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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RBlatch who wrote (45674)5/30/1999 10:22:00 AM
From: Robert T. Quasius  Read Replies (1) of 95453
 
MEXP's Blackfeet partner has sold everything to focus on the Montana prospect:

K2 Says Good-Bye to Bank Debt
CALGARY, May 18 /CNW-PRN/ - K2 Energy Corp. (the ''Corporation'') (TSE: KTO - news) announced today that it has closed the sale of all its Canadian oil and gas properties. The proceeds from the sale will eliminate all of K2's bank debt, with the balance to be applied to help fund this summer's three well exploration program on the Blackfeet Indian Reservation in northern Montana.

President and CEO James Livingstone said, ''The last year has seen several good companies forced to sell or merge because of debt. Debt has also drastically reduced the value shareholders received in both friendly mergers and hostile takeovers. We want our shareholders to realize the potential we have identified on our exploration lands in northern Montana. To do this, K2 must apply the money raised in the equity capital markets to its exploration activities and not to servicing bank debt. With rising inflation, it's only a matter of time before interest rates rise making debt even more expensive.''

The Company previously announced that it has also made a proposal to convert its $5,000,000 principal amount of outstanding debentures into common share equity. If approved by shareholders at the Company's annual meeting, the transaction would eliminate $450,000 in annual debenture interest payments.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

SOURCE: K2 Energy Corp.
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