CIRQUE ENERGY CORP. - U.K. COMMENCES PRODUCTION
CALGARY, April 22 /CNW-PRN/ - Oil production commenced on the United Kingdom Fiskerton site on Monday, April 12, 1999. The F1 and F3 wells have been producing at a restricted start-up rate of 700 barrels of oil per day. Fluid levels in both wells are at surface and water cuts have averaged 2%. An increase in the rate to 1000 BOPD (500 BOPD net to Cirque) is planned for May 1999.
Effective March 31, 1999, Cirque purchased a 1.8% Working Interest in approximately 138,000 acres of U.K. lands including the Fiskerton and Reepham discoveries increasing the Company's Working Interest to 50%. Cirque's combined Canadian and U.K. production is approximately 1000 BOEPD.
Cirque announces that it is today mailing a Notice and Proxy Circular in respect of a meeting of its shareholders to be held on May 27, 1999 regarding the previously announced merger with Tikal Resources Inc. Following approval from the shareholders of both Tikal and Cirque and compliance with regulatory and other conditions, it is anticipated that the merger will become effective May 31, 1999, at which time the Corporation's name will be changed to Tikal Resources Corp. and shortly thereafter, its shares will trade on The Toronto Stock Exchange under the symbol ''TKZ''.
Cirque Energy Corp. also gives notice that it will be changing its fiscal year end from March 31, to December 31, commencing December 31, 1998.
The Toronto Stock Exchange has neither approved nor disapproved
the contents of this news release.
SOURCE Cirque Energy Corp.
-0- 4/22/1999 /CONTACT: Daryl H. Connolly, President & CEO, Tikal Resources Inc., (403) 265-0077, (403) 233-9034, Email: andreab(at)tikal-resources.com; Glen A. Philips, President & CEO, Cirque Energy Corp., (403) 266-4344, Fax: (403) 290-0043, Email: info(at)cirque-energy.com/
(CQU. CIRQF)
CO: Cirque Energy Corp. ST: Alberta IN: OIL SU:
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