareholders have voted in favour of a business combination with KeyWest through a Plan of Arrangement, and that the Arrangement has been made effective. Each Colt common share is exchangeable for 0.595238 of a common share of KeyWest. Outstanding share purchase warrants and options of Colt are exchanged for 0.595238 of a share purchase warrant or option, as the case may be, of KeyWest, with the exercise price thereof adjusted based on the share exchange ratio. As a result of the transaction, KeyWest has working capital of approximately $20 million, no debt and approximately 31.9 million shares outstanding. Former Colt directors Messrs. Alain Lambert and Lyle D. Schultz will be joining the KeyWest board of directors in 1999. The KeyWest board currently consists of Ronald L. Belsher, Mary C. Blue, John J. Brown, David Crevier, Hugh Mogensen, Harold V. Pedersen and J. Ronald Woods. The principals of KeyWest, Harold V. Pedersen, President, Mary C. Blue, Executive Vice-President and Garry L. West, Vice-President of Engineering & Production, are the former co-founders of Jordan Petroleum Ltd. which was sold in December, 1997 for a total value of $435 million. The merger with Colt puts KeyWest in a strong financial position to pursue oil and gas mergers, property acquisitions and drilling opportunities in order to build a new oil and gas company. TEL: (403) 261-2766 Harold V. Pedersen, President, KeyWest Energy Corporation TEL: (514) 844-7212 Alain Lambert, CEO, Colt Energy Inc |
