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Gold/Mining/Energy : Petrokazakhstan Inc. -- Ignore unavailable to you. Want to Upgrade?

To: cooliemon who wrote (929)	3/20/2000 11:19:00 AM
From: Razorbak	Respond to of 2357

"Hurricane Hydrocarbons Ltd. Agreement Reached on Cash Consideration" Monday March 20, 7:01 am Eastern Time Company Press Release SOURCE: Hurricane Hydrocarbons Ltd. Hurricane Hydrocarbons Ltd. Agreement Reached on Cash Consideration CALGARY, Alberta, March 20 /PRNewswire/ -- Hurricane Hydrocarbons Ltd. (``Hurricane') and Central Asian Industrial Investments N.V. (``CAII') announced today that they have reached agreement on the final determination of the amount of the Cash Consideration to be paid by Hurricane for the acquisition of the shares of OJSC Shymkentnefteorgsyntez (``ShNOS'). After taking into account the September 30, 1999 working capital positions of Hurricane and ShNOS, the terms of Hurricane's debt restructuring plan, Hurricane's private placement of equity and subject to adjustment based on the possible future settlement of disputed claims, the net amount of the Cash Consideration which was originally set at US$57 million, has been established at US$51 million. The Cash Consideration of US$51 million, together with 33% of the shares of Hurricane calculated after the acquisition, represents the price to be paid to the shareholders of ShNOS for 100% of the shares of ShNOS. If fewer than 100% of the shares are acquired, the price will be reduced accordingly. Hurricane and CAII expect the acquisition of ShNOS will close on or about March 31, 2000 which will also be the date on which Hurricane's Plan of Arrangement under the Companies' Creditors Arrangement Act will be implemented. Hurricane's shares trade on the Toronto Stock Exchange under the symbol HHL.A and on the National Quotation Bureau (NQB) under the symbol HHLFQ. The company's website can be accessed at www.hurricane-hhl.com . The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. SOURCE: Hurricane Hydrocarbons Ltd. biz.yahoo.com