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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (63607)	3/31/2000 8:36:00 PM
From: Razorbak	Respond to of 95453

Hurricane Hydrocarbons (HHLFQ) Emerges from Bankruptcy "Hurricane Completes ShNOS Acquisition and Emerges from CCAA" Friday March 31, 2:27 pm Eastern Time Company Press Release SOURCE: Hurricane Hydrocarbons Ltd. CALGARY, March 31 /CNW-PRN/ - Hurricane Hydrocarbons Ltd. ("Hurricane") announces today that it has closed the acquisition from Central Asian Industrial Investments N.V. of 88.36% of the shares of OJSC Shymkentnefteorgsyntez ("ShNOS"), the owner of the Shymkent refinery. At the same time, Hurricane received from Canaccord Capital Corporation and Credifinance Securities Ltd., the US$25 million proceeds of its recent offering of Special Warrants. With the proceeds of the Special Warrants and the cash available from its two Kazakhstani subsidiaries, ShNOS and OJSC Hurricane Kumkol Munai, Hurricane distributed approximately US$87 million to its noteholders. These payments comprised approximately $50 million of principal repayment, $13 million of restructuring fees and $24 million of interest and other charges accrued up to March 31, 2000 (the "Plan Implementation Date"). The closing of these transactions constitutes the implementation of Hurricane's Plan of Arrangement under the Companies' Creditors Arrangement Act ("CCAA"). 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 ----------- "Canada's Hurricane Rises from Creditor Protection" Friday March 31, 4:05 pm Eastern Time (U.S. dollars unless otherwise noted) CALGARY, March 31 (Reuters) - Canada's Hurricane Hydrocarbons Ltd. (Toronto:HHLa.TO - news) said on Friday it emerged from nearly a year of creditor protection after clinching a number of deals that included buying an oil refinery in Kazakhstan. Calgary-based Hurricane, which controls a vast oil field in the former Soviet Republic and fell on hard times in 1998, said it closed its acquisition of 88.36 percent of OJSC Shymkentnefteorgsyntez, which owns the refinery that processes all 80,000 barrels a day of its crude oil production. Hurricane bought the Shymkent refinery from a Kazakh bank for $51 million and 33 percent of its shares. The company also said it received $25 million of proceeds from a recent offering of special warrants, and paid noteholders $87 million, clinching all the transactions needed to complete its plan of arrangement under Canada's Companies Creditors Arrangement Act. The emergence from from creditor protection marked a major victory for Hurricane Chief Executive Bernard Isautier, who worked for several months to convince often-recalcitrant bondholders to accept a plan that would allow the company to survive. With proceeds from the warrants and cash available from its two Kazakh units, the refinery and production subsidiaries, Hurricane distributed the payment to its noteholders, it said. The total included $50 million of repayment of the principal, $13 million of restructuring fees and C$24 million ($16 million) of interest and other fees. Hurricane's creditors approved the refinery purchase in early March and its shareholders okayed the deal this week. Hurricane won kudos in 1996 for taking over the oil operations of a Kazakh state-owned company, complete with its sheep farm and soccer team. But it fell on hard times in 1998 as oil prices and the Kazakhstan economy collapsed. Following unsuccessful attempts to sell the company amid continuing squabbles with the refinery, Hurricane signed a letter of intent to merge with the plant, then sought creditor protection last May. As oil-market conditions improved, the company proposed a number of plans to appease debtholders, before the successful one was agreed to. Hurricane shares on the Toronto Stock Exchange rose 50 Canadian cents, or 12.5 percent, to C$4.50 on Friday. ($1=$145 Canadian) biz.yahoo.com

To: jim_p who wrote (63607)	3/31/2000 9:17:00 PM
From: Tomas	Respond to of 95453

Jim: <<Has the Canadian energy market responded like the US has yet?>> See these charts: Toronto Oil & Gas Service Index chart.canada-stockwatch.com Toronto Oil & Gas Index chart.canada-stockwatch.com Toronto Oil & Gas Producers Index chart.canada-stockwatch.com Toronto Integrated Oil Index chart.canada-stockwatch.com By the way, I'm not located in Canada, I've never been there, but thank's to the internet all markets have become truly global, it's really amazing!