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

To: Kerm Yerman who wrote (8086)	12/20/1997 3:39:00 PM
From: Herb Duncan	Respond to of 15196

CORP / CORRECTION: Sands' Shareholders Approve Issuance of New Series B Shares Pursuant to Sands/IPC Offer; Drillstem Tests to Commence in Libya Shortly DECEMBER 19, 1997 VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB ("Sands") is pleased to announce that Shareholders approved, at an Extraordinary General Meeting held in Stockholm on December 18, 1997, proposals made by the Board to increase the authorized share capital and to issue Series B shares to shareholders of International Petroleum Corporation ("IPC") pursuant to Sands' offer to purchase all of the outstanding shares of IPC on the basis of one Series B share of Sands for every 1.15 shares of IPC. The Sands Series B shares issued to IPC shareholders will be represented by a Global Depositary Security evidenced by a Global Depositary Receipt. The maximum number of new Sands Series B shares to be issued is 37,650,000. The Board was granted authorization to issue additional shares of Sands Series B pursuant to the offer in order to carry through the compulsory purchase of remaining IPC shares. The acceptance period of the offer expires on December 23,1997. In Libya, the exploration well, B1-NC177 on Block NC177 has reached total depth of 8,750 feet. Oil and gas shows, which have been confirmed by logging, have been obtained from three formations, Facha, Zelten and Beda. Preparations are now being carried out in order to conduct four drill stem tests which will commence shortly. Testing is expected to take approximately 20 days. Sands Petroleum AB has a 40 percent interest in Block NC177. Red Sea Oil Corporation has the remaining 60 percent and is the operator. Sands Petroleum AB owns approximately 8.5 percent of the outstanding shares of Red Sea Oil Corporation. ON BEHALF OF THE BOARD Magnus Nordin, Managing Director