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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Barry Smith who wrote (373)10/8/1996 6:19:00 PM
From: Kerm Yerman   of 24935
 
Barry / Eagle Energy II

Picking up where I left off.

2/23 /96 Eagle, through wholly owned subsidiary, announces purchase
agreement fdor acquiring all issued shares of Marathon Petroleum Tunisia
& Marathon Petroleum Zarzis. which hold oil &gas properties in eastern
Tunisia.

3/15/93 Eagle announces financing arrangement where private
placement of 10mil shares are to be placed @ $1.25. English company
is to act as agent and is to be exclusively offered to non-residents of
Canada and US. Proceeds are intended to be used in part to fund the
purchase of the two companies to be acquired, future exploration,
drilling on acquired properties and for working capital.

4/2/96 Eagle announces drilling operations have commenced on its
first horizonal re-entry well in the Belli Field in Tunisia and is expected
to reach total depth in 29 days.

5/9/96 Eagle updates Tunisian activities. Well mentioned aboe is
being tested and to date, only small % of oil have been recovered.
Drilling this well earned the company a 20% interest in the oil field
which has been assigned a value of $1.4mil.. Company also filed
on the El Gharsa exploration permit covering over 1mil. acres.

The company has a 18.83% interest in a successful well drilled very
early in the year and is currently producing 2,100bbl's/d. Total net
current production stands at 1,200bbl's/d. The company owns a
44.22% interest in the El Biban #3 well offshore Tunisia, that years
ago tested over 4,000bbl's/d, which is scheduled for re-completion
in the 4th quarter.

Further land position has been acquired via acquisition of shares
of Marathon Petroleum Grombalia. Cash flow of $0.22 is forecasted
for fiscal 1996.

6/6/96 Company announces closing of off shore private placement.

7/17/96 Company announces offshore El Biban #3 well is to be
spudded around September 15th.

9/17/96 Well has been spudded.

End of Part II

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