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

To: Fun-da-Mental#1 who wrote (6981)	11/22/1999 3:11:00 PM
From: Archie Meeties	Respond to of 24921

Fun-Da, Share prices usually decline for something like 15-30 days (post dead cat) after earnings fail to meet expectations. Why this is so people have long wondered, as it seems it should be much shorter. Some people have a slow response time, I suppose. The only thing that could shorten that for merit is a reversal in ng. (and that, IMO, is imminent).

To: Fun-da-Mental#1 who wrote (6981)	1/17/2000 1:32:00 PM
From: Archie Meeties	Read Replies (1) \| Respond to of 24921

MERIT ENERGY LTD ("MEL-T") - Recent Developments Merit Energy Ltd. ("Merit" or the "Company") confirms that on January 7, 2000, the Court of Queen's Bench of Alberta declared that the lawsuit filed by three former shareholders of Belfast Petroleum Inc. ("Belfast") seeking rescission and/or damages from Merit in connection with Merit's acquisition of Belfast cannot proceed as a representative, or "class" action. As a result of this decision, the claim has been amended so that it is being brought by certain specific plaintiffs only, and not on behalf of a "class", and the damages being claimed have been reduced from $25.3 million to $8.8 million. The Company continues to actively defend this action. As a further result of the above decision, an additional plaintiff has filed a statement of claim seeking rescission and/or damages in the amount of $1.5 million from Merit in connection with the Belfast acquisition. This statement of claim has not been served on the Company. Merit has also been advised that a statement of claim has been filed in Ontario seeking rescission and/or damages from it in connection with the issuance by it of "flow-through" common shares on August 17, 1999. This statement of claim has not been served on the Company. In the event that either of the above claims is served, Merit shall defend the action vigorously. In respect of its ongoing disposition program, Merit announces that on January 7, 2000 it closed an asset sale for consideration of $7.9 million. Further, Merit has entered into agreements to sell additional properties for total consideration of $14.2 million. In aggregate, these additional properties, together with the aforementioned disposition, represent approximately 700 barrels of oil equivalent per day of production, net to Merit. The proceeds from these asset sales will be used to pay down indebtedness. TEL: (403) 263-4899 Barry J. Stobo, Interim President and CEO