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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (1505)	12/5/1996 5:14:00 PM
From: Kerm Yerman	of 24927

CANADIAN OILPATCH / TITAN PACIFIC RESOURCES LTD. SALE OF MIDALE OIL PROPERTY AND APPOINTMENT OF NEW CHAIRMAN VANCOUVER, Dec. 5 /CNW/ - Titan Pacific Resources Ltd. The Midale oil property which was received in exchange for the Wauchope property (press release dated September 6, 1996) has been sold to a private, arms length Saskatchewan based company for total proceeds of $241,500 which represents Titan's 70% interest. Titan has retained all deep drilling rights below the base of the Bird Bear formation and has granted a seismic and drilling option with deadlines in order for the purchaser to adequately evaluate and drill the Red River Ordovician formation. If conditions are met, Titan would retain a gross over-riding royalty of 5 - 15 % depending on monthly production with an option to convert this royalty for a 35 % working interest on payout of the costs incurred to drill the well. The company is also pleased to announce the appointment of Mr. Ross Giles as chairman of the board of directors. Since joining the board on September 18, 1996 Mr. Giles has become increasingly active in assessing and advising on significant strategic issues for the company. Mr. Giles is president of Bromar Enterprises Ltd. and Degelman Industries Inc. and is active with several other publicly traded companies. Titan has two operating divisions: the technology division develops and markets high performance fluid level measurement systems and the resource division consists of producing oil and gas properties in Western Canada. Titan's shares trade on the Senior Board of the Vancouver Stock Exchange. On behalf of the board, Mark Gustafson President & CEO The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. For further information: David Rogerson or Will Elston, Phone (604) 948-2174 or 1-800-848-2697, Fax (604) 943-1833

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