CORP. / Harbour brings lawsuit
Harbour Petroleum Commences Legal Action
CALGARY, ALBERTA--Harbour Petroleum Company Limited announces
today that it has commenced an action against TransCanada Energy
Ltd. ("TransCanada") for breach of contract, breach of
confidentiality and breach of the duty of good faith and fair
dealing.
This action is the result of TransCanada bringing an ex-parte
application before a Registrar in Bankruptcy in Calgary and
obtaining an Order appointing an Interim Receiver to oversee
Harbour's transactions and operations and also filing a Petition
for receiving order on October 13, 1998.
On October 16, 1998, Harbour filed a motion to set aside the
appointment of the Interim Receiver and filed an Objection to the
Petition for receiving order, for hearing on October 20, 1998.
The Registrar in Bankruptcy adjourned the matter to December 14,
1998, for hearing before a Justice of the Court of Queen's Bench
(Alberta).
Harbour's action claims damages of $380,000.00 for amounts owed
under the contract to it, special damages in an amount to be
determined, punitive damages of $1,000,000.00 and general damages
of $1,000,000.00 for loss of corporate opportunity, loss of
reputation and loss of business opportunity as a consequence of
the actions taken by TransCanada.
Harbour intends to carry on in the ordinary course of business
pending the hearing on December 14, 1998.
Commenting on the actions of TransCanada, Robert G. Atkinson,
President of Harbour stated "These actions will prevent Harbour
from pursuing a number of specific transactions to enhance
shareholder value and protect the interest of all parties.
TransCanada has followed a course of action, which was high-handed
and premature, particularly when Harbour was dealing in good faith
with TransCanada Energy to settle the contract dispute".
Harbour Petroleum Company Limited has 27,882,847 outstanding
common shares and is listed on The Toronto Stock Exchange - symbol
HRP.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Harbour Petroleum Company Limited
Robert G. Atkinson
(604) 688-3410
or
Harbour Petroleum Company Limited
Ronald A. Howard
(403) 265-5522
The Toronto Stock Exchange has neither approved nor disapproved of
the information contained herein.
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