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Gold/Mining/Energy : Canadian Imperial Ventures Corp. -- Ignore unavailable to you. Want to Upgrade?

To: Rick Westfall who wrote (101)	4/28/1998 11:47:00 AM
From: David Parkinson	Read Replies (2) \| Respond to of 139

TKO Resources Inc - Acquisition of Imperial Venture approved in principle TKO Resources Inc TK Shares issued 21543200 1998-03-06 close $0.21 Monday Apr 27 1998 Mr. Bob Burton reports The company's acquisition of Imperial Venture Corp of St John's, Newfoundland has been approved in principle by the VSE. Final approval of the transaction will take place on completion of a financing to cover the recommended work program. Under the terms of the agreement, TKO will acquire all the issued shares of IVC in a three for one share swap. To accomplish this, TKO will issue 19,761,000 shares for the 6,587,000 issued shares of IVC. In addition, TKO will issue options and warrants to replace those existing in IVC at prices of 18 cents and 30 cents respectively. IVC is a privately held oil and gas exploration company with petroleum exploration rights (100 per cent) to two parcels of land in Western Newfoundland. These parcels are the onshore Harry's River block of 84,000 acres and the offshore Bonne Bay block of 399,999 acres. Companies such as Hunt, Mobil and PanCanadian are active in the immediate area. An independent valuation of the properties carried out for the VSE arrived at a value in excess of $5 million. The petroleum potential of Western Newfoundland has long been recognized from widespread oil and gas seeps, shallow oil production and geological similarity to major producing fields in Texas and Oklahoma along the trend of the Appalachians. The current exploration play in the area gained prominence with the geological success of the Hunt/PanCanadian Port au Port No. 1 well which tested free flowing hydrocarbons. Information on this well was released in August 1997 and is encouraging in its implication for commercial success in the area. In brief, the well demonstrated the presence of pooled hydrocarbons in reservoirs with high deliverability. Tests produced high quality crude at combined rates of 3,250 barrels per day. On IVC's onshore Harry's River block, preliminary exploration analysis has identified several prospect leads in the size range of 50 to 100 million barrels of oil equivalent recoverable. This analysis is based on regional geology, reconnaissance seismic and analogies to known areas. The offshore Bonne Bay block is covered by an extensive 2D seismic grid, the interpretation of which by IVC has identified four prospects ranging in size from 100 million to 500 million boe. IVC's offshore acreage is directly on strike with the Hunt Port au Port No. 1 discovery. The acquisition also provides TKO with access to IVC's executive group. Dr. George S. Langdon, who is currently president and exploration manager of IVC, as well as a member of the IVC board, will join the TKO board immediately on completion of the transaction. Dr. Langdon is a petroleum exploration consultant with experience in Newfoundland, Western Canada and the Middle East. He formerly worked with Hudson Bay Oil & Gas and Aramco. Other IVC board members will remain fully involved and will work with TKO to maximize shareholder value. They are: Steven M. Millan is the chairman and CEO of IVC. He is a former vice-president of Frontier and International Exploration for PetroCanada and former executive director of the Newfoundland Petroleum Directorate. He is the current president of the Newfoundland and Labrador Alliance of Technical Industries and has served on numerous industry, university, governmental and professional boards and committees. Mr. Millan has extensive exploration experience in Canada and in 26 countries worldwide. Dr. E.W. (Ted) Best is a principal of the Foster Group, business and economic consultants, in Calgary. He is a former president of BP Canada, a former board member of Fishery Products International and numerous oil industry, professional and governmental bodies. Jack A. Bolter is the former president and CEO of Pointer Exploration which has recently merged with Pan Atlas Corp. Prior to this $20 million merger, Pointer was a publicly traded junior company with interests in the Western Basin and Western Newfoundland. Mr. Bolter is a petroleum geologist who was directly responsible for the success of Pointer. This transaction represents a move on the part of TKO to improve its position in the oil patch and to explore a world class opportunity on the East Coast of Canada. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com