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Gold/Mining/Energy : KERM'S KORNER

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To: SofaSpud who wrote (10936)	5/28/1998 4:00:00 AM
From: Herb Duncan	Read Replies (1) of 15196

CORP / Summit Resources Explore Strategic Alternative TSE SYMBOL: SUI MAY 27, 1998 CALGARY, ALBERTA--Summit Resources Limited announced today that it will undertake a process to explore strategic alternatives designed to enhance and maximize shareholder value. Such alternatives could include the possible merger or sale of the Company or the disposition of certain assets. Summit has retained Morgan Stanley & Co. Incorporated and Peters & Co. Limited as its financial advisors in connection with this process. Mr. Larry Krause, President and CEO, confirmed that the decision to explore all alternatives and to structure one or more transactions with a view to maximizing value for all of our shareholders has the full support of the Board of Directors and the Company's largest shareholder, Mr. Ernest S. Rady. Summit Resources Limited is a publicly-traded oil and gas exploration and production company based in Calgary, Alberta. Summit operates in four core areas: Northeastern British Columbia, West-Central Alberta, Southern Alberta/Montana and the Williston Basin. Summit also has additional exploration opportunities in East Texas. The common shares of Summit are listed for trading on The Toronto Stock Exchange under the symbol SUI.

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