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| FIMA Traded Strong Last Week. Big News Today. |
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End of Day:
Price: 0.03
Change (%): + 0.0041 (15.83)
Volume: 1,060,100 |
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Fima Inc. Announces 25 Million Dollars USD Bellevue Oilfield Purchase With Producing Wells and Drilling Potential
CALGARY, AB - (Marketwire -07/16/12)- Fima Inc. (FIMA) has entered into an agreement to purchase the Bellevue Oilfield Lease ("Bellevue Lease") from Canco Energy Corporation for a purchase price of Twenty Five Million Dollars to be satisfied by the issuance of Fima restricted common shares. Canco Energy Corporation ("Canco") is controlled by Mr. Sahota, the Director and President of Fima, and as such will become, through Canco, the majority shareholder of the company. Mr. Sahota was instrumental in this transaction, and will be leading the company forward.
Mr. Sahota, President of Fima, stated, "I am pleased that we have been able to conclude this asset purchase that will provide Fima with a solid base to which we can add more production quickly. We have over 100 drilling locations on this lease. The drilling will start within next 45 to 60 days."
Fima arrived at the value of the property through negotiations with Mr. Sahota and, in addition, has relied upon the review of engineering and reserve reports and the Independent Opinion Letter prepared by Mr. Kenneth W. Frazier, PE of Natural Gas Oil Engineering Inc. dated July 11th, 2012 which indicated proven oil reserves of over 3 million barrels.
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