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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Richard Saunders who wrote (2134)	1/24/1997 11:18:00 PM
From: Kerm Yerman	of 24921

Richard / Tusk Energy JANUARY 24, 1997 Tusk Energy Announces Issuer Bid CALGARY, ALBERTA--TUSK Energy Inc. announces that its Notice Of Intention to Make a Normal Course Issuer Bid has been accepted by The Alberta Stock Exchange. Under the terms of the issuer bid, TUSK may acquire up to 10 percent of the public float of its own shares by making purchases on the open market through the facilities of The Alberta Stock Exchange. The issuer bid commences on January 27, 1997 and expires on January 27, 1998. No more than 2 percent of the Corporation's issued common shares will be acquired in any given 30 day period. The Corporation is under no obligation to purchase any common shares pursuant to the issuer bid. The price which the Corporation will pay for any shares acquired pursuant to the issuer bid will not be higher than the last independent trade of a board lot at time of such purchase. During the 12 months ended September 26, 1996 the Corporation purchased 214,300 of its common shares at an average purchase price of $0.93 per common share. No insiders of the Corporation intend to sell shares to the issuer bid.

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