NAMX -- North American Expl.-- Que Sera Sera! Message Board

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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera!

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Jan 29 9:30 AM EST

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To: Sidney Reilly who wrote (999)	9/5/1997 7:14:00 PM
From: Y-fall	of 4736

To All: What we've been waiting for Company Press Release Source: Patroclos Finanz AG Patroclos Finanz AG Specifies Relationship SALT LAKE CITY, Sept. 5 /PRNewswire/ -- Patroclos Finanz AG (Patroclos) a wholly owned subsidiary of Zuerich Holding Company, and Union Pacific Resources Group Inc. (NYSE:UPR) today announced a clarification of their relationship. The purpose of this clarification is to avoid any misconceptions which might have arisen from recent press releases and Internet communications relating to Patroclos, UPR, and North American Exploration Corporation (NAMX). Patroclos has entered into a farm-out agreement with UPR covering 1,280 acres in Cheyenne County, Colorado. Patroclos has designated NAMX as its North American operations nominee as well as its North American licensee for commercialization of the EM Sounder Technology. Earlier this year Patroclos funded the drilling of two wells on farm-out acreage, with UPR acting as the operator. The wells have been plugged and abandoned pending a detailed independent technical evaluation. These wells earned Patroclos a 50 percent working interest in 960 acres of the UPR lands. Patroclos has designated to UPR the site location for a third well to be drilled under the farm-out agreement. Negotiations between Patroclos and UPR are ongoing concerning a further drilling program involving 50 additional wells. Patroclos is also negotiating with other North American producers for similar drilling programs in areas deemed promising by Patroclos. UPR is not a party to any of Patroclos' activities involving third parties. UPR has no experience with nor specific knowledge of the workings of the EM Sounder technology. The use of this technology on UPR lands is not an endorsement by UPR of the validity of the technology. Further, UPR has not contracted with Patroclos to employ the EM Sounder technology on its Land Grant acreage. In the event UPR and Patroclos reach an agreement, Patroclos intends to use EM Sounder data in its selection of drill sites on lands covered by the agreement, among others, with the EM Sounder equipment. Patroclos will offer its EM Sounder data to UPR once it has been gathered and processed. UPR has been active for more than 25 years in eastern Colorado and has drilled more than 600 wells. The gas plant is being constructed to support UPR's helium operations and is being made available to support the helium operations of other producers in the area who sign processing contracts with UPR. Patroclos has signed an agreement to have any gas discovered under its current farm-out agreement processed in the UPR gas processing plant. SOURCE: Patroclos Finanz AG

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