Chancellor Group Inc (CHAG)

[mmayr]

From CHAG Club Site:

"Chancellor's executives met in New York yesterday with executives of May-Davis Group and Cornell Capital, and concluded arrangements and documentation in relation to the previously announced $5.5 million of equity financing. The first tranch of $500,000 is expected to close on schedule on Friday June 29.
The new tank is presently being installed in Kansas, and a further oil shipment is expected from existing production in the current week. The drilling rig is confirmed for the first infill well from July 4, and arrangements are being completed for an additional rig to drill the first four shallower squirrel formation wells simultaneously.
We do not have EPA issues despite the ill-informed comments of certain posters, and in fact are doing work that will exceed minimum EPA requirements in relation to the installation of the new tanks and the new drilling program.
We will also shortly commence new road construction and expand our storage tank battery capacity to meet the anticipated new production from the new wells, and are hiring additional personnel for field operations.

Chancellor has merged the operations and assets of its Texas subsidiaries into a single entity, and in the next 6-8 weeks will begin the permitting process for the drilling of the first two new wells at the Glass Mountain project in Texas.

Chancellor has updated its corporate profile and business plan. A copy of this document is available by email to all shareholders and other parties upon request, with a return email address.


Peace,

M&M Man