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Gold/Mining/Energy : Hegco Canada Inc.

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To: Gerald Atwater who wrote (2294)	8/28/2001 9:27:06 PM
From: READE SMITH	of 2316

MORE NEWS HEGCO Canada, Inc. (CDNX: HEG) Three Sands Field Update CALGARY, ALBERTA--HEGCO Canada is pleased to report that the Company's phase one development program, announced June 19, 2001, for the Three Sands Field has proceeded better than expected. An increase in production of 181 BOEPD has been achieved as of today. The majority of the increase was from two wells. Three additional wells, that are part of phase one, are being re-completed and tested at this time. Preliminary results look very good. Based on these results to this date, the company has identified four additional drilling locations. These additional locations are being permitted for drilling immediately. The Company is negotiating non-dilutive funding for these additional projects. CEO Rodney A. Babb states, ``These developments are key to the short and long term goals of the Company. The successes re-confirm and document reserves that will help the Company transition substantial reserves to a proved developed producing category increasing the value of the Company's reserves. The cash flow from the increase in production will have a significant impact on the Company's forward-looking business strategies. '' On Behalf of the Board Rodney A. Babb, CEO

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