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Gold/Mining/Energy : Red Sea Oil Corporation (RSO) -- Ignore unavailable to you. Want to Upgrade?

To: Bob (Hijacked) who wrote (27)	11/28/1997 3:49:00 PM
From: Tomas	Read Replies (2) \| Respond to of 332

CDN $6.8 Million Net Proceeds Received From Rights Offering VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Friday November 28, 2:50 pm Eastern Time-- RED SEA OIL (Alberta Stock Exchange: RSO. - news) Red Sea Oil Corporation (the "Company'') is pleased to announce that approximately 61 percent of the Rights issued to shareholders pursuant to the recent Rights Offering were exercised and resulted in net proceeds to the Company of Cdn $6,799,483.75. The Rights expired on November 27, 1997. The proceeds will be used for the Company's current oil exploration program in Libya. The B1-NC177 well was spudded on November 7, 1997 and is currently down to a depth of 5,600 feet. Target depth is approximately 8,500 feet. The well is testing the En Naga North prospect in Block NC177 which is on structural and geological trend with the En Naga Oil Field operated by Veba in Block 72 less than 15 kilometres to the southeast. Both Red Sea Oil's and Veba's blocks are located in the prolific Sirte Basin which produces over 1.8 million barrels of oil per day. ON BEHALF OF THE BOARD "Ian H. Lundin'', President