CALGARY, Alberta, Feb. 7 /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 been invited by a major "bonyad," or
"Foundation," in the Islamic Republic of Iran to participate in the potential
development of a large offshore oil field appraisal and development project in
Iran. Due to the limitations of a Confidentiality Agreement signed between
the Company and the bonyad, Tracer is unable to release the name of the field
at this time.
Tracer's technical staff and consultants have completed their due
diligence on the technical information on the project that was made available,
and have come to a positive conclusion to pursue the appraisal and development
of the oil field in a joint venture with the bonyad. This is potentially a
very significant project with minimum estimated recoverable reserves of
400 million barrels and production potential of over 100,000 barrels per day.
The Company has commenced discussions with a number of potential partners from
within the petroleum industry to join Tracer in the project. The Company is
also in discussions with possible sources of project financing and other forms
of debt financing for this project. Further details on the project will be
released when possible.
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.
For more information please contact Mr. David Harrison, Corporate
Secretary, at 403-290-1676 at the Company's headquarters:
TRACER PETROLEUM CORPORATION 444 - 5th Ave. S.W., Suite 1510, 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:
David Harrison, Corporate Secretary of Tracer
Petroleum Corporation, 403-290-1676
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