Business
Blackpool retires bridge debt
Blackpool retires bridge debt.
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Sept. 5 /CNW/ - Blackpool Exploration Ltd. (BPX.A:TSX Venture\nExchange) has repaid bridge indebtedness owing to K2 Capital Management of\nToronto in the amount of $1.8 million. The Company has also improved its\nbalance sheet with the elimination of current liabilities totaling $913,000.\nProceeds from a disposition of certain non-producing properties for a total\npurchase price of $1.5 million combined with $1.213 million from the Company's\ncredit facility with the Alberta Treasury Branches were utilized in these\ntransactions. The first phase of Blackpool's plan to deal with issues which\ndeveloped in the aftermath of the acquisition of C2 Energy Inc. has been\nexecuted. Management will now pursue its high working interest drilling\nprogram over the balance of 2006 to incur qualifying expenditures which will\nsatisfy the renunciation obligations of Blackpool's 2005 flow through share\nissue.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\n\n","length":1092,"tagName":"div"}]