CALGARY, Alberta, May 15 /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 based upon the lack of progress towards obtaining a
petroleum project in Iran, the Company has decided to not renew the agreement
with the Mullins Group. Tracer has informed its representative in Tehran to
cease all operations in Iran on behalf of the Company.
Going forward, the Company will be focusing its efforts with its partner,
Canneft Inc., towards securing a Production Sharing Agreement for the Adzhiyap
project in southwestern Turkmenistan. Tracer and Canneft are continuing
active discussions with significant financial and oil industry partners
regarding joining Tracer and Canneft in the development of the project.
Further information will be released when possible.
For further information on Canneft Inc.:
Mr. Henk Jelsma, President and CEO
Houston, TX
Ph. 281-374-7507
Fax. 281-374-7509
hjelsma@aol.com
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
Company News On-Call:
http://www.prnewswire.com/comp/121391.html
CONTACT:
investors, Janus Investor Relations,
+1-403-693-0100, for Tracer Petroleum Corporation; or Henk
Jelsma, President and CEO of Canneft Inc., +1-281-374-7507, or
fax, +1-281-374-7509, or hjelsma@aol.com
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