CALGARY, Alberta, May 2 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation, by Larry W.
Youell, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company")
(OTC Bulletin Board: TCXXF) wishes to report that on April 28th, 2003 the
Company completed the planned acquisition of 66 2/3rds% of the outstanding
shares of Forum Exploration Inc. from Forum Pacific Inc. in Manila
Philippines. The acquisition is subject only to final Philippine Government
approval which the Company expects to receive shortly. With the completion of
the Forum acquisition Tracer will now be issuing 100,000,000 common shares to
complete the purchase of the Forum shares. The deemed value of the purchase
is US$10 million. In addition, the previously announced private placement for
up to 20,000,000 shares for US$0.10 per share is now under way. In light of
the substantially increased number of common shares to be issued and
outstanding as a result of both the Forum Acquisition and the private
placement financing, the Board of Directors has amended Tracer's 2000 Stock
Option Plan, by increasing the number of shares authorized for issuance under
the Plan, and has awarded, in accordance with the Plan, options to key
employees, consultants, and officers to acquire up to an aggregate of
11,600,000 common shares.
Drilling operations on the island of Cebu, Philippines have commenced
using the Forum Exploration Hycalog 3500 drilling rig. Forum 1-X, the first
of three scheduled exploratory wells, has a planned target depth of 1,000 feet
and will test the Central Maya Bulge structure which was proven to have oil-
bearing sands during previous drilling activity. Further announcements on
progress of the Forum 1-X well will be issued, as is normal practice, by the
Philippine Department of Energy.
In other Company developments, the recent political strife and associated
violence in Nigeria has led Tracer and its Board of Directors to rethink its
participation in the Nigerian Sao Tome and Principe Joint Development project
and have concluded that with the ongoing unrest within the country of Nigeria,
the Company will not be pursuing its joint venture with West Africa Energy
Limited ("WAEL"). There is no immediate plan to consider a re-evaluation of
this project at this time.
The Company also wishes to report that Mr. David Robinson, Chairman
stepped down from the Board effective April 30, 2003 due to other business
pressures. Mr. Larry Youell, President and CEO will assume the additional
duties of Chairman. Tracer would like to thank Mr. Robinson for his many
years of service to Tracer and wishes him much success in his future
endeavors.
With the vacancy of Mr. Robinson's position on the Board of Directors, the
Company is pleased to appoint Mr. Barry Stansfield to the Board of the
Company, effective April 28th, 2003. Mr. Stansfield was a founding member of
Stansfield Lake, a highly successful London, UK based marketing agency. More
recently Mr. Stansfield's efforts have been focused on real estate
developments in the UK. His global perspective and acute business insight will
be a positive addition to our board.
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 Larry Youell, CEO, at
250-491-7783, or the Company headquarters: TRACER PETROLEUM CORPORATION,
1113 Laval Avenue S.W., Calgary, AB, T2T 1L2 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:
Larry Youell, CEO of Tracer Petroleum
Corporation, +1-250-491-7783, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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