Tracer Petroleum Corporate Update

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Tracer Petroleum Corporate Update
    CALGARY, Alberta, July 23 /PRNewswire/ -- The following was released on
behalf of the Board of Tracer Petroleum Corporation
(OTC Bulletin Board: TCXXF), by David Robinson, President and CEO:

    Mr. David R. Robinson, President and Chief Executive Officer of Tracer
Petroleum Corporation ("Tracer" or the "Company"), wishes to provide the
following update to the shareholders of the Company:

    1.    Iran

    The Company is working in conjunction with its new financial backer and
strategic partner, Roc Oil Company Limited ("ROC") of Sydney, Australia, to
assess the merits of a number of petroleum development opportunities in the
Islamic Republic of Iran that may potentially be available to Tracer. This
includes investigating the possibility of acquiring an interest in an existing
contract or contracts held by other petroleum companies to develop fields in
Iran. Some of the opportunities in Iran are being investigated in conjunction
with other potential partners in addition to ROC.
    In order to allow sufficient time to investigate the various opportunities
in Iran, Tracer and ROC have mutually agreed to extend until October 31, 2001,
the due diligence period under the convertible loan agreement between Tracer
and ROC. The agreement has also been amended to allow for the pursuit of
projects in other countries besides Iran.

    2.    Other Areas

    The Company is investigating potential acquisitions of producing and/or
development petroleum assets in areas outside of Iran, in conjunction with ROC
and a major Asian-based company. During the discussions to date, it has been
suggested that the Asian partner will act primarily as a financial partner,
ROC will be the operator, and both Tracer and ROC will be the originators and
negotiators of the acquisitions.
    We are hopeful of being in a position to report details of one or more of
these potential acquisitions in the very near future.

    3.    Transmeridian Exploration Inc.

    The Company currently holds preferred shares of Transmeridian Exploration
Inc. ("TMEI") which are convertible, at no cost, into 1.5 million common
shares of TMEI. Tracer also holds 1 million warrants that are exercisable into
TMEI common shares at US$1.00 per share. In May of 2001, TMEI filed its Form
SB-2 Registration Statement with the U.S. Securities and Exchange Commission
with the intention to list its common shares on the OTC Bulletin Board, with
an offering price of US$2.00 per share. Therefore, it is anticipated that TMEI
will become a publicly traded company by the fourth quarter of this year.
    The next few months will be critical in determining the ultimate success
of Tracer, but with prospective major acquisitions in the works in Iran and
elsewhere we are confident that Tracer's fortunes will vastly improve shortly.
We appreciate the ongoing patience of the Company's shareholders.

    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 Investor Relations at +1-403-290-1676 at
                         the Company's headquarters:

 TRACER PETROLEUM CORPORATION, Suite #910, 441 - 5th Ave. S.W., Calgary, AB,
                                T2P 2V1 Canada
          Phone:  +1-403-290-1676 or Fax:  +1-403-264-5285, "e-mail"
      tracerinfo@tracerpetroleum.com or web site http://www.tracerpertoleum.com
SOURCE Tracer Petroleum Corporation
http://www.tracerpetroleum.com
Company News On-Call:
http://www.prnewswire.com/comp/121391.html
CONTACT:
Investor Relations of Tracer Petroleum
Corporation, +1-403-290-1676