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Microcap & Penny Stocks : Caye Chapel -- CAYC --- Currently Undervalued -- Ignore unavailable to you. Want to Upgrade?

To: OFW who wrote (29)	6/6/1998 1:38:00 PM
From: Richard L. Williams	Read Replies (2) \| Respond to of 112

Hmm, Offie, are you slipping? >>LAS VEGAS--(BUSINESS WIRE)--May 28, 1998--Caye Chapel Inc. (OTC/BB:CAYC) Thursday announced that it has finalized the asset acquisition of privately owned Great Plains Inc. (GPI). The GPI acquisition adds to the already significant asset base of CAYC through GPI's ownership of more than 1,800 shallow oil wells situated in southcentral Texas on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields. The acquisition also includes all other valuable assets, such as seven portable swabbing units, all storage facilities, rolling stock, infrastructure, roads, oil inventory and pipelines. The primary factors for the acquisition of GPI assets are the third-party independent engineering reserve estimates of proved-producing, proved-nonproducing and probable oil production from the 15 fields of 35 million gross barrels with cumulative estimated undiscounted future revenue potential of $526.5 million at $15 benchmark basis. In conjunction with the acquisition, CAYC appointed three new board members to its existing board of directors. The new members collectively have more than 73 years of oil and gas experience in areas that include, but are not limited to, a master's degree in petroleum engineering, geology and environmental enginerering, owning an operating company, owning a drilling company, more than $1 billion in acquisitions review and purchase experience, reservoir engineering, crude oil sales and marketing of up to 8,000 barrels of crude per day, being a certified safety professional, being ared professional engineer, and being a certified professional geologist. The new board members will assist with the growth through acquisitions of CAYC. CAYC President R.M. Frederick stated, "The corporate offices will move to the Texas area in the immediate future, where all new board members are located." 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.<< This was the news that propelled CAYC from 16&#162 to 1/2, but it wore off quickly. Cheers! Rick