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Gold/Mining/Energy : CDN. MOMO PUPPIES -- Ignore unavailable to you. Want to Upgrade?

To: SwampDogg who wrote (11376)	10/13/1999 3:34:00 PM
From: bugssy	Read Replies (2) \| Respond to of 36688

check the date thats kind of old heres a new one Company Press Release SOURCE: Hurricane Hydrocarbons Ltd. Acquisition of the Shymkent Refinery CALGARY, Oct. 9 /CNW-PRN/ - Hurricane Hydrocarbons Ltd. (``Hurricane'), Central Asian Industrial Investments N. V. (``CAII') and OJSC Kazkommertsbank (``KKB' jointly announce that they have today entered into a definitive agreement for the acquisition by Hurricane of all of the shares of OJSC Shymkentnefteorgsyntez (``ShNOS') owned by KKB, CAII and their associated companies (the ``KKB Group'). The KKB Group currently owns approximately 84% of the shares of ShNOS. Hurricane will be extending a follow-up offer to the minority shareholders of ShNOS in accordance with the requirements of the securities legislation of Kazakhstan. ShNOS is the owner and operator of the Shymkent refinery in South Kazakhstan where Hurricane's crude oil production is processed. The consideration to be paid by Hurricane will consist of a combination of cash and Hurricane shares which, for 100% of the ShNOS shares would equal 33% of the shares of Hurricane outstanding after the transaction, plus US$57 million. The effective date for the consolidation of operations and financial results is October 1, 1999 and closing will occur on or before March 31, 2000. The cash consideration will be paid with an initial payment on closing and the balance in monthly installments with the last payment scheduled for July 1, 2000. The acquisition is subject to a number of conditions and approvals including the approval of Hurricane's shareholders, the approval of the Alberta and Toronto stock exchanges and the approval by the Court and implementation by Hurricane of a Plan of Arrangement pursuant to the Companies' Creditors Arrangements Act. Mr. Isautier and Mr. Alshinbaev commented: ``This definitive agreement will result in the creation of a leading integrated oil company in Central Asia. The merged company will now be able to focus on the optimisation of its operations and to capitalise on its exceptional growth opportunities for the benefit of all stakeholders including bondholders, shareholders and the Republic of Kazakhstan.' Hurricane will be holding a conference call to discuss the details of the acquisition. Stakeholders are encouraged to participate by dialing (416) 641-6670. The conference call will be held on Tuesday, October 12, 1999 at 11:00 a.m., MDT (1:00 p.m. EDT). A taped replay/postview of the conference call will be available for stakeholders unable to participate in the conference call. Postviewing will be available until October 19, 1999 up to 10:00 p.m. MDT. To do so dial (416) 626-4100 and enter the reservation number 13326653.