Irwin Energy's Directors undertook the sale as a result of the operator's inability to provide timely and detailed progress reports from drilling programs at Westlock, Sylvan Lake, and Barrhead. The properties were sold back to Falcon Energy Inc., (formerly Montana Oil and Gas), the company from which they were acquired.
Mr. John R Gaetz, the President of the Company said, "Although we had high expectations for these properties when we first became involved, the progress and results did not confirm our expectations. We consider it fortunate that we were able to recover more than our initial investment. The street value of the shares we negotiated with Falcon Energy Inc amounts to about USD $300,000. We plan to use the proceeds from the sale to strengthen Irwin Energy's positions in our other properties."
Irwin Energy, Inc., based in Vancouver, B.C. was founded for the purpose of engaging in the exploration for and acquisition, development and production of crude oil and natural gas, and for other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.
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