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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: brian krause who wrote (8392)	5/29/2002 5:35:36 AM
From: Al Collard	Read Replies (1) \| Respond to of 11802

HTP-v...in the news: Hilton Petroleum reaches East Lost Hills agreement Mr. Donald Busby reports COMPANY UPDATE Hilton Petroleum has reached an agreement in principle has been reached with the operator of the East Lost Hills joint venture, the result of which is that testing of the East Lost Hills No. 4 and No. 9 wells can proceed. The operator had refused to proceed with testing until an agreement was reached. Formal documentation to implement the agreement in principle is being prepared. The principal intent of the agreement is that Hilton's share of drilling, testing and completion costs for the East Lost Hills No. 4 and No. 9 wells will be paid by the operator and in return the operator will assume Hilton's working interest in these wells until 300 per cent of the costs are recovered from revenues from each respective well. Hilton is awaiting receipt of formal documentation from the operator in order to finalize the agreement in principle. To date, the company has spent $19.2-million (U.S.) on the acquisition, exploration, and development of the East Lost Hills wells. Hilton Petroleum provides the following update on the activities of its subsidiary Hilton Technologies Inc., a private company which has approximately 10 million shares issued and outstanding of which Hilton Petroleum owns eight million shares (80 per cent). It is the intent of management to have Hilton Technology apply for its own public listing within the next 12 months. The current assets of Hilton Technologies are: 1.8 million shares of (30-per-cent ownership) Enabled Simulations Inc. (shares issued); 1.6 million common shares of Whistler Inc. (shares not yet issued); 100-per-cent ownership of the StaySafe product line and its proprietary technology; 100-per-cent ownership of the Your Next Step product line; and 50-per-cent interest in Biostatic Medical Technologies (In the event that Hilton Petroleum does not secure investor funds, including grants, for a total of $1-million, this interest can be decreased to 25-per-cent. At this time a verbal commitment on a $750,000 grant has been obtained.)