MOAT here's another one.
diamonds-in-the-rough.com
Special Report:
Company Name: Castleguard Energy, Inc.
Stock Symbol: MOAT (OTC:BB)
Status: FULLY REPORTING COMPANY
Industry: Oil
Outstanding Shares: 14,750,626 shares
Float: Approx. 11 million shares
Available free trading stock: Approx. 4 million shares
THE COMPANY:
Castleguard Energy, Inc. ("MOAT") is an independent energy company engaged
in (a) the exploration, acquisition, development, exploitation and operation
of crude oil and natural gas properties; and (b) in the production of crude
oil and natural gas in North America. The Company's activities are conducted
principally in the States of Texas and Louisiana.
BUSINESS STRATEGY
The Company's business strategy has been to increase its reserves, cash flow
and underlying net asset value through a combination of acquisition
activities and of exploration and development. To date, the Company's
activities have been focused on properties located in Texas and Louisiana.
However, the Company intends to diversify its property portfolio in terms of
production, location and operating characteristics.
COMPANY OBJECTIVE
MOAT's main objective is to acquire and develop producing crude oil and
natural gas properties that contain the potential for exploitation and
development, thus creating additional profits and shareholder value.
COMPANY PLAN
The Company seeks to realize the potential in such acquisitions through
workovers, recompletions, secondary recovery operations and the drilling of
development wells. As a part of its strategy, MOAT will attempt to acquire
and develop producing crude oil and natural gas properties in areas where it
has working knowledge and operating expertise. Additionally MOAT is
currently acquiring leases in North Texas to drill two development wells for
several Pennsylvania and Pre Pennsylvania reservoirs.
Also in North Texas, MOAT is participating in a 30 square mile 3-D seismic
shoot to evaluate shallow oil potential in numerous reservoirs above 3500
feet.
This seismic shoot could yield multiple prospects in a very large geographic
area. Acquisition of all quality 2-D seismic data indicate several excellent
definable prospect areas. Very shallow depths and reasonable drilling and
completion costs make this an area excellent for return on investment.
GROWTH STRATEGY
MOAT intends to continue its growth strategy emphasizing reserve additions
through its acquisition efforts. The Company
believes that its ability to quickly and effectively evaluate and complete
its acquisitions projects allows it to better take
advantage of acquisition opportunities. Thus, MOAT's ability to decrease
the amount of time required to take advantage
of the new producing properties gives it an edge over its closer
competitors.
PARTICIPATION IN PARTNERSHIPS
Although MOAT intends to devote most of its resources to acquisitions and
the exploitation and development of the producing properties acquired, it
also plans to selectively participate in the exploration of new reserves of
crude oil and natural gas. The Company has no plans to participate in
wildcat exploration activities and intends to develop prospects internally
and to participate with industry partners in prospects generated by other
parties in its exploration activities. See
list of recent acquisitions, below.
MOAT intents to periodically evaluate, and if appropriate, sell, certain of
its producing properties. MOAT believes such
sales will enable it to maintain financial flexibility, reduce overhead and
costs, and will be able to apply the proceeds from such sales to activities
with potentially higher investment return.
RECENT ACQUISITIONS
In February 1999 the company purchase an 8% working interest from Midway
Exploration Inc in approximately 10,000 net
acres in Navarro County, it also purchased 36 square miles 3-D seismic grid
encompassing the 10,000 net acres area.
In March 1999 the company purchased an 18.65% working interest in the 700.7
acre Pinetree ISD Unit in the Willow Springs Field, Gregg County Texas.
In March 1999 the company obtained a 5% working interest from O'Brien
Operating Co. in the Minden Dome Area, Webster
Parish Louisiana.
EXECUTIVE COMPENSATION
As of December 3rd 1999 there has been no salaries paid to any of the
officers or Directors of the company. Directors are not compensated for
acting in their capacity as Directors. Directors are reimbursed for their
accountable expenses incurred in attending meetings and conducting their
duties.
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LATEST PRESS RELEASE
The following is the text of MOAT's latest press release announcing it now
is a fully reporting company and the approval of a
stock repurchase plan:
Castleguard Energy Inc.
DALLAS, TX, Feb 16, 2000 /CNW via COMTEX/ --
Scott Heape Chairman of Castleguard Energy Inc reports.
Castleguard Energy Inc. (OTCBB Symbol MOAT) a Dallas based oil and gas
company is pleased to announce that it has
satisfied the requirements of the Securities and Exchange Commission to
become a fully reporting company on the OTCBB.
The company submitted its 10SB Registration in December 1999 and was given
an effective date of February 7th 2000 to
become a reporting company.
Castleguard Energy Inc has approved a stock repurchase program authorizing
the Company to repurchase and cancel up to
1,000,000 shares or 7% of its 14,750,626 outstanding common stock. The
repurchase and cancellation will be made from
time to time at the discretion of the management of the Company.
Castleguard would also like to announce that Mr. Thomas Hogan has resigned
from the Board of Directors of the company.
The statements in this news release may contain forward-looking statements
within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities exchange Act of 1934, and are
subject to the safe harbor provisions of the Private
Litigation Reform Act of 1995.
SOURCE Castleguard Energy, Inc.
(C) 2000 PR Newswire. All rights reserved.
CONTACT: Bob Honea, 214-361-1755 (MOAT)
KEYWORD: Texas
INDUSTRY KEYWORD: OIL
Additional Information can be found at
freedgar.com
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