Thought you might be interested in the two press releases previously issued by Caye Chapel:
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CAYE CHAPEL, INC. ACQUIRES CHURCHILL RESOURCES, INC.
Thursday January 29, 11:41 am Eastern Time
Company Press Release
SOURCE: CAYE CHAPEL, INC.
CAYE CHAPEL, INC. Acquires Churchill Resources, Inc.
LAS VEGAS, Jan. 29 /PRNewswire/ -- CAYE CHAPEL, INC. (OTC Bulletin Board: CAYC - news; ''CAYC'') announced today that it has acquired privately owned Churchill Resources, Inc. (Churchill). Churchill owns interest in numerous oil and gas cash generating assets in the oil and gas industry, with gross revenues in excess of $2 million in fiscal year 1997.
Mr. Ken Liebscher, CEO of CAYC, is pleased to announce that CAYE CHAPEL, INC. has also signed a letter of intent to acquire on or before February 15, 1998 all of the assets of privately owned Great Plains, Inc. (GPI). GPI owns over 1,800 shallow oil wells located on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields situated in South Central Texas. Additionally, third party independent reserve estimates for proved producing, proved non-producing and probable oil production attributable to CAYC interest (once Great Plains closes) from the 15 fields is 35,102,932 gross barrels, with a cumulative estimated future revenue potential of $526.5 million at $15 barrel benchmark basis.
CAYC management believes that the acquisition of Churchill and the intent to acquire Great Plains, Inc. is consistent with its goal of identifying and developing acquisitions of superior quality that create (long term) shareholder value. The combined entities will have an estimated shareholder equity of $8.4 million and a future discounted estimated cash inflow of $260,000,000 for the company.
CAYC is in the business of acquiring low risk oil and gas properties domestically and internationally.
This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without the limitation of the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
SOURCE: CAYE CHAPEL, INC.
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CAYE CHAPEL, INC. ACQUIRES ASSETS OF GREAT PLAINS, INC.
Tuesday February 3, 12:26 pm Eastern Time
Note: there is a subsequent correction for this article.
Note by Offie: The above correction is merely a phone number correction for C. Jones & Co. which should be 303-470-8783.
Company Press Release
SOURCE: CAYE CHAPEL, INC.
CAYE CHAPEL, INC. Acquires Assets of Great Plains, Inc.
LAS VEGAS, Nev., Feb. 3 /PRNewswire/ -- CAYE CHAPEL, INC. (OTC Bulletin Board: CAYC - news) announced today that it has acquired all of the assets of privately owned Great Plains, Inc. (GPI) for $6 million. GPI owned over 1800 shallow oil wells located on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields situated in South Central Texas. The acquisition also included all storage facilities, rolling stock, infrastructure, roads, oil inventory, gas pipelines of GPI. One of the primary factors for the acquisition of GPI assets are the third party estimates for proved producing, proved non-producing, and probable oil production from the 15 fields of 35,102,932 gross barrels, with a cumulative estimated un-discounted future revenue potential of $526.5 million at $15 benchmark basis.
Mr.Liebscher, CEO of CAYC is extremely pleased with the recent acquisition of GPI's assets. He believes that ''acquisitions like GPI are consistent with CAYC's goals of identifying and developing 'Low Risk' oil and gas properties with proven reserves and growing the company rapidly through acquisitions.'' Mr. Liebscher went on to state that ''it would have required over $18 million to drill, test, and complete 1800 wells, if we had to do this from scratch.''
CAYC management feels that with the recent acquisition of GPI, the company will have an estimated shareholder equity of $8.4 million.
CAYC is in the business of acquiring low risk oil and gas properties domestically and internationally and developing them to full potential.
This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
SOURCE: CAYE CHAPEL, INC.
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