ATUX..researching possible subs and found this one. Don't know why it doesn't show any activity but I am going to call the company monday. If anyone knows anything please let me know.
so far all I have found is a price of .02 52 wk high and low..lol
their latest news release..Altus Explorations Inc. Announces Additional Projects and Change of Address
October 23, 2003 6:31:00 PM ET
Altus Explorations Inc. (the "Company") ATUX is pleased to announce that it has entered into a letter of intent with Orbit Energy, LLC, a Texas-based exploration company, to develop a portion of approximately 34 prospect areas within the Cherokee basin of Southeast Kansas and Northeastern Oklahoma. Leasing and permitting is currently underway on three prospect areas. Altus is paying a total of $75,000 to Orbit, which amount includes $37,500 for the geological library and data on the prospect areas as well as $37,500 for the Company's 50% share of acquisition costs for the leases to be acquired for the three initial prospects which total approximately 3,000 acres. The entire approximate 34 prospect areas consist of approximately 195,000 contiguous acres. Orbit will be the operator and has agreed to initiate operations to drill a test well on the first of three prospects by February 1, 2004. Altus will also pay its proportionate share of drilling costs. In addition to Orbit's stated intention of testing the Cherokee coalbed methane coals, which are endemic and prospective throughout the area, Orbit also intends to test deeper formations such as the Mississippian, Arbuckle, and Cattleman Sands at depth range from approximately 1,000 to 3,500 feet. The Company will maintain a 50% working interest in the prospect area.
The Company has also signed a letter of intent with B.B.I. Inc./Escopeta Oil Company, L.L.C. to acquire a 100% working interest in the mineral leases for the 17,122-acre Alexander Creek Prospects located onshore within the upper Cook-inlet Basin, Alaska, which lie along the western margin of the Sustina River drainage. This property is just southeast of the Castle Mountain Fault. It is located six to 10 miles north of the Stump Lake gas field, and 6 to 9 miles east of the Lewis River gas field, both of which have established prolific gas production. The Company is paying approximately $1.3 million to acquire the interest and must pay the entire purchase price prior to commencement of drilling. The Company's intention is to drill the initial test well to a minimum of 10,000 feet, to test the Sterling, Beluga and Tyonek formations, scheduled to be drilled in January, 2005. Management's preliminary reviews of geological and geophysical studies indicate a reasonable possibility of commercial quantities of recoverable gas reserves for this prospect. The purchase will be conditional on due diligence, agreed upon sale documentation and financing.
Further, the Company has acquired a 10% working interest in the T.E. Lane gas unit located in Freestone County, Texas, from CodeAmerica Investments, L.L.C. ("CodeAmerica") for a price of $200,000. CodeAmerica is a company owned by our President, Milton Cox. The Lane No. 1 is a 15,400-foot gas well currently in final stages of completion within the Bossier formation. The Bossier wells in this area typically independently produce at 4 to 10 MMCFD with recoverable reserves of 2 to 6 BCF after stimulation. The acquisition of this initial 10% working interest provides Altus with the option to participate in up to three more wells within this unit. To participate in these wells, Altus will have to pay its proportionate share of costs associated with its 10% working interest.
As of October 15, 2003, the address of the Company's principal executive office has changed to Suite 100, 8900 Germantown Road, Olive Branch, Mississippi 38654. Our telephone number changed to 662-893-7376 and our fax number changed to 662-893-7883.
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