Tuesday November 24, 2:58 pm Eastern Time
Company Press Release
Santa Elena Project Announcement
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--Nov. 24, 1998--The directors of
NP Energy Corporation (OTC BB:NPEC - news; OTC-BB:MDIN - news) are
pleased to report that through the Corporation's counsel, the
corporation is actively engaged in negotiations with BPZ & Associates,
the brokers of the Santa Elena Project.
The purposes for these discussions are twofold: (1) they are hoped to
settle the claims of, and to produce the recovery of the damages
suffered by, NP Energy in connection with the aborted attempt to acquire
participation in the Santa Elena Project, and, at the same time and as a
part of the resolution of the dispute; (2) to obtain a development
opportunity that will attain the profitability originally envisioned for
the Santa Elena Project.
As a part of this process, counsel for BPZ & Associates is providing for
NP Energy's consideration, new business opportunities. Of course NP
Energy will conduct a thorough evaluation of any such proposals, bearing
in mind the sources from which they come. In the meantime, BPZ &
Associates has agreed to a written ''tolling agreement,'' in which the
selected, potential defendants in NP Energy's suit regarding the Santa
Elena Project have agreed to preserve (by extending the statues of
limitations) NP Energy's claims against them. Such agreements have been
determined to be enforceable under Texas law, and will provide NP Energy
additional time to review new prospects in conjunction with a settlement
of these claims.
When, or if, a suitable proposal is made in regards to the resolution of
this dispute, or when a project that withstands the corporation's due
diligence inquiry, further announcements shall be made. If there is not
a resolution satisfactory to NP Energy by the final conclusion of the
tolling agreement, then suit will be initiated.
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Contact:
NP Energy Corporation
Investor Relations
1-888-572-0170
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