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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (10300)4/23/1998 11:21:00 PM
From: Kerm Yerman   of 15196
 
CORP. / Arakis Energy Corp. - Class Action Liability Capped

ARAKIS ENERGY CORPORATION
NASDAQ SYMBOL: AKSEF

APRIL 23, 1998

Arakis - Class Action Liability Capped

CALGARY, ALBERTA--Arakis Energy Corporation (NASDAQ: AKSEF)
announced today that it has entered into an agreement with an
insurance company to cap the potential exposure of its U.S. class
action lawsuit, in Re: Arakis Energy Corporation Securities
Litigation.

Pursuant to the agreement, the insurance company will be paid a
premium, in order to cap the Company's exposure in any eventual
settlement of or judgment in the lawsuit. A payment of US$3.5
million was made to the insurance company on April 21, 1998 and
recorded as an expense of the Company on that date. The insurance
company will undertake the defense and any settlement of the
lawsuit.

The Company expressly denies any wrongdoing and has conceded no
liability alleged in the action. Nevertheless, to reduce the
burden of and risk associated with any protracted litigation, the
Company has entered into this agreement with the insurance company
and will continue settlement discussions with the plaintiffs. The
most recent offer of settlement by Arakis was in the amount of
US$4 million, which was countered by the plaintiffs, with an offer
of US$36 million.
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