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Gold/Mining/Energy : gothic resources -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (277)	2/10/2000 1:11:00 PM
From: Superstone	Respond to of 299

Spinoff, warrents, and a tech deal coming.

To: Diamond Daze who wrote (277)	2/10/2000 1:25:00 PM
From: Flea	Respond to of 299

Either that or: s_ckmyd_ck.com good luck.

To: Diamond Daze who wrote (277)	2/10/2000 5:30:00 PM
From: Flea	Read Replies (1) \| Respond to of 299

Pauly's up to his old tricks... Gothic subsidiary to acquire oil and gas properties Gothic Resources Inc GCR Shares issued 13,812,346 2000-02-09 close $0.86 Thursday Feb 10 2000 Mr. Paul Conroy reports The company is proposing a statutory plan of arrangement with its wholly owned subsidiary, Gotham Energy Inc., which will result in Gotham acquiring all of Gothic's oil and gas properties in consideration for the issue of Gotham shares. Upon completion of the arrangement, Gotham will have an interest in one oil and gas property and approximately $675,000 in working capital after completion of a private placement from Gothic. The resource property represents a 14.17-per-cent interest (10.625 per cent in the balance of the lands) in the South Fort Stockton gas project in Texas. The Winfield Ranch 17 1-E well was drilled to 25,740 feet and was cased and logged. Log analysis indicated a potential of more than 1,100 feet of gross pay in the Ellenburger formation, a highly prolific gas zone in the area and the primary objective of the well. During the operation to clean out the production casing, a string of drill pipe became stuck in the bottom section of the hole. Efforts to fish out the stuck string of drill pipe were not successful. The working interest owners have filed a lawsuit against the pipe manufacturer. The lawsuit seeks payment for the market value of the well, pay mitigation costs and redrill and/or pay to redrill another well to the Ellenburger formation. The lawsuit also seeks consequential and exemplary damages. Based on the owners' investigation of the sequence of events that led to the Weatherford pipe failure, the owners are highly confident of a favourable outcome in the litigation. Gotham will have approximately 7.8 million common shares issued of which Gothic will own approximately 4.2 million shares (54 per cent) and the existing Gothic shareholders will own approximately 3.6 million shares (46 per cent). The shares distributed to Gothic shareholders will be based upon their pro rata ownership of Gothic shares. The actual shares issued by Gotham will be based on engineering studies, actual expenditures to date and a fairness opinion which are being prepared. The shareholders of Gothic will vote on the statutory plan of arrangement to create Gotham at an upcoming annual shareholders meeting. The transaction is subject to shareholder and regulatory approval including Canadian Venture Exchange approval of the listing of Gotham shares and the completion of a fairness opinion. Gothic will continue to be listed on the Canadian Venture Exchange and will own all the equity shareholdings. Gothic will focus on creating shareholder wealth through equity investments in high-growth industries.; Gothic has in excess of $3-million in cash and the current market value for its investments exceeds $13.6-million. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com