CALGARY, Alberta, Sept. 20 /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: TCXX) ("Tracer" or the
"Company") reports that it is not aware of any specific corporate development
that would account for the recent drop in the Company's share price which
Tracer considers is likely due to a combination of Tracer's focus on the
Middle East, specifically the Islamic Republic Iran, and the anticipated
consequences of the recent tragic events in New York and Washington, DC.
The Company is continuing to investigate possible acquisitions of
producing and/or development petroleum assets in areas within and beyond Iran,
in conjunction with Roc Oil Company Limited of Australia and a major
Asian-based company. Details of these potential acquisitions will be reported
as material progress develops. Tracer is appreciative of its shareholder's
support over these past two years, during which the Company has focused on the
pursuit of oil projects in Iran.
As reported previously, 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 U.S.$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 U.S.$2.00 per share. It is
anticipated that TMEI will become a publicly-traded company during late 2001
or early 2002.
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 403-290-1676 at
the Company's 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:
Investor Relations of Tracer Petroleum
Corporation, +1-403-290-1676
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