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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba -- Ignore unavailable to you. Want to Upgrade?

To: Frank who wrote (78)	2/15/1998 6:23:00 PM
From: Frank	Read Replies (1) \| Respond to of 223

Initial confirmation that there are larger oil companies getting involved in the Cuba play.....news re Cubacan should be available later in the week....... "MONTREAL, Quebec, Feb. 13 /CNW/ - Genoil Inc. announces that it has: 1. entered into an agreement with an third party oil and gas company, whereby the third party will subscribe for 16,845,501 common shares of Genoil at a price of $0.20 per share, for total proceeds of $3,369,100.20. This would result in the third party having an interest of at least 50% in Genoil. Alternatively, should the third party not be satisfied with its due diligence review of Genoil, it will be obligated to acquire from Genoil a 60% interest in Blocks 19 and 20, onshore Cuba and a 20% interest in Blocks V, VI and VII, offshore Cuba and it will be granted an option to subscribe for 3,000,000 common shares of Genoil at a price of $0.20 per share for an 24-month period the whole in consideration of $3,800,000. The proceeds will be used to pay current liabilities of Genoil. 2. Genoil has reached an agreement with a SECOND third party oil and gas company and SGV whereby Genoil offers the following farm-in rights: I. the right to earn up to a 35% interest in Blocks 19 and 20, in consideration of the payment of up to 35% of historical costs on such Blocks; and II. the right to earn up to a 10% interest in Blocks V, VI and VII, in consideration of the payment of up to 20% of the cost of a new well to be drilled an such Blocks. Finally, upon completion of the equity investment, a new Board of Directors and Management team will be nominated." ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ******Word is that drilling is progressing on schedule at the CCX well, should reach first target depth within 7 - 10 days.****