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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Bobby Yellin who wrote (559)	10/22/1996 7:23:00 AM
From: Kerm Yerman	of 24935

Bobby / Petromet Trading must have been halted to announce bought deal finacing. Companies behind deal are Canada's largest institutions. PETROMET RESOURCES LIMITED TSE SYMBOL: PNT NASDAQ SYMBOL: PNTGF OCTOBER 21, 1996 Petromet Announces Flow-Through Bought Deal Financing TORONTO,ONTARIO--Petromet Resources Limited ("Petromet") has today entered into an underwriting agreement with a syndicate of underwriters led by First Marathon Securities Limited with participation by Griffiths McBurney & Partners, Peters & Co. Limited and Midland Walwyn Capital Inc. and under which they have agreed to buy for resale to the public 3,100,000 flow-through common shares of Petromet at $3.30 each, representing gross proceeds of $10,230,000. Closing is expected on or about November 7, 1996. The transaction is subject to regulatory approval. Petromet will renounce to investors 100 percent of the subscription proceeds as Canadian exploration expense, giving subscribers 100 percent tax deductions for the 1996 tax year. The proceeds will be used by Petromet on its continuing exploration programs. This offering is made only in Canada by way of short form prospectus.

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