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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: Hunter Trout who wrote (1203)	9/8/1999 6:32:00 PM
From: Jim Daly	Read Replies (1) \| Respond to of 1261

CORPORATE NEWS RELEASE â€”â€” TRACER PETROLEUM CORPORATION â€”â€” â€”â€” NASDAQ Symbol: TCXXF â€”â€” Dateline: Calgary, AB, Canada â€”â€” Date: Wednesday, September 8, 1999 TRACER ANNOUNCES RESULTS FOR SECOND QUARTER OF 1999 (all funds in Cdn. $ unless otherwise stated) TRACER PETROLEUM CORPORATION (â€œTracerâ€ or the â€œCompanyâ€) announces the results of operations for the period ending June 30, 1999. Net loss for the six month period was $818,552, or $0.20 per share, versus a loss of $393,752, or $0.11 per share for the first six months of 1998. This loss is primarily due to a decrease in oil and gas revenues as a result of lower oil prices and production from the Companyâ€™s 4.25% interest in the Ogan Komering Block (â€œOK Blockâ€) in Indonesia, and an increase in administrative expenses to $517,161, versus $329,467 for 1998. The increase in administrative expenses can be primarily attributed to costs incurred by the Company in the pursuit of new projects in Iran and elsewhere. Revenue from oil and gas operations decreased to $756,793 (1998-$1,084,104), reflecting lower oil prices towards the end of 1998 and in early 1999. Oil and gas expenses were reduced to $1,059,442, versus $1,374,782 for the same period in 1998. This is mainly due to the reduction in the carried interest past cost allocation for the Companyâ€™s interest in the OK Block. The second quarter of 1999 saw the Company make significant changes. Specifically, Tracerâ€™s Board of Directors formulated a new strategic plan with which to move Tracer forward and grow. This new plan has come out of the realization that the Companyâ€™s efforts in Indonesia over the past many years have yet to provide any significant gains for Tracerâ€™s shareholders. The Board is confident that the new plan, over time, will lead to much greater opportunities for the Company and its shareholders. In other developments, David R. Robinson was appointed President and Chief Executive Officer of the Company during the second quarter and was given a clear mandate from the Companyâ€™s shareholders and the Board to implement the new strategy. Stephen Jacobs, Tracerâ€™s Chief Executive Officer from August 1996 and President from November 1996 until Mr. Robinsonâ€™s appointment, did an exemplary job of guiding Tracer through a difficult period. The Board of Directors wishes to thank him for his efforts. For the foreseeable future, Mr. Jacobs will remain as a director and continue to serve in a technical capacity as required. He will also remain as President and General Manager of PerminTracer Petroleum Ltd., the Indonesian operating subsidiary, until such time as the status of the Indonesian operation is determined. Mr. Jacobs is uniquely qualified and experienced to explore and develop petroleum properties in Indonesia. In Indonesia, efforts continue towards attracting a partner for the North Tanjung exploration PSC. Pertamina granted a temporary six-month â€œstayâ€ on election of the next optional four-year commitment period, and the second partial relinquishment due on 23 February, pending results of interested party reviews in progress. The Company recently applied to Pertamina for a further three month extension to allow interested parties the time necessary to complete technical evaluation of the Block. Also, the Company continues to pursue the possible sale of all of its assets in Indonesia. To date, three parties have responded to the Company in writing, expressing their interest in acquiring 100% of Tracerâ€™s assets in Indonesia, including the interest in the North Tanjung PSC. Tracer's Board has continued to move the oil and gas basis of the Company towards diversification outside of Indonesia with a focus on oil and gas operations with existing cash flow. Management continues to believe that