CALGARY, Alberta, Nov. 26 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation (OTC Bulletin
Board: TCXXF), by Larry Youell, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company") wishes to report
that it has signed a Memorandum of Understanding ("MOU") with West African
Energy Company of Nigeria ("WAEL") to prepare a joint bid document for a
prospective deepwater oil block situated offshore Sao Tome and Principe and
Nigeria. WAEL is an investment management and energy project company which
operates in the oil and gas sector of the Nigerian and West African oil rich
region which is administered by the Joint Development Authority set up between
Nigeria and Sao Tome and Principe, and is known as the Nigerian Sao Tome and
Principe Joint Development Authority.
Final selection of the offshore oil blocks will be selected based on data
that Tracer will be acquiring in the coming weeks. It is anticipated that the
preparation and submission of the bid documentation will proceed once
licensing issues between Nigeria and Sao Tome and Principe are concluded,
expected to be in the first quarter of 2003. Further information will be
released to Tracer's shareholders when available.
The pursuit of the deepwater offshore blocks is in addition to Tracer's
previously-announced pursuit of onshore fields in Nigeria known as "marginal
fields." In conjunction with two different local partners, the Company has
participated in bidding for a number of marginal fields and is now awaiting
the final award of the fields.
In Turkmenistan, the Company's pursuit of the Adzhiyap Concession remains
ongoing with both Tracer and Canneft in continued discussion with the
Government of Turkmenistan and it prospective partners. The Company will be
attending further meetings as well as the Turkmenistan Oil and Gas Conference
in mid-December. The Company is pleased with the ongoing relations between
itself, Canneft and the prospective Joint venture partners, and believes that
there continues to be a concerted effort towards completing a Production
Sharing Contract.
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 more information please contact Investor Relations, at (403) 290-1676
at the Company's headquarters:
TRACER PETROLEUM CORPORATION, 1113 Laval Avenue S.W., Calgary, AB, T2T 1L2
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, fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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