CALGARY, Alberta, April 10 /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 the Company has entered into a definitive agreement to
sell its net 4.5% interest in the South Alibek petroleum project in western
Kazakhstan to the operator, Transmeridian Exploration Inc. ("TMEI"). As
consideration for the sale, Tracer will receive US$1.5 million of convertible
preferred shares of TMEI plus 1 million warrants exercisable at US$1.00 per
share for a period of 2 years. The preferred shares are convertible into
1.5 million common shares of TMEI at deemed value of US$1.00 per share at any
time within 5 years. TMEI is in the process of completing an SB-211 Filing
with the SEC for the purposes of becoming a publicly traded company in the
U.S.
As previously announced, the South Alibek Petroleum project no longer fits
with the Company's strategic focus, which is on the 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 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, or fax, 403-264-5285, or
tracerinfo@tracerpetroleum.com
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