CALGARY, Alberta, Jan. 18 /PRNewswire/ -- The following was released on
behalf of the Board of Tracer Petroleum Corporation, by David Robinson,
President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company") reports that,
further to the news release dated September 19, 2000, the Company will not be
issuing 1.5 million restricted shares to the Mullins Group, which were to be
issued because of the acquisition of an interest in the South Alibek petroleum
project in western Kazakhstan. The Company has yet to receive from the
Mullins Group a report from a third party engineering firm verifying the value
of the South Alibek interest, and thus Tracer is not obligated to issue these
shares.
Furthermore, because of recent developments in the Islamic Republic of
Iran regarding petroleum development projects, Tracer management has commenced
negotiations with potential buyers with the view to sell its South Alibek
interest. The South Alibek project no longer fits with the Company's
strategic focus, which is on development projects and trading opportunities
involving Iran.
This release contains "forward-looking statements" as per Section 21E of
the U.S. 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
For more information please contact Mr. David Harrison, Corporate Secretary,
at 403-290-1676 at the Company's headquarters:
TRACER PETROLEUM CORPORATION, Suite #1510, 444 - 5th Ave. S.W., Calgary, AB,
T2P 2T8 Canada
Phone: 403-290-1676 or Fax: 403-264-5285, "e-mail"
tracerinfo@tracerpetroleum.com or web site, http://www.tracerpetroleum.com
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 tracerinfo@tracerpetroleum.com
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