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

To: The Fix who wrote (8020)	3/4/2001 6:48:59 PM
From: RIK	Read Replies (1) \| Respond to of 24899

Sunday March 4, 6:00 pm Eastern Time Press Release SOURCE: Magin Energy Inc. Magin Energy Inc. CALGARY, March 4 /CNW/ - (TSE:MGY - news) The Board of Directors of MAGIN ENERGY INC. announce that Griffiths McBurney and Partners have been retained as financial advisor to assist in reviewing various alternatives to maximize value for Magin shareholders. Possible alternatives include a sale, merger, take-over, corporate restructuring or a sale of certain assets. Magin will have data room materials available within the week. Cash flow for year 2000 reached $49.2 million with earnings (after tax) of $6.2 million. At January 1, 2001, crude oil and liquids proven reserves totaled 14.0 million barrels and natural gas proven reserves totaled 73.5 billion cubic feet. Total proven plus probable reserves were 19.1 million barrels of crude oil and liquids and 116.0 billion cubic feet of natural gas. Magin's undeveloped landholdings exceed 362,000 net acres. Additional information will be made available at a conference call scheduled for 7:15 a.m. Calgary time, 9:15 a.m. Eastern Standard Time, Monday, March 5, 2001. The conference call number is 1-888-881-4892. Please call in about 10 minutes before the starting time in order to be patched into the call. Replay: A taped rebroadcast will be available until March 12, 2001 through 1-877-289- 8525 reservation number 94932, followed by the pound key. Magin Energy is a Canadian oil and gas exploration, development and production company listed on The Toronto Stock Exchange trading under the symbol "MGY". There are currently 36.1 million basic shares issued and outstanding. For further information Glenn R. Carley, Chairman and CEO, Magin Energy Inc., (403) 265-1899 Tom Budd, Griffiths McBurney & Partners, (403) 543-3030 Magin Website: www.magin.com Email this story - Most-emailed articles - Most-viewed articles