CALGARY, Alberta, Jan. 2 /PRNewswire/ -- The following was released on
behalf of the Board of Tracer Petroleum Corporation, by David Robinson,
President and CEO:
Tracer Petroleum Corporation (OTC Bulletin Board: TCXXF)
("Tracer," or the "Company") reports that it has entered into an agreement
with a marketer of crude oil and petroleum products for the supply of crude
and products from Turkmenistan. The first transaction being arranged is for
the supply of 20,000 metric tonnes per month of diesel from Turkmenistan, to
be delivered to the Caspian Sea port of
Neka in northern Iran, for a minimum term of 12 months. Deliveries are
expected to commence in late January. The value of this transaction is
approximately US$4 million per month, based upon recent prices in the region.
The Company will report of further trading transactions if they are deemed
material.
The Company also reports that it has extended by six months to
June 29, 2001, the expiry date of 150,000 share-purchase warrants with an
exercise price of US$0.90 which were to expire on December 29, 2000.
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations.
CONTACT: Mr. David Harrison, Corporate Secretary of
Tracer Petroleum Corporation, 403-290-1676, or fax, 403-264-5285, or
tracer@ultranet.ca.
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
Company News On-Call:
http://www.prnewswire.com/comp/121391.html or fax,
800-758-5804, ext. 121391
CONTACT:
Mr. David Harrison, Corporate Secretary of
Tracer Petroleum Corporation, 403-290-1676, or fax, 403-264-5285,
or tracer@ultranet.ca
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