Ex-Fracmaster boss to sell stake to recover instalment receipts

Article Abstract:

Fracmaster Ltd. of Calgary, Alberta, will sell the 43% stake left by investors after they defaulted on a final payment to acquire the interest. According to the company's chairman, Alfred Balm, he also plans to go to court to regain the C$177-million owed to him by instalment receipt holders who failed to pay the C$9.75 instalment to be paid on Sep. 9, 1998. Balm plans to sell the stake, preferably to one buyer and get any balance of the C$177-million owed to him. Balm is disappointed with the investors who failed to pay for the shares.

Comment:

Will sell the 43% stake left by investors after they defaulted on a final payment to acquire the interest

Asset sales & divestitures, Support Activities for Oil and Gas Operations, Oil Field Development Services, Fracmaster Ltd.

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Gulf Canada posts $334-million loss

Article Abstract:

Gulf Canada Resources Ltd. incurred losses worth C$334 million in the third quarter of 1998 after taking in C$465 million worth of after-tax charge. The Canadian company reported that approximately 80% of the C$465-million charge was due to the decreased asset value of Stampeder Explorations Ltd., which it purchased in the middle of 1997. Gulf Canada President Richard Auchinleck admitted that the company's timing of the Stampeder acquisition was not perfect, but refused to acknowledge that Gulf Canada overpaid for Stampeder.

Comment:

Incurs losses worth C$334 mil in the 3rd qtr of 1998 after taking in C$465 mil worth of after-tax charge

Sales, profits & dividends, Crude Petroleum and Natural Gas Extraction, Crude Petroleum & Natural Gas, Petroleum industry, Natural gas, Petroleum, Gas industry, Gulf Canada Resources Ltd.

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