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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (2)	3/26/2001 11:49:56 AM
From: Richard Saunders	Read Replies (1) \| Respond to of 56

PARTIAL SALE - MXP Maxx $15mil for approx. 500 boepd = approx. $30K/BOEPD MAXX PETROLEUM LTD. TSE SYMBOL: MXPAMEX SYMBOL: MMX MARCH 26, 2001 - 10:33 EST MAXX Announces Non-Core Asset Sale CALGARY, ALBERTA--Maxx Petroleum Ltd. announced today that it has entered into an agreement to sell essentially all of its non-core properties for a total of $15 million. The properties being sold represent approximately 500 Boe/d of production. With the sale of these properties, Maxx will be highly focussed in three core areas, West Central Alberta gas and liquids, Lloydminster heavy oil and South East Saskatchewan light oil. Proceeds from the sale will initially be applied to reduce bank debt. After completion of this transaction, the Company's total debt will be less than $14 million. Closing is scheduled to be completed by the end of March 2001, subject to final title and environmental reviews. This asset sale greatly improves the operating focus and enhances the balance sheet and financial capability of the Company, thereby assisting the Company's Special Committee and Financial Advisors as they continue to explore alternatives to maximize shareholder value.