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Gold/Mining/Energy : DEREK RESOURCES (DRS,V) - HUGE PROVEN OIL RESOURCE -- Ignore unavailable to you. Want to Upgrade?

To: Davey Stuart who wrote (101)	12/9/1999 2:42:00 PM
From: Charles Kalb	Read Replies (1) \| Respond to of 114

Headline: DEREK RESOURCES CORP - Acquires Additional Ground, LAK Development Progressing [90] ====================================================================== Derek Resources Corporation is pleased to announce the acquisition of Federal Oil leases totalling 1,028 acres adjacent to the Company's 6,360 acre LAK Ranch Oil Project. The LAK Ranch property is located approximately 3 miles southeast of the town of Newcastle, Wyoming and is within the prolific oil producing Powder River Basin. The new ground is west and south of the existing property and is mostly downdip. In some locations the ground hosts the Newcastle Sand Formation, a Cretaceous age sandstone which is the target of the Company's Steam Assisted Gravity Drainage oil recovery project. The new ground was acquired by application for minimal cost and is subject to a Federal Overriding Royalty of 12.5%. Some of the ground is prospective for additional oil resources and will be assessed as project development continues. With these new grounds the LAK Ranch Oil Project now totals 7,388 acres. Development at LAK Ranch by Derek Resources is ongoing. The Company has now been issued a source water permit for the project. Other permits are in process. The Company is being licensed with the Wyoming State Gas Commission as an operator and has posted a US $25,000 bond with the State. Recently, on December 6, 1999, the Company received regulatory approval for the acquisition of 3.375% of the overriding royalty on the property from two of the original royalty holders (See press release dated November 9, 1999). That transaction is now being closed and will be registered in the Weston County, Wyoming registry once completed. Along with partners Bateman Engineering, Inc. and Silvertip Project Partners, Inc., the Company continues to be in discussions with potential financiers for the budgeted pilot plant costs of US $4.9 million. The Company will make an announcement once this financing has been secured. In addition. Company officials recently travelled to Europe to speak with potential pilot plant financiers as well as other investors who will be asked to place approximately Cdn $2.0 million with the Company for project work ancillary to the pilot plant. The Company wishes to place these ancillary funds at a premium to the current market price of the Company's shares and may wait for stronger market prices to do so. The Company will make public disclosure of further developments as they occur. TEL: (604) 331-1757 Investor Relations TOLL FREE: 1-888-756-0066 WEBSITE: WWW.DEREKRESOURCES.COM E-MAIL: info@derekresources.com