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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (11195)6/11/1998 9:19:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
PROPERTY DISPOSITION / Harbour Petroleum Closes Sale of
Wayne-Rosedale Property

TSE SYMBOL: HRP

JUNE 11, 1998



CALGARY, ALBERTA--Harbour Petroleum Company Limited closed the
sale of the Wayne-Rosedale property on June 8, 1998 for a purchase
price of $8.8 million dollars and a royalty consideration payable
to Harbour over a three year period when certain production levels
are exceeded. The effective date of the sale was April 1, 1998.
The proceeds from the sale reduces bank debt and corrects the
working capital deficiency under Harbour's banking agreement.

Mr. Robert G. Atkinson, President of Harbour announced at the
Annual Meeting of Shareholders held on June 9, 1998 that the
company will be actively seeking business combinations and other
strategic alternatives to take advantage of their remaining assets
which produce 700 BOED.

Harbour Petroleum Company Ltd. has 27,882,847 outstanding common
shares and is listed on The Toronto Stock Exchange - symbol HRP.

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