CALGARY, Alberta, June 10 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation, by David
Robinson, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company") reports that the
Company's joint venture partner, privately-held Canneft Inc. ("Canneft") of
Houston, TX, has entered into a Protocol with a major foreign petroleum
company regarding this company becoming a working interest partner and
operator of the Adzhiyap project in southwestern Turkmenistan. Tracer and
Canneft are hopeful of signing a binding Joint Venture Agreement with the
foreign petroleum company in the near future.
In other developments, Tracer's President and Chief Executive Officer,
David R. Robinson, has informed the Board of Directors of the Company that he
intends to resign these positions as of the Company's upcoming Annual General
Meeting of the Shareholders due to other business commitments. He intends to
remain active in the affairs of Tracer, and so will remain a Director of the
Company. Larry W. Youell, the Company's Chairman, will assume the roles of
President and Chief Executive Officer, and Mr. Robinson will assume the role
of Chairman.
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:
investors, 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 /First Call Analyst:
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