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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (7845)	12/10/1997 7:58:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Odessa Petroleum Corp Exchange Offering Prospectus Receipted VSE SYMBOL: OPC DECEMBER 9, 1997 VANCOUVER, BRITISH COLUMBIA--The Company is pleased to announce that a receipt has been issued by the BC Securities Commission for the Company's Exchange Offering Prospectus which qualifies the distribution of 3,030,000 Units (the "Units") issuable upon the exercise of 3,030,000 special warrants (the "Special Warrants"), 3,000,000 of which were issued on August 7, 1997 at a price of $1.40 per special Warrant, to raise gross proceeds of $4,200,000 and 30,000 Special Warrants being issued at a deemed price of $1.40 per Special Warrant is payment of an advisory services fee to the Agent, Canaccord Capital Corporation. Each Unit consists of one common share and one non-transferable share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $1.50 per share until August 7, 1998. The Exchange Offering Prospectus also qualifies the issuance of Agent's Warrants to purchase up to 294,500 common shares at an exercise price of $1.40 per share until August 7, 1998. As disclosed in the Prospectus, the Company has expended $1,426,641 in exploration work as at October 31, 1997 on the Company's License in the East Sarata Oil Field, Ukraine, together with administrative and financing cost of $594,696 to October 31, 1997. The Company intends to use the balance of the proceeds of the Offering for further exploration and development work on the License to establish the viability of commercial production from the field. ON BEHALF OF THE BOARD OF DIRECTORS Peter P. Tsaparas, P. Eng., Chairman and Chief Executive Officer /T/ Shares Issued: 11,983,254 Fully Diluted: 19,113,254 Trading Symbol: VSE-OPC Cash Position: (Sept 30) $1.4 million 52 Week High-Low: $1.20 - $2.25 Cash Fully Diluted: $7.6 million