CALGARY, Alberta, Nov. 1 /PRNewswire/ -- Tracer Petroleum Corporation
(OTC Bulletin Board: TCXX) ("Tracer" or the "Company") wishes to provide a
brief update to its shareholders regarding recent developments with the
company. The following was released on behalf of the Board of
Tracer Petroleum Corporation, by David Robinson, President and CEO:
Iran
In light of recent global events and in order to give the Company more
time to pursue projects in Iran, Tracer and its financial backer and
strategic partner, Roc Oil Company Limited ("ROC") of Sydney, Australia, have
mutually agreed to initially extend from October 31, 2001, to
November 15, 2001, the due diligence period under the convertible loan
agreement between Tracer and ROC. The intention is to extend the due
diligence period further, once Tracer and ROC have agreed to final terms of an
amendment to the loan agreement; details of the amendment will released when
completed and if deemed material.
Nigeria
Tracer has been presented with the opportunity to participate in the
development of one or more petroleum fields in Nigeria, in conjunction with an
indigenous Nigerian company and subject to the approval by the Department of
Petroleum Resources in Nigeria of Tracer and its partner or partners being
qualified petroleum operators. The indigenous Nigerian company is preparing
the pre-qualification documentation which is to be submitted by
November 9, 2001. Further information will be released to Tracer's
shareholders when available.
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.
CONTACT: Tracer Petroleum Corporation Investor Relations,
+1-403-290-1676, or fax, +1-403-264-5285, or tracerinfo@tracerpetroleum.com.
SOURCE Tracer Petroleum Corporation
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CONTACT:
Tracer Petroleum Corporation Investor
Relations, +1-403-290-1676, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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