MERGERS-ACQUISITIONS / RE: R. Chaney & Partners - Scorpion Energy
Corporation
JULY 23, 1998
CALGARY, ALBERTA--R. Chaney & Partners IV L.P. of Houston, Texas,
announces that, as a result of the takeover of Scorpion Energy
Inc. by Midas Resources Ltd., it now holds 1,083,333 common shares
and 541,667 warrants of Midas Resources Ltd. (now called Scorpion
Energy Corporation). Accordingly, if the warrants were converted
today, R. Chaney & Partners IV L.P. would hold approximately 18.5
percent of the outstanding shares of Scorpion Energy Corporation.
R. Chaney Investments, Inc. is the general partner of R. Chaney &
Partners IV L.P. Robert H. Chaney is the sole shareholder of the
general partner. R. Chaney & Partners IV L.P. is a U.S.
investment fund specializing in emerging energy technology
companies. Although it may make further purchases of common
shares of other securities, it is not the current intention of the
general partner of R. Chaney & Partners IV L.P. to acquire control
of Scorpion. Furthermore, there are no current plans to appoint a
nominee of the general partner to the board of directors of
Scorpion.
This press release is being issued in order to comply with
applicable securities laws.
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