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Gold/Mining/Energy : BPI Industries Ltd (BPR-VSE)
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To: VIP Condo who wrote (239)5/21/1999 5:54:00 PM
From: Francis R. Biscan Jr.  Read Replies (1) of 355
 
NEWS RELEASE

For Immediate Release, May 21, 1999

Letter of Agreement and Understanding Signed
to Provide US$80,000,000 Financing
for Coalbed Methane Project


BPI INDUSTRIES INC. (the "Company") (BPR - VSE) is pleased
to announce that a Letter of Agreement and Understanding has
been signed with a group to provide financing of
US$80,000,000, for the development of the Company's Coalbed
Methane and Devonian Shale project in southern Illinois.

BPI holds a 49% Working Interest in this 44,000 acre project
in the Illinois Basin. To date, the Company has invested in
excess of US$3.4 million in the project for the completion
of an in-depth Test Program that has included the drilling
of 18 wells in the upper level coal beds and one deep well
into the Devonian (New Albany) Shale, along with extensive
testing of the wells. Two major pipelines (the Texas
Eastern Transmission Corp. & the Trunkline Gas Co.) cross
the leasehold which will provide a market for the gas.

The Company has signed a confidentiality & non-disclosure
agreement relating to this transaction. Certain terms and
conditions are currently being finalized and a further news
release will be issued upon completion of the Joint Venture
Agreement.

ON BEHALF OF THE BOARD OF DIRECTORS

"Lucky Janda"

Lucky Janda
Director




For Further Information Contact
800-803-3204 or 604-685-8688
info@bpi-industries.com
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