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

To: Gerald Atwater who wrote (2294)	8/28/2001 9:27:06 PM
From: READE SMITH	Respond to of 2316

MORE NEWS HEGCO Canada, Inc. (CDNX: HEG) Three Sands Field Update CALGARY, ALBERTA--HEGCO Canada is pleased to report that the Company's phase one development program, announced June 19, 2001, for the Three Sands Field has proceeded better than expected. An increase in production of 181 BOEPD has been achieved as of today. The majority of the increase was from two wells. Three additional wells, that are part of phase one, are being re-completed and tested at this time. Preliminary results look very good. Based on these results to this date, the company has identified four additional drilling locations. These additional locations are being permitted for drilling immediately. The Company is negotiating non-dilutive funding for these additional projects. CEO Rodney A. Babb states, ``These developments are key to the short and long term goals of the Company. The successes re-confirm and document reserves that will help the Company transition substantial reserves to a proved developed producing category increasing the value of the Company's reserves. The cash flow from the increase in production will have a significant impact on the Company's forward-looking business strategies. '' On Behalf of the Board Rodney A. Babb, CEO

To: Gerald Atwater who wrote (2294)	8/28/2001 9:30:25 PM
From: READE SMITH	Respond to of 2316

STILL MORE NEWS Thursday August 23, 5:08 pm Eastern Time Press Release HEGCO Canada, Inc. (CDNX:HEG) Secures Financing for Canadian Development CALGARY, ALBERTA--Rodney Babb CEO reports: HEGCO Canada is pleased to announce that it has received an operating line of credit from a Canadian federally chartered financial institution. The line of credit is initially for $900,000 Canadian. Interest on the line is at Canadian prime plus 2%. The line of credit will be utilized for continued development of the Company's Canadian assets. Michael Sullivan, Chairman of the Board, states: ``we are pleased with the new banking relationship. This line of credit, coupled with the development funds received for the Oklahoma assets, will allow our production to grow, and therefore allow the Company's cash flow to continue to grow. The Company is in a stronger financial position today than it has been for several years. As management continues its focus on increasing production from its existing assets, it will place the Company on strong financial footing. This will allow the Company to utilize its own cash flow to develop all of its existing assets as well as promising new projects.'' On Behalf of the Board Rodney A. Babb, CEO