Western Energy to Sell Properties: Western Energy...
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Western Energy to Sell Properties: Western Energy Resources Inc., a small oil and natural gas exploration company whose headquarters are in Laguna Niguel, said Monday that it has signed a letter of intent to sell its oil and gas properties to Fortune Petroleum Corp. of Agoura Hills for 500,000 shares of Fortune common stock. The sale is subject to approval by shareholders, the raising of additional capital by Fortune and execution of a definitive agreement. Both companies trade in very limited volume in the so-called pink sheets on the over-the-counter market. Western Energy stock was recently quoted at 6 1/4 cents a share; Fortune’s, at 81 cents a share.
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