Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Small Cap Stocks -- Ignore unavailable to you. Want to Upgrade?

To: sceptre who wrote (166)	7/11/1998 6:05:00 PM
From: trypod	Respond to of 512

To All- here is one to watch when it resumes trading:NEO.A NETALCO CORPORATION AND SADDLE RESOURCES INC. AGREE TO MERGE CALGARY, ALBERTA-- Netalco Corporation and Saddle Resources Inc. announced today that they have entered into a Letter of Intent outlining the principal terms of a proposed amalgamation between them. Pursuant to the proposed terms of the transaction, upon completion of the amalgamation, Saddle shareholders will receive approximately 77.78 % of the outstanding shares of the amalgamated corporation and Netalco shareholders will receive approximately 22.22%. The amalgamated corporation will have approximately six million shares issued and outstanding after the transaction is completed. The proposed amalgamation between Netalco and Saddle is subject to due diligence review, approval of the Boards of Directors of each company, approval of The Alberta Stock Exchange, and approval of Netalco and Saddle shareholders. Management of the amalgamated corporation will consist of Mr. William S. Ward - President and Chief Executive Officer and Mr. Kenneth L. Broadhurst - Senior Vice President. The Board of Directors of the Corporation will consist of William S. Ward, Curtis A. Hartzler, Cameron J. Bailey, Troy K. Brazzoni, Matthew J. Brister, Kenneth L. Broadhurst and Larry W. Shelley. Saddle is a private oil and gas company based in Calgary, Alberta. Saddle commenced operations in June, 1997 and has successfully implemented its business strategy based on identifying horizontal drilling and re-entry opportunities in the Keg River formation, resulting in its current production of 400 barrels per day of light sweet crude in the Rainbow Lake area in Northern Alberta. Saddle has identified several development and exploratory locations on Saddle owned property that will be evaluated and drilled during 1998 and 1999 and is actively evaluating natural gas opportunities in Northern Alberta. As of April 1, 1998, the net present value of the proven and 50% of the probable reserves of Saddle, discounted at 12% was $9.6 million using escalated pricing forecasts, and $8.8 million using constant pricing forecasts. The common shares of Netalco will be halted from trading until documentation has been submitted to The Alberta Stock Exchange and an Information Circular has been mailed to the shareholders describing the transaction. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. For further information, please contact Ken Broadhurst at (403) 215-6870 or Bill Ward at (403) 269-1800. Later:Rick