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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (835)11/4/1996 12:36:00 PM
From: Kerm Yerman   of 24937
 
TOP TWENTY UPDATE/NEWPORT PETROLEUM
Referneces Messages # 816 & 824

FOR: NEWPORT PETROLEUM CORPORATION

TSE SYMBOL: NPP

NOVEMBER 4, 1996

Newport Petroleum Corporation Closes Share Placement

CALGARY, ALBERTA--

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.

NEWPORT PETROLEUM CORPORATION announces that it has closed an
issue of 4 million common shares at a price of $6.85 per common
share for gross proceeds of $27.4 million. The issue was
underwritten by a syndicate of underwriters led by Peters & Co.
Limited, together with Nesbitt Burns Inc., RBC Dominion Securities
Inc. and TD Securities Inc. The funds will be used to accelerate
Newport's exploration and development programs in Alberta and
northeast British Columbia during the remainder of 1996 and part
of 1997. The Company's capital budget for 1996 has been increased
to $50 million and, in 1997, its preliminary capital budget has
been set at $75 million.

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any
jurisdiction. The common shares offered will not be and have not
been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirement.
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