Plexus, Peregrine and Aegis merge into Surge Petroleum

Jul 13, 2000 02:00 AM

Plexus Energy, Peregrine Oil and Gas and Aegis Energy announced that the amalgamation and merger of the companies (which was announced in their joint press release dated April 24, 2000 under a court ordered plan of arrangement pursuant to the Alberta Business Corporations Act was completed effective July 1, 2000). The name of the amalgamated corporation is Surge Petroleum.
Surge has total assets of approximately $ 8,708,000 with total liabilities of approximately $ 924,000. Surge's principal properties are located in Alberta, Saskatchewan, Oklahoma and Arkansas. Surge has proved producing reserves of approximately $ 3,326,000 and proven non-producing reserves of approximately $ 558,000, when discounted at 15 %. The balance of Surge's assets are composed of probable reserves, land values, geological and geophysical data.
The directors and senior officers of Surge are Frank P. Elliott (President and CEO), Robert R. Hobbs (Secretary and CFO), Peter D. Sametz (COO) and Jeffrey J. Scott.

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