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Gold/Mining/Energy : first star energy FST on the ASE -- Ignore unavailable to you. Want to Upgrade?

To: Werlick who wrote (718)	7/20/1999 9:16:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 754

First Star Raises $2,000,000 and Elects not to Acquire Apache's Strachan North Interest CALGARY, ALBERTA--The $2,000,000 private placement announced May 19th, 1999 was oversubscribed and has been closed out at the $2,000,000 mark without commissions to brokers. 48 percent of the placement was placed with new Directors and staff. As a result of this placement, First Star has 35,210,639 shares outstanding. First Star has elected to not proceed with the purchase of Apache's interest in the Strachan area. Management decided that to raise the additional capital required with today's low stock price would result in too much dilution to existing shareholders. After recent acquisitions now completed, First Star holds a 21 percent interest before payout of the 2-22-38-9W5 well and 27.2 percent after payout and an average 35 percent interest in an additional 33 sections at Strachan North. -30- FOR FURTHER INFORMATION PLEASE CONTACT: First Star Energy Ltd. Mr Robyn H Lore Chief Operating Officer (403) 221-7700 (403) 221-7719 (FAX) or First Star Energy Ltd. Mr John E Squarek Vice Chairman (403) 221-7700 (403) 221-7719 (FAX) firstar@firststarenergy.com firststarenergy.com THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -------------------------------------------------------------------------------- Legal Notices Privacy Statement -------------------------------------------------------------------------------- New User Français Corporate Links Basic Plus Industry Watch About Carlson Online Basic About Carlson Online Plus About Carlson Online industry watch Quotes & Market Stats Equity Search Today's Headlines Compare Equities Canadian Company information Insider Trades US company information Short Positions © Copyright Carlson Online Services Inc, 1996-1999. All rights reserved.