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Gold/Mining/Energy : Tusk Energy (TKE)

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To: Robert McCullough who wrote (760)	7/27/1998 10:23:00 AM
From: RIK	Read Replies (1) of 1207

Hi Robert Here is another Red Flag ...IMO it is going to be very difficult to put a 'positive spin' on this development: July 24, 1998 Comments on Roberts Bay Resources Deal CALGARY, ALBERTA--On June 10, 1998 Loon Energy Inc. (ASE:LEY) announced that it had entered into a letter of intent with five shareholders of Roberts Bay Resources Ltd. (ASE:RBR) to purchase 10,406,512 common shares of Roberts Bay in exchange for 1,892,091 common shares of Loon. In a telephone meeting between the vendors and Loon, Loon was advised that the vendors have no intention of proceeding with the transaction. Loon is considering its legal alternatives. Loon is a junior oil and gas company with approximately 70 bopd of production from a property in the Grand Forks area. Loon owns a 10 percent BPO (5 percent APO) interest in a gaswell at Strachan which was drilled, cased and initially evaluated during the first half of 1998. Additional evaluation of this well will occur during the third quarter. Loon also operates gas exploration prospects at Carvel (33.34 percent) and Warwick (50 percent), both of which will be drilled within the next few months.

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