CDN. Oil/Gas Cos. - Shareholder Maximization Message Board

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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization

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To: Richard Saunders who started this subject	3/23/2001 6:12:07 PM
From: Richard Saunders	of 56

FLO-cdnx Flowing Energy MARCH 23, 2001 - 17:59 ESTFlowing Reports on Recent Developments CALGARY, ALBERTA--Flowing Energy Corporation (CDNX: FLO) announced today that due to disappointing results from its 2000 - 2001 drilling program and poor performance from its principal producing property in Ponoka, Flowing expects that the Company will report a ceiling test deficiency this year. Flowing would also like to announce that effective immediately it has accepted the resignation of Tony Pantalone from the Board of Directors. The Board of Directors is currently reviewing alternatives to maximize value for its shareholders. Alternatives include corporate restructuring, a sale or merger, and the continuation of the current exploration program. To assist with this process, Flowing has, subject to regulatory approval, appointed David Mallory to the Board of Directors. Mr. Mallory is currently Chief Financial Officer of Flowing Energy and President and Chief Financial Officer of Silicon Acquisition Inc., a capital pool company listed on the CDNX.

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