CALGARY, Aug. 7 /CNW/ - GEOCAN Energy Inc. ("GEOCAN" or the "Company")
(TSX: GCA) wishes to announce that its minor working interest and non-core
asset divestiture program is substantially complete. One minor property sale
remains that is scheduled for closing next week.
GEOCAN received gross proceeds of $8.56 million on the sale of
approximately 229 boepd, based on April production, the month immediately
proceeding the effective date of May 1, 2007. The assets sold were split
approximately 78% to natural gas and 22% to oil.
Net proceeds from these minor properties sale have been applied against
the Company's revolving bank facility and against working capital.
GEOCAN is an oil and gas company with operations in British Columbia,
Alberta and Saskatchewan. The Company currently has 55.9 million common shares
issued and outstanding.
Advisory -- Forward-looking Information
This press release may include certain forward-looking statements. These
statements involve known and unknown risks, uncertainties, and other factors
that may cause actual results or events to differ materially from those
anticipated in the forward-looking statements. However, while management
believes these forward-looking statements to be reasonable, the reader cannot
be assured that these expectations will prove to be correct. The reader should
not unduly rely on these forward-looking statements as these statements speak
only as of the date hereof. Additional information about the company can be
found on www.sedar.com.
Barrel of oil equivalent (BOE) may be misleading, particularly if used in
isolation. A BOE conversion ratio for natural gas of 1 bbl : 6 mcf. This is
based on an energy equivalency conversion method particularly applicable at
the burner tip and does not represent a value equivalency at the wellhead.
For further information:
For further information: Wayne Wadley, President and CEO or Brad Farris,
VP Finance and CFO, GEOCAN Energy Inc., Phone (403) 261-3851, Fax (403)
261-3834, Email email@example.com or firstname.lastname@example.org, Website: