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Gold/Mining/Energy : Shamrock Resoures Inc. shj.v -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (21)	11/2/1999 7:06:00 PM
From: bcjt	Read Replies (1) \| Respond to of 34

Shamrock to acquire Albatross Oil and Gas Shamrock Resources Inc SHJ Shares issued 11,061,200 Oct 25 close $0.40 Tue 26 Oct 99 News Release Mr. Robert Brady reports The company has entered into a letter of intent dated Oct. 22, 1999, with Albatross Oil and Gas Company Inc., whereby the company will enter into an agreement with the shareholders of Albatross to purchase all of the issued and outstanding shares of Albatross. The value of these shares will be determined in a valuation report which is currently being prepared by Sproule International Limited. Albatross is a private corporation based in Calgary, Alta., and is active in oil and gas development activities in California. As the parties have jointly participated in certain oil and gas property interests, including the Lost Hills Temblor project located in Kern County, Calif., and the Oro Fino and NW Oro Fino oil and gas project located in Salinas Valley, Calif., the parties wish to enter into the letter of intent to further their mutual interest in the properties. Upon completion of the acquisition of Albatross, the company will own a 45-per-cent interest in the shallow and medium production development projects in Lost Hills. Albatross has drilled and completed the first horizontal well into W-5 zone with initial production of 125 barrels per day. Additional wells will be drilled in the near future. The company will also own an 80-per-cent interest in the Lost Hills Temblor project after payout at 130 per cent. This is two miles west of the Berkley group's Bellevue No. 1 which blew out one year ago and is currently testing numerous zones. The Berkley East Lost Hills No. 1 follow-up well is one mile from the company's acreage. The company will also own a 40-per-cent interest in the Oro Fino, Salinas Basin where it has three prospects in a 5,000-acre lease block. >From the date of the execution of the letter of intent until execution of a formal agreement, the parties agree not to entertain or seek other offers from third parties that would prevent, hinder or have an adverse effect on this planned arrangement. The proposed acquisition of shares of Albatross by Shamrock is subject to regulatory approval. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com bcjt