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Gold/Mining/Energy : DEREK RESOURCES (DRS,V) - HUGE PROVEN OIL RESOURCE
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To: Davey Stuart who wrote (101)12/9/1999 2:42:00 PM
From: Charles Kalb  Read Replies (1) of 114
 
Headline: DEREK RESOURCES CORP - Acquires Additional Ground, LAK Development
Progressing [90]

======================================================================
Derek Resources Corporation is pleased to announce the acquisition of
Federal Oil leases totalling 1,028 acres adjacent to the Company's 6,360
acre LAK Ranch Oil Project. The LAK Ranch property is located approximately
3 miles southeast of the town of Newcastle, Wyoming and is within the
prolific oil producing Powder River Basin. The new ground is west and south
of the existing property and is mostly downdip. In some locations the
ground hosts the Newcastle Sand Formation, a Cretaceous age sandstone which
is the target of the Company's Steam Assisted Gravity Drainage oil recovery
project. The new ground was acquired by application for minimal cost and is
subject to a Federal Overriding Royalty of 12.5%. Some of the ground is
prospective for additional oil resources and will be assessed as project
development continues. With these new grounds the LAK Ranch Oil Project now
totals 7,388 acres.
Development at LAK Ranch by Derek Resources is ongoing. The Company
has now been issued a source water permit for the project. Other permits
are in process. The Company is being licensed with the Wyoming State Gas
Commission as an operator and has posted a US $25,000 bond with the State.
Recently, on December 6, 1999, the Company received regulatory approval for
the acquisition of 3.375% of the overriding royalty on the property from
two of the original royalty holders (See press release dated November 9,
1999). That transaction is now being closed and will be registered in the
Weston County, Wyoming registry once completed.
Along with partners Bateman Engineering, Inc. and Silvertip Project
Partners, Inc., the Company continues to be in discussions with potential
financiers for the budgeted pilot plant costs of US $4.9 million. The
Company will make an announcement once this financing has been secured. In
addition. Company officials recently travelled to Europe to speak with
potential pilot plant financiers as well as other investors who will be
asked to place approximately Cdn $2.0 million with the Company for project
work ancillary to the pilot plant. The Company wishes to place these
ancillary funds at a premium to the current market price of the Company's
shares and may wait for stronger market prices to do so.
The Company will make public disclosure of further developments as
they occur.

TEL: (604) 331-1757 Investor Relations
TOLL FREE: 1-888-756-0066
WEBSITE: WWW.DEREKRESOURCES.COM
E-MAIL: info@derekresources.com
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