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Gold/Mining/Energy : BEAU Canada (T/M BAU)
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To: Gilbert Drapeau who wrote (46)5/12/2000 8:54:00 AM
From: Gilbert Drapeau  Read Replies (1) of 57
 
Beau Canada Exploration Ltd. Sells Bantry Gas Plant and
Related Oil Production

MAY 12, 2000
CALGARY, ALBERTA--Beau Canada Exploration Ltd. ("Beau Canada" or
the "Company") is pleased to advise it has signed agreements to
sell the Bantry gas plant and related oil production for
approximately $23 million. The effective date of the sale is May
1, 2000 and closing is anticipated during the week of May 15,
2000. The properties are currently producing approximately 850
barrels of oil equivalent per day (approximately 30 percent gas,
70 percent oil and NGL's).

During the first quarter of 2000 Beau incurred capital
expenditures of approximately $45 million, including significant
expenditures which were incurred due to success in the South
Hamburg field, on a gross capital budget for the year of $80
million. Cash flow for the year 2000 is estimated at $85 million,
with approximately $50 million of this cash flow expected in the
second half of the year. The Company's working capital deficiency
was increased with the higher capital expenditures vs. cash flow
received in the first part of the year. The sale of Bantry will
bring the working capital position in line with historical ratios.

Beau Canada Exploration Ltd. is a Canadian oil and gas exploration
and development company based in Calgary. Beau Canada's common
shares are listed on the Toronto Stock Exchange under the symbol
"BAU".
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