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Gold/Mining/Energy : DALTON RESOURCES DAL:ASE

DAL 58.30

+1.6%

9:30 AM EST

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To: Scotchman who wrote (458)	2/26/1999 4:47:00 PM
From: Scotchman	Read Replies (1) of 486

Looks like everyone is trying to cash in on the Strachan area. Amoil Resources Inc. AOL February 26, 1999 Signs Letter of Intent AMOIL RESOURCES ("AOL-Y") - Signs Letter of Intent AMOIL RESOURCES INC. has signed a letter of intent with WIN Energy Inc.(WIN) and Alsask Energy Services Inc. (Alsask) to purchase a portion of their interests in two different Swan Hills Reef natural gas prospects at Strachan and Caroline Alberta. The purchases represent 1.5 percent and 15.0 percent interest respectively of the total prospects. The WIN interest is being acquired by issuing 1.3 million shares at a price of $0.10 per share and the Alsask interest is being purchased by issuing 1.0 million shares at a price of $0.10 per share. Amoil will also complete a private placement independent of the above transactions for $150,000 and issue 1.5 million shares at a price of $0.10 per share. The preceding property acquisitions and private placement will be completed to parties at arms length to the Corporation. Upon satisfactory completion of the due diligence performed by Amoil, WIN and Alsask, Amoil will enter into formal and binding agreements and will seek the necessary regulatory approvals to complete the process. The private placement will provide Amoil with sufficient resources to begin the implementation of their proposed plan. The Corporation will be issuing approximately 3.7 million shares in conjunction with the private placement and property acquisitions. An additional to 2.1 million shares will be issued on conversion of a $210,000 debenture held by an insider of Amoil. PetroVest Financial Inc., of Calgary, has been engaged to prepare a new Corporate Development Plan for Amoil and to assist in its implementation the new Plan. As part of the proposed Corporate Development Plan there may be additions to the Board of Directors and the Management of the Corporation. Amoil Resources Inc. is an active oil and gas exploration, development and production company focused on the exploitation of oil and gas in western Canada. The Company trades on the Alberta Stock Exchange and has approximately 6.0 million shares outstanding. TEL: (403) 991-4694 Amoil Resources Inc. Darryl Holloway

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