Sydney, Mar 7, 2011 (ABN Newswire) - Burleson Energy Limited (
ASX:BUR) provides the following proposed timetable to shareholders regarding the renounceable rights issue and also advises shareholders that it is the intention of the Board of directors to participate in the Rights Issue with Managing Director Michael Sandy taking up his entire entitlement and Chairman Norm Zillman taking up his entire entitlement as well as up to an additional A$400,000 worth of Burleson shares from any shortfall under the Rights Issue.
The proposed timetable for the rights issue is as follows:
"We have a fully funded drilling and development program in place which we are expecting to recommence in May, and on completion of the rights issue, we will be in a strong position to pursue further exploration and development opportunities," he said.
ASX:BUR) provides the following proposed timetable to shareholders regarding the renounceable rights issue and also advises shareholders that it is the intention of the Board of directors to participate in the Rights Issue with Managing Director Michael Sandy taking up his entire entitlement and Chairman Norm Zillman taking up his entire entitlement as well as up to an additional A$400,000 worth of Burleson shares from any shortfall under the Rights Issue.The proposed timetable for the rights issue is as follows:
-------------------------------------------------------------- Lodgment of Prospectus Prior to commencement of trading, with ASIC and ASX Thursday, 10 March 2011 -------------------------------------------------------------- Shares trade "ex-rights" Tuesday, 15 March 2011 and Rights trading commences on ASX -------------------------------------------------------------- Record Date to determine Monday, 21 March 2011 Entitlements under the Rights Issue -------------------------------------------------------------- Prospectus despatched Tuesday, 22 March 2011 -------------------------------------------------------------- Last day of Rights trading Tuesday, 29 March 2011 -------------------------------------------------------------- Deferred Settlement Trading Begins Wednesday, 30 March 2011 -------------------------------------------------------------- Closing Date for acceptances Tuesday, 5 April 2011 -------------------------------------------------------------- Notify ASX of under-subscriptions Friday, 8 April 2011 -------------------------------------------------------------- Allotment and issue of New Shares Monday, 13 April 2011 -------------------------------------------------------------- Despatch of shareholding statements Monday, 13 April 2011 for New Shares --------------------------------------------------------------Managing Director Michael Sandy said "This rights issue provides an opportunity for shareholders to expand their interest in the Company, and to share in what we believe is an exciting development at Heintschel as well as exploration upside in our prospects in Colorado County and elsewhere."
"We have a fully funded drilling and development program in place which we are expecting to recommence in May, and on completion of the rights issue, we will be in a strong position to pursue further exploration and development opportunities," he said.
| Tweet |
About Burleson Energy Limited
Burleson Energy Limited (ASX:BUR) has teamed with an experienced Texan oil and gas family (AKG Energy) in the drilling and potential development of hydrocarbons in one of the most valuable energy provinces of America.
BUR listed in May 2006 to acquire a 40% working interest in various oil & gas leases in Burleson County, Texas USA. The Burleson County Properties are located within the prolific Giddings Field area within the Austin Chalk and Georgetown oil & gas trends. Most wells drilled in recent years into the Austin Chalk formation, have discovered gas and condensate.
Late in 2006, BUR embarked on the second phase of asset acquisition by joining with AKG Energy, and major US company, Marathon Oil, to participate in Austin Chalk leases in the Champions area, Grimes and Montgomery Counties, Texas. Combined with some further Champions area leases and acreage in Brazos County - both held by AKG - the new projects provide BUR with at least 7 additional infill development drilling targets. BUR has a 17.5% working interest in these new leases.
BUR's portfolio now consits of a minimum of 25 drilling targets(including 9 firm wells at this stage) providing a continuous drilling programme of at least 18 months, which could extend to several years. Operator AKG is looking to secure a second rig to accelerate the programme.
|
||
|
 |
Related Companies |
>>>       Burleson Energy Limited |
| |
Related Industry Topics: |
Gas & Oil | Energy General | Financial General | |
| |
This Page Viewed: (Last 7 Days: 120) (Last 30 Days: 580) (Since Published: 10660) |
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
Upcoming WebCasts
 | Mr Mark Paton CEO Cue Energy Resources Tuesday, June 12, 2012 |
 | Mr Alan Hopkins CEO Pan Asia Corporation Tuesday, June 12, 2012 |
 | Mr Barry Dawes Martin Place Securities Tuesday, June 12, 2012 |
 | Dr Andrea Grant CEO Living Cell Technologies Monday, July 02, 2012 |
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}