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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Bart Hoenes who wrote (284)2/7/2000 11:12:00 AM
From: Greywolf  Read Replies (1) of 332
 
T. Hoare Canaccord Appointed As Independent Financial Advisor

VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation (the ``Company') announces today that, in connection with its previously
announced proposed business combination with Lundin Oil AB [NasdaqSC:LOILY - news], the independent committee of the Board of Directors
of Red Sea has appointed T. Hoare Canaccord to act as financial advisor to Red Sea. The independent committee consists of Mr. Brian D. Edgar,
an independent businessman and newly appointed director of Red Sea and Mr. John H. Craig, a partner with the law firm of Cassels Brock &
Blackwell LLP and a long standing director of Red Sea.

Pursuant to its engagement, T. Hoare Canaccord will prepare a formal valuation of the shares of Red Sea and the shares of Lundin Oil in accordance
with the independent valuation requirements of Ontario Securities Commission Policy 9.1 for related party transactions. Upon receipt of the
valuation, the independent committee of Red Sea will commence negotiations, on behalf of Red Sea, with Lundin Oil in order to arrive at a share
exchange ratio for the business combination. In the event that the terms of a business combination are agreed to between the parties, T. Hoare
Canaccord will provide an opinion as to the fairness from a financial point of view of the proposed business combination to the shareholders of Red
Sea other than Lundin Oil and other insiders of Red Sea. The valuation and fairness opinion will be conducted under the supervision of the
independent committee.
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