Could this have something to do with the recent increasing price!?
Indo-Pacific Grants Stock Options
VANCOUVER, British Columbia, March 30 /PRNewswire/ -- The Company announces that it has granted incentive stock options to directors, officers and employees to purchase up to 5.6 million common shares in the capital stock of the Company at a price of US$0.85 per share, calculated as the approximate average closing price for the last 90 days. These options are for a term of two years and have been approved by the shareholders at the Company's last annual general meeting held on June 24, 1998.
The Company has also canceled all previously issued and outstanding stock options to purchase a total of 1,016,000 shares exercisable at prices between US$2.50 and US$3.125 per share.
Additionally, the Company has amended all outstanding share purchase warrants to purchase a total of 1,950,000 common shares. Warrants to purchase 950,000 common shares exercisable at an approximate price of US$2.32 per share until May 27, 1999 have been amended to be exercisable at a price of US$0.90 per share until May 27, 2000. Warrants to purchase 1,000,000 common shares exercisable at a price of US$2.00 per share until July 3, 1999 and thereafter exercisable at a price of US$2.10 per share until July 3, 2000 have been amended to be exercisable at a price of US$0.90 per share until July 3, 2000.
Indo-Pacific Energy Ltd. (OTC Bulletin Board: INDX - news), a member of the IREMCO group of companies, is a new frontier exploration company, holding extensive oil and gas properties in the Australasia region.
CONTACT: Gary Saik, Investor Relations Officer for Indo-Pacific, 415-951-1917, or gs@indopacific.com.
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