CALGARY, Alberta, March 25 /PRNewswire-FirstCall/ -- 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: TCXX) ("Tracer" or the
"Company") reports that it is in discussions with a significant industry
partner regarding joining Tracer and Canneft Inc. in the development of the
Adzhiyap project in Turkmenistan. Further information will be released as
negotiations progress.
The Adzhiyap project (the "Project") is approximately 2,000 square km in
area, in southwestern Turkmenistan, bordering Iran to the south and the
Caspian Sea to the west. The Project is primarily a gas project with
estimated total reserves of 3-6 trillion cubic feet of gas (which is
equivalent to approximately 375-750 million barrels of oil, using a
1:8 ratio). Condensate reserves are also present since tests have shown a
concentration of 1 bbl/100 mcf in gas producing zones. There is also strong
potential of deeper oil reserves, estimated at a minimum of 380 million
barrels, which has yet to be evaluated.
Additionally, Tracer reports that it is working with Canneft to establish
a new service company that will provide contract services for the exploration,
development and operations of petroleum projects such as the Adzhiyap project
and others in Turkmenistan.
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 investor information please contact Janus Investor Relations, at
403-693-0100, or the Company headquarters:
TRACER PETROLEUM CORPORATION, Suite #910, 441 - 5th Ave. S.W., Calgary, AB,
T2P 2V1 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
CONTACT:
Janus Investor Relations, +1-403-693-0100,
for Tracer Petroleum Corporation; or Tracer Petroleum
Corporation, +1-403-290-1676, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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