avandalay05
16 years ago
Hopefully we have turned a major corner.....
Art
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Kroes Energy Inc. Announces Take Up of Vecta Shares and Restructuring
17:20 EDT Thursday, July 31, 2008
CALGARY, ALBERTA--(Marketwire - July 31, 2008) - Kroes Energy Inc. ("Kroes" or the "Corporation") (TSX VENTURE:KRS) has announced that it has taken up and paid for all shares of Vecta Energy Corporation ("Vecta"), as well as the Vecta Debenture, tendered to the take-over bid by Kroes dated May 29, 2008. Kroes has issued 29,936,439 shares, 5,147,881 Kroes Class 1 Performance Warrants and 5,312,500 Kroes Class 2 Performance Warrants in payment for approximately 97% of Vecta's issued and outstanding shares and the Vecta Debenture. The balance of the Vecta shares will be compulsorily acquired under the provisions of the Alberta Business Corporations Act.
As per its agreement with Vecta, the Kroes Board of Directors and management team has been restructured effective immediately. The Board accepted resignations from Directors David Powell, James Werbicki and Edward Southern. Fred Callaway also tendered his resignation as President and CEO of Kroes and Edward Southern resigned from his position as Executive Vice-President. The Corporation wishes to thank these individuals for their significant contributions to the Corporation over the past several years.
Thomas Coffman, Allen Gilmer, Charles Selby and Kenneth West have been appointed to the Kroes Board of Directors. Thomas Coffman holds a B.B.A. in accounting and is Chairman and CEO of Vecta. Mr. Coffman has more than 35 years of experience with independent oil and gas producers in Texas, including growing a company from start-up to production of over 10,000 BOE/D. Allen Gilmer is the co-founder, Chairman of the Board and Chief Executive Officer of Drilling Info, Inc. of Austin, Texas, a privately held oil and gas upstream infomediary and oil and gas trade and investment enabler, from 1999 to present. Mr. Gilmer was a director of Vecta from 2005 to the present. Charles Selby, B.Sc.(Hons), P.Eng, LL.B., presently holds the position of Director and Chief Financial Officer of Vecta in addition to acting as Vice-President and Corporate Secretary of Pengrowth Energy Trust. Mr. Selby worked as a petroleum engineer in the energy sector prior to practicing law, and has extensive experience in securities, oil and gas and international financial transactions. Kenneth West has been retired since December 2005 and prior thereto was Vice President Exploration of Crestar Energy Inc., a publicly traded oil and gas exploration and development company. Mr. West was a director of Vecta from 2005 to the present. Fred Callaway, C. James Cummings, Stewart Gossen and Darrell Zakreski continue as Directors of Kroes.
The Board of Directors has appointed the following management team:
Executive Chairman - Fred Callaway
President and CEO - Thomas Coffman
V.P. Finance and CFO - Stewart Gossen
V.P. Business Development - Charles Selby
Further management appointments are expected in the near future.
Tom Coffman, President of Kroes, stated that "The business combination of Kroes and Vecta has resulted in a much stronger and more exciting company. Recent drilling success in both our shallow gas and Deep Basin programs has increased production to about 160 BOE per day. Given our inventory of new prospects, we expect to be able to rapidly increase our production base over the next several months."
BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6MCF:1Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
FORWARD-LOOKING STATEMENTS
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Kroes' control, including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition, there are risks and uncertainties associated with oil and gas operations; therefore, Kroes' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Kroes will derive from that.
To receive company news releases via e-mail, please advise admin@kroesenergy.com and specify "Kroes Press Releases" in the subject line.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kroes Energy Inc.
Stewart Gossen
Vice President
(403) 265-7711
Email: sgossen@kroesenergy.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Find Out More
Kroes Energy
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avandalay05
16 years ago
Shelton Canada announces new drilling at Lelyaki oil field in Ukraine
2/26/2008
CALGARY, Feb. 26, 2008 (Canada NewsWire via COMTEX News Network) --
Shelton Canada Corp. (TSX Venture: STO) and Ukraine's largest oil and gas company, Ukrnafta, will drill their second development well as partners in the Kashtan Petroleum Joint Venture. Located in the Lelyaki oil field in east-central Ukraine, the well No.307 is expected to spud in the second quarter of 2008. The new well has a projected total depth of 1960 metres and will be drilled as a directional well to further develop the P1&2 and K-1 productive reservoirs. Recently-drilled offset wells showed initial productivity of greater than 240 barrels of light oil (42 degree API) per day (net 108 barrels). Net drilling cost is expected to be $450,000 Cdn and the well is in close proximity to pipeline infrastructure for rapid tie-in.
"This second well is an ongoing part of the Kashtan Joint Venture's plan to fully exploit the remaining oil reserves in the Lelyaki field through optimal placement of infill production wells," said Zenon Potoczny, President and CEO of Shelton Canada. "In addition, the Joint Venture anticipates re-entering and sidetrack drilling of four other suspended wells in different parts of the field during 2008. These well interventions show very good economics as the capital cost is much lower than new drilling. We have been very happy with the pool performance since it was acquired in mid 2007 and the first well (No.304) drilled post acquisition has averaged 185 barrels of oil (net 83 barrels) since coming on-stream in December 2007. Shelton's average daily production for 2007 was net 255 barrels per day. The Joint Venture sells its production at Brent equivalent pricing."
"Our strategic partnerships with leading Ukrainian oil and gas companies like Ukrnafta and Chernomorneftegas are a key reason for our success in Ukraine. Current net production is 350 barrels per day with further increases expected in 2008."
Ukraine is important to world energy markets and a critical transit centre for exports of Russian oil and natural gas to Europe. One of Europe's largest energy consumers, Ukraine also wants to increase production from its own basins. The country's proven reserves include 387 million barrels of oil and 39 trillion cubic feet of gas.
About Shelton Canada
Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil and gas company, is focused on exploring and developing the resource-rich basins of Ukraine. The company has an internationally experienced board of directors and a long history of successful operations in Ukraine. These competitive advantages have helped Shelton to build effective personal relationships, strategic regional partnerships, a large land position and a portfolio of projects on and offshore. Shelton's long-term goals are to become the leader in oil and gas production from the resource-rich Azov and Black Sea basins in five years.
Forward-Looking Information
Except for statements of historical fact relating to the company, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information in this news release is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" "will" or "could" occur. There are uncertainties inherent in forward-looking information, including factors beyond Shelton Canada Corp.'s control, and no assurance can be given that such events will occur on time or at all. Shelton Canada Corp. undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. The risks and uncertainties set forth above are not exhaustive. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00010043E
SOURCE: Shelton Canada Corp.
Zenon Potoczny, President & CEO, Richard N. Edgar, Chairman & Director, Shelton Canada Corp., Office (416) 252-4101, Email info@sheltoncdn.com; For investor information: Hedlin Lauder Investor Relations Ltd., Toll Free 1-800-299-7823, Office (403) 232-6251, Email irinfo@hedlinlauder.com
Copyright (C) 2008 CNW Group. All rights reserved.
avandalay05
16 years ago
Kroes Energy Inc. Enters Into Preliminary Agreement With Vecta Energy Corporation
2/8/2008
CALGARY, ALBERTA, Feb 8, 2008 (Marketwire via COMTEX News Network) --
Kroes Energy Inc. ("Kroes") (TSX VENTURE:KRS) and Vecta Energy Corporation ("Vecta"), a private Alberta corporation, are pleased to announce that they have entered into an agreement dated January 28, 2008, whereby Kroes and Vecta will merge, as equals, all of their businesses and operations. The merger will be accomplished by Kroes making a take-over bid for all of the issued and outstanding shares of Vecta. It is expected that the transaction will be a "Fundamental Acquisition" pursuant to TSX Venture Exchange ("the Exchange") Policy 5.3. Vecta is in the process of completing a formal independent geological report, as well as filing relevant Personal Information Forms for new Insiders of Kroes. In the meantime it is anticipated that the Exchange will halt trading in Kroes' shares. A further news release will be issued upon acceptance of the geological report by the Exchange and filing of the PIFs. In addition, Vecta is in the process of preparing audited financial statements which will be released in due course.
As per the Kroes and Vecta agreement, each holder of a Vecta common share will be offered 2.456633 common shares of Kroes and 0.54220918 of one Class 1 Kroes Performance Warrant. In exchange for cancellation of a debenture granted by Vecta, the holder of the debenture will be offered 6,612,500 common shares of Kroes and 5,312,500 Class 2 Kroes Performance Warrants. The Class 1 Performance Warrants and the Class 2 Performance Warrants will be converted into 5,312,500 common shares of Kroes 40 days following closing of the transaction, with the allocation of these additional common shares to be determined by Kroes' share price performance over the 40 day period.
If the take-over bid is successful, Kroes will issue 36,000,000 common shares to the shareholders of Vecta and to the holder of the Vecta debenture. The take-over bid by Kroes and the completion of the merger are subject to the conclusion of a definitive agreement between the parties, finalization of due diligence and regulatory approval.
This transaction is the result of arm's length negotiations between the parties. Prior to these negotiations there existed no relationship between the two parties. There is no finder's fee to be paid.
Kroes is a junior oil & gas company with non-operated production of approximately 100 barrels of oil equivalent ("BOE") per day from its shallow gas interests in central Alberta. Vecta is a private oil & gas exploration company that began operations in Alberta in 2005 with financial and technical support from Vecta Oil & Gas Ltd. ("Vecta Oil") of Dallas Texas, a company that developed sophisticated seismic technology that enhances the ability to evaluate prospective exploratory lands. This advanced technology has been applied in the evaluation of the lands acquired by Vecta in Western Canada and Vecta Oil will continue to provide high-end geological and geophysical expertise to the combined company.
avandalay05
16 years ago
STO results....
CALGARY, Nov. 6, 2007 (Canada NewsWire via COMTEX News Network) --
TSX - V: STO
Shelton Canada Corp. (TSX Venture: STO) reports a twentyfold increase in the company's third quarter results, compared to the same period one year ago. Shelton's unaudited financial and operational results for the three and nine months ended August 31, 2007, show that the acquisition of Zhoda (2001) Corporation in August for approximately $4.9 million gave the company a dramatic boost. Third quarter production increased by 2151% while revenues rose by 2552% compared to the prior year.
Zhoda owns a 45% interest in Kashtan Petroleum Inc., a limited liability company, which operates a joint venture in Ukraine's Lelyaki oil fields with a current net production of approximately 275 bbls of light oil per day.
"The substantial increase in production and revenues for the nine month period compared to last year includes only one month of production from the Lelyaki field within the third quarter." said Mr. Potoczny, President and CEO of Shelton Canada. "The strong financial performance in Q3 supports the company in its current development program in Ukraine."
Shelton together with its joint venture partner, Ukrnafta, is currently completing the drilling of a joint venture well on the newly acquired Lelyaki field in Ukraine and the results should be available within the next couple of weeks.
<< Financial Summary Three month Three month Nine month Nine month period ended period ended period ended period ended Aug. 31, 2007 Aug. 31, 2006 Aug. 31, 2007 Aug. 31, 2006 ------------------------------------------------------------------------- Revenue net of royalties $ 528,075 $ 20,693 $ 574,548 $ 72,314 Expenses $ 487,806 $ 2,222,704 $ 972,214 $ 2,528,341 Net loss before income tax ($ 34,940) ($ 2,202,011) ($ 472,875) ($ 2,456,027) Production 8,714 BOE 405 BOE 9,342 BOE 1,219 BOE >>
Shelton stock trades on the TSX Venture Exchange under the trading symbol STO. A copy of Shelton's MD&A and quarterly financial statements can be viewed electronically on SEDAR at www.sedar.com.
About Shelton Canada Corp.
Shelton Canada Corp. is an internationally focused junior oil and gas exploration and development company, headquartered in Calgary, Alberta and listed on the TSX Venture Exchange. Shelton's primary operations are in Ukraine. The company's five-year goal is to work strategically with its regional partners to become the leader in oil and gas production from Ukraine's resource-rich Azov and Black Sea hydrocarbon basins. A 50-percent Joint Investment Agreement (J.I.A.) with Chernomorneftegas, a leading Crimean oil and gas company, gives Shelton the opportunity to develop concessions in the offshore properties of Biryuchya and North Kerchenskaya. A strategic partnership with Ukrnafta, Ukraine's largest oil and gas company, provides Shelton with 45 per cent participation in the Kashtan Petroleum Joint Venture and operations in the Lelyaki oil field.
Forward-Looking Information
Except for statements of historical fact relating to the company, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information in this news release is characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate," and other similar words, or statements that certain events or conditions "may" "will" or "could" occur. There are uncertainties inherent in forward-looking information, including factors beyond Shelton Canada Corp.'s control, and no assurance can be given that such events will occur on time or at all. Shelton Canada Corp. undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. The risks and uncertainties set forth above are not exhaustive.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE: Shelton Canada Corp.
on Shelton Canada Corp., visit www.sheltoncdn.com; For general inquiries and investor information: Hedlin Lauder Investor Relations Ltd., Toll Free: 1-800-299-7823, Office: (403) 232-6251, Email: irinfo@hedlinlauder.com
Copyright (C) 2007 CNW Group. All rights reserved.
avandalay05
17 years ago
For Immediate Release: August 07, 2007
KROES ENERGY INC.
Calgary, August 07, 2007 – Kroes Energy Inc.(“Kroes” TSX Venture: KRS) announced today that it
intends to distribute to its common shareholders of record on Friday, August 17,2007 the 6,997,507
shares of Shelton Canada Corporation (“Shelton”) that it acquired as partial consideration for the
sale of Zhoda 2001 Corporation. Each Kroes shareholder will receive 1 (one) Shelton share for every
5.178 shares of Kroes held.
The Shelton shares received by Kroes shareholders will be a distribution of the stated capital of
Kroes and not a dividend. Shareholders will be required to reduce the adjusted cost base of their
Kroes shares by the fair market value of each Shelton share or part share received. To the extent the
fair market value of the Shelton shares received by each Kroes shareholder exceeds the adjusted cost
base of the Kroes shares held by each shareholder before the distribution, such excess will be a
capital gain. It should be noted that shareholders who purchased flow through shares will have an
adjusted cost base of nil before the distribution and consequently the full amount of the distribution
will be a capital gain.
F
ORWARD-LOOKING STATEMENTS
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties,
certain of which are beyond Kroes’ control, including: the impact of general economic conditions in the areas in which the Company
operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and
changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or
management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required
approvals of regulatory authorities. In addition, there are risks and uncertainties associated with oil and gas operations; therefore,
Kroes’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forwardlooking
estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates
will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Kroes will derive from that.
FOR FURTHER INFORMATION PLEASE CONTACT THE COMPANY:
KROES ENERGY INC.
Stewart Gossen, Vice President
Tel: (403) 265-7711
Email: sgossen@kroesenergy.com
To receive company news releases via e-mail, please advise admin@kroesenergy.com and specify
“Kroes Press Releases” in the subject line.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this
release.
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