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To: Think4Yourself who wrote (49998)	8/28/1999 2:05:00 PM
From: Razorbak	Respond to of 95453

Hurricane Hydrocarbons Ltd. - CCAA Extension & Reorganization Plan Update (Re: Update on #reply-9547010) biz.yahoo.com Friday August 27, 8:59 pm Eastern Time Company Press Release SOURCE: Hurricane Hydrocarbons Ltd. CALGARY, Aug. 27 /CNW-PRN/ - Hurricane Hydrocarbons Ltd. ("Hurricane") announces that upon the application of Hurricane and its subsidiary, Hurricane Overseas Services Inc. ("HOSI"), the Alberta Court of Queen's Bench today has extended the protection of its original Companies' Creditors Arrangement Act ("CCAA") order to September 20, 1999. That order permits Hurricane the opportunity to proceed with the implementation of its restructuring plan. The extension order granted today continues the stay of all legal proceedings for this period of time. Hurricane also announces that Canadian legal counsel for OJSC Kazkommertsbank ("KKB") and OJSC Shymkentnefteorgsyntez ("ShNOS") has delivered a letter to Robert Kaplan, Chairman of the Board of Directors of Hurricane, stating that KKB and ShNOS consider the negotiations with respect to the proposed acquisition by Hurricane of ShNOS to have broken down. In addition, ShNOS requested that the US$7 million previously advanced to Hurricane Kumkol Munai ("HKM") by ShNOS be repaid prior to August 30, 1999, failing which ShNOS would offset such amount against revenues payable by ShNOS to HKM. It was also indicated that KKB and ShNOS will be advising Hurricane separately of proposals in regard to the export of oil using Shymkent rail loading facilities and to certain aspects of the current Joint Marketing Agreement between HKM and ShNOS. Hurricane's original restructuring plan contemplated a conversion of debt to equity as well as the acquisition of ShNOS by Hurricane. During the course of its application to the Court today, Hurricane advised the Court that Hurricane had decided to separate the two aspects of its restructuring plan and to utilize the provisions of the CCAA only to effect the reorganization of Hurricane's outstanding debts. Hurricane continues to believe that it is in its interest to pursue some form of long-term business arrangement with ShNOS and Hurricane will continue to explore mutually beneficial opportunities. Hurricane's shares are currently traded on the Alberta and Toronto Stock Exchanges under the symbol HHL.A. Hurricane's website can be accessed at www.hurricane-hhl.com The Toronto Stock Exchange and Alberta Stock Exchange have neither approved nor disapproved the information contained herein. SOURCE: Hurricane Hydrocarbons Ltd. ---------------------------------------------------------------------- More Quotes and News: Hurricane Hydrocarbons Ltd (Toronto:HHLa.TO - news) Related News Categories: oil/energy PS - Ahem... Grub 50,000!!! Nyuk, nyuk, nyuk. ;-)