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Softrock announces the sale of 500,000 shares of Greencastle Resources (VGN) on the TSX-V for $125,000 after receiving the final payment of one million shares on a two million share transaction initiated August 13, 2003
Softrock announces the sale of 500,000 shares of Greencastle Resources (VGN) on the TSX-V for $125,000 after receiving the final payment of one million shares on a two million share transaction initiated August 13, 2003.
About this update from Criterium Energy Ltd
[{"type":"text","content":"\n\n\n\nCALGARY, April 24 /CNW/ - Softrock Minerals Ltd (SFT-TSX-Venture)\nreceived a total of two million shares of Greencastle Resources\n(VGN-TSX-Venture) as a result of an agreement made in August 2003 whereby\nSoftrock sold Vergene Capital Corp (fore-runner of Greencastle Resources\n(VGN-TSX-Venture)) seven Saskatchewan oil and gas leases for $190,000. In\naddition they were to receive one million shares of Vergene (Greencastle) when\nthe company had recovered their full purchase and developing investment back\nfrom production from the leases plus another one million shares when the\ncompany had recovered twice its investment.\n\n\nThe $125,000 received will be put in the Softrock Treasury with the\nbalance of the Greencastle shares (One and one-half million).\n\n\nAfter studying Greencastle's assets and its future prospects it is the\nintention of the Softrock Board to hold Greencastle shares for further\nappreciation.\n\n\nMeanwhile testing is continuing with mixed results at two wells (9-31 and\n4-5) in the Manitou Lake area of west Saskatchewan (Softrock working interest\n30%). The wells have produced large volumes of water with heavy oil\nnecessitating heavy traffic in transporting water to disposal but a\ncombination of bad weather and availability of large pumps have made accurate\ntesting impossible.\n\n\nOn behalf of the Board of Directors\n\n\nThe Honourable Nick Taylor, President and CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00005001E\n\n\n","length":1647,"tagName":"div"}]