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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 (30)	5/18/2001 1:01:25 AM
From: Richard Saunders	Respond to of 56

missed one. May 08 - NYE-tse Nycan to Continue Operations nycanenergy.com 07:00 GMT-04:00 Tuesday, May 08, 2001 Nycan Energy Corp. announced today that the review of strategic alternatives for the company has been completed. Nycan, and its financial advisor, Yorkton Securities Inc. have concluded that the best way to maximize value for shareholders is to continue operating as an active exploration and production company. In that context, the first well in a twenty well summer exploration and development program commenced drilling today. Wells are planned for Retlaw North, Carmangay, Enchant and Turin East. The Company had an exceptional year in 2000 and has forecasted strong results for 2001. Since the beginning of the current year, Nycan has participated in the drilling and re-completion of a total of 18 wells, 7.9 net, which has resulted in 6 oil wells, 2.2 net, and 12 gas wells, 5.7 net. Nycan estimates that it has added approximately 180 thousand barrels of oil and 3.0 billion cubic feet of natural gas to its proved reserve base through its activities this year. Nycan has also acquired approximately 9,600 acres of undeveloped Crown and freehold lands at a cost of $580,000. While this process of reviewing strategic alternatives is formally closing, the Company will continue, on an ongoing basis, to examine all ways of maximizing shareholder value. The common shares of Nycan Energy Corp. trade under the symbol NYE on the Toronto Stock Exchange.