|
Grand Pacaraima Gold Corporation Announces Oil and Gas Deal
Ticker Symbol: U:GPGD U:MDNO
VERNON, BC -- (MARKET WIRE) -- 11/06/07
Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) announced today the purchase of oil and gas interests from Modern Energy Corporation (PINKSHEETS: MDNO) so that MDNO shareholders will receive 100 shares of GPGD for every common share of MDNO held by MDNO shareholders on the record date of November 23, 2007 to be distributed in a special dividend to MDNO shareholders.
Modern Energy Corporation, with total common shares outstanding of 1.2 Million after a recent capital restructuring, will transfer to the shareholders of MDNO 120 Million common shares of Grand Pacaraima Gold Corporation in exchange for the 80% ownership of MDNO's subsidiary that is a productive oil and gas company. Ten percent of the GPGD shares will be unrestricted with ninety percent restricted.
Through the 80% owned subsidiary, MDNO has a revenue-sharing agreement with one of the largest independent producers of natural gas in the U.S. to drill up to six additional wells on the property in Oklahoma. The currently undisclosed partner has completed a test well which has the potential to produce more than 300,000 cubic feet of gas per day. The first well has successfully been tested to initiate production and generate revenue. The company believes that at least five other productive wells could be drilled on the property, under the same revenue-sharing agreement.
Through the same 80% subsidiary, Modern Energy Corp. has an additional 65% interest in the oil and gas production from a well in a productive area in Woodward County, Oklahoma, not far from the Texas border. Known as Loomis #1, it produced a substantial quantity of natural gas, when it was first drilled in the early 1980s, but given the low prices for natural gas at the time, it was deemed uneconomical and the well was shut down. With oil now at $90 per barrel and natural gas fluctuating between $6 and $11 per thousand cubic feet, the company has enhanced production to over 600,000 cubic feet of gas per month with the potential to increase production in the future.
About Grand Pacaraima Gold Corporation
GPGD has interests in four gold mines in Venezuela that are the Cerro Trompa, San Miguel, Mosquito and Zapata. Metallurgica de Mineras S.A. has previously sampled and assayed these four mines indicating that they contain recoverable gold reserves of 3.6 million ounces and indicated reserves of 5 million ounces.
Forward-Looking Statements
|
|
Grand Pacaraima Gold Corporation Has Executed an Agreement With Regent Ventures Ltd.
LOCATION, Feb 16, 2007 (MARKET WIRE via COMTEX) -- Grand Pacaraima Gold Corporation (PINKSHEETS: GPGD) has executed an agreement with Regent Ventures Ltd. based in Vancouver, British Columbia. Under the terms of this agreement, Regent Ventures Ltd. will sample and assay Grand Pacaraima's four gold mines located 8 -12 kilometers from Icabaru in southern Venezuela near the border with Brazil. Specifically, these four gold mines are the Cerro Trompa, San Miguel, Mosquito and Zapata. Metallurgica de Mineras S.A. has previously sampled and assayed these four mines to contain recoverable gold reserves of 3.6 million ounces and indicated reserves of 5 million ounces. Based upon the assay results obtained by Regent Ventures Ltd., the two firms will evaluate a joint venture development program or merger. Please contact Mr. Ben Atia. Ph. 818-224-7117. | |