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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (6978)	11/22/1999 2:52:00 AM
From: Jim Bishop	Respond to of 24921

CALGARY, ALBERTA--W.T. David Murray, Chairman & C.E.O. of Kicking Horse Resources Ltd. and Morley G. Brown President & C.E.O. of KB Resources Inc., are pleased to announce that Kicking Horse Resources and KB Resources have today signed a Letter of Intent to amalgamate the two arm's length corporations. Kicking Horse Resources recently completed an amalgamation with Taber Energy Inc. and gronArctic resources inc., in August 1999. KB Resources is a Calgary based oil and gas company with operations and oil and gas properties in the province of Alberta. It was incorporated in October, 1994. Subject to the completion of due diligence, certain closing adjustments and the completion of an equity financing in Kicking Horse, it is expected that KB shareholders will receive 1.38 common shares of Kicking Horse for each outstanding share of KB. The combined corporation will have over 700 BOE's (barrel of oil equivalent) of production per day with proven oil and gas reserves of 1.7 million BOE. The management teams of both companies have complementary strengths. It is the intent of both companies to close the transaction by February 29, 2000 or sooner, closing is subject to normal completion of due diligence by both parties. It is contemplated that Kicking Horse Resources Ltd., will be raising capital as part of this transaction. The Letter of Intent requires board approval by both companies by Friday, November 26, 1999 2:00 PM MST. Contact: Kicking Horse Resources Ltd. W.T. David Murray Chairman & C.E.O. (403) 265-7855 ext. 225 or KB Resources Inc. Morley G. Brown President & C.E.O. (403) 269-4004