VANCOUVER, British Columbia -- Wedgewood Resources Ltd. said it has received approval from Bank One Houston for a $10 million loan.

The funds will be used for the acquisition of two oil fields, known as KCJV I and Milo Day, for the development of the Three Sands Field properties and for future acquisitions.

The proven oil and gas on those properties have a net cash flow value of $89 million, the company said.

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