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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Buckey who wrote (6390)5/6/1999 1:54:00 PM
From: CIMA  Read Replies (1) of 24892
 
PAN OCEAN EXPLORATIONS INC. ("POE-V;PNOXF-L") CHARGER PETROLEUMS INC ("CHC-Y") - Legal Action Commences

Brent Jardine, Director of Pan Ocean Explorations Inc. (the "Company"), announces that it has commenced legal action in the Supreme Court of British columbia against Charger Petroleums Inc. (ASE - CHC) and Fortis Energy Texas L.L.C.

The Company is seeking a declaration that it is entitled to a 50% interest in the Mobil/Altura prospect in the State of Texas which was recently acquired by Charger or in the alterative damages of the loss of its interest in the prospect. The Company is also seeking damages from Charger for breach of its fiduciary duty to the Company. The Company will be seeking aggravated and punitive damages.

In its claim, the Company states that Charger had sought out the Company to assist Charger in a joint venture on this prospect. After an agreement with the Company, a joint proposal was made to Fortis using the Company's resources. Charger was responsible for finalizing the terms of the joint venture but instead negotiated an agreement on this prospect entirely for themselves.

The Company is suing Fortis Energy Texas for inducing breach of contract. TEL: (604) 685-2286

Corporate Concepts Inc. FAX: (604) 685-0513

1-800-361-8333

Toll Free

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