MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING THURSDAY, FEBRUARY 12, 1998 (9)
PIPELINES
No News
EARNINGS
Epic Energy Inc. (EPI/ASE) released its unaudited financial results for the six month period ended December 31, 1997. The statements report a loss for the period of US$2,734,527 or US$0.04 per share as compared to a loss of US$1,545,248 or US$0.04 per share for the same period in the previous year. The loss for the six month period includes US$1,266,652 in oil property expenditures incurred to satisfy obligations and commitments of the shallow oil program.As at December 31, 1997, the company had net working capital of US$2,143,361.
FINANCIAL
Rapidfire Resources Ltd. (RPF-ASE) announced that it has conditional approval from the Alberta Stock Exchange to extend the term of its warrants for twelve months, from February 27, 1998 to February 26, 1999. As a requirement for this extension, the warrants will not be publicly traded after February 27, 1998.
MISC.
Epic Energy Inc. (EPI/ASE) announced that it has received the following resignations: Mr. Gerald Maier as Chairman and Director, Mr. John Beddome as Interim President and Director, Mr. Laurence Decore, Q.C. as Vice-Chairman and Director, and Mr. John Zaozirny, Q.C. and Mr. Edward Sampson as directors. The resignations were tendered as a result of differing views with the founding board member and due to competing time commitments.
The company announced that Mr. Dennis H. Sundgaard P.Eng. and Dr. F. Brent Thomas, both of Calgary, and Mr. Ty Tice of Seattle, Washington have been appointed to join Mr. Ronald Cormick on the board of directors. Mr. Sundgaard is a Mechanical Engineer with a Bachelor of Science Degree from the University of Calgary. He has 30 years of domestic and international experience in the oil and gas industry, with particular expertise in the management of gas field development and operations. Dr. Thomas received a Doctoratein Chemical Engineering from Washington University in St. Louis, MO and has extensive experience in the oil and gas industry. He is a principal and Vice-President of Hycal Energy Research Laboratories Ltd. who are specialists in oil field technologies and technical services to the international oil industry. Mr. Tice has an AB degree in Government from Harvard College and a Masters degree in Forestry Sciences from Yale. He past experience includes co-founding of Econometrics, Inc. of Connecticut, merger and acquisition specialist with Niederhoffer, Cross & Zeckhauser of New York, and most recently as an independent mediator, on behalf of corporations and all levels of government, specializing in managing conflict involving environmental and natural resource issues. These appointments are subject to regulatory approval.
Rapidfire Resources Ltd. (RPF-ASE) announced that it has regretfully accepted the resignation of Clive Llewellyn from its Board of Directors. Due to the time constraints of other commitments, Clive did not feel he could devote as much time as necessary to Rapidfire.
Cantex Energy Inc. (CTXE-OTC; CXEGF-BB) announced two appointments in CT Oil Inc., its wholly owned operating subsidiary in Houston, Texas.
Mr. Robert W. Fisher, President of CT Oil Inc. has appointed Mr. Ronald T. Wefelmeyer as the Company's Professional Engineer and Mr. Glen G. Allred as its Geologist.
Mr. Wefelmeyer received his Bachelor of Science degree in Petroleum Engineering from the University of Tulsa, Oklahoma in 1978. His experience, gained over 20 years, includes senior positions in several well known US companies. He has an extensive reservoir background and has been involved in evaluation of reserves and economic projections with strength in formation evaluation, prospect review and generation. Most recently Mr. Wefelmeyer operated his own consultancy, working with Howard Exploration, General Petroleum and Sonterra Oil & Gas amongst others.
Mr. Allred's Bachelor of Science degree was received from the Steven F. Austin State University in Nacogdoches, Texas in 1981. He also studied Environmental Technology at North Harris College, Houston, Texas. His 17 years of experience includes a range of positions from Unit Manager, Apex Mudlogging Services in the early 80's to Wellsite Consultant with Saudi Aramco in Saudi Arabia to the present time. From 1985-1990 Mr. Allred operated his own Company, working with such clients as <b.Mitchell Energy, Phillips Petroleum and Patterson Petroleum. His career includes work on over 120 wellsites.
Both Mr. Wefelmeyer and Mr. Allred have multiple Professional Affiliations.
Mr. James Lee, President of Cantex Energy Inc. said, "These appointments reflect the necessity to staff appropriately for the planned drilling program which is scheduled to commence in April, 1998. Independent evaluations of initial prospects are extremely encouraging."
Cantex Energy Inc. is involved in a Joint Venture development, exploration and production program on-shore in Texas and Louisiana. Recently Cantex purchased significant production with revenue retroactive to December, 1997.
Total shares issued and outstanding: 11,037,724
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