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Gold/Mining/Energy : Commonwealth Energy Corp. (CWY.ASE)
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To: GC who wrote (218)7/5/2000 7:12:13 PM
From: Leigh McBain   of 242
 
COMMONWEALTH ENERGY CORP.

JULY 5, 2000

Trading Symbol: CWY (Canadian Venture Exchange -- CDNX)

MEDIA RELEASE

Commonwealth Completes Acquisition of Working Interests and Royalty Interests in 740 Oil & Gas Wells in Alberta, Canada…

Further to Commonwealth's December 23, 1999 Media Release and the CDNX July 4, 2000 acquisition approval announcement, Commonwealth Energy Corp. ("Commonwealth" or "the Company") is pleased to announce that final approval has been granted from the CDNX for the Company's December, 1999 acquisition of 638260 Alberta Inc.

638260 Alberta Inc. owns small Working Interests and Royalty Interests in a group of 740 proven producing oil & natural gas wells as well as several plant facilities and gas gathering facilities throughout Alberta, Canada. The majority of the wells are located in the Vermilion area of East Central Alberta. Ninety percent (90%) of the 740 wells are designated as natural gas wells. The set of oil & gas assets are fully managed by an intermediate size oil & gas operator, Signalta Resources Limited.

638260 Alberta Inc. was purchased in consideration of 1,375,000 common shares of the Company at a deemed price of $0.20 / share in December, 1999. The securities issued can not be transferred or sold before November 4, 2000.

For more information, please contact Doug Wolters or Robert Stewart at 1-800-950-2587 or visit the Company web-site at www.commonwealthenergy.com.

THE CANADIAN VENTURE EXCHANGE (CDNX) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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