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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Daly who wrote (566)	4/6/1998 12:52:00 PM
From: Frank J. Zecha	Read Replies (1) \| Respond to of 1261

VANCOUVER, B.C., April 6 /PRNewswire/ -- Tracer Petroleum Corporation (OTC BB:TCXUF - news; Nasdaq: TCXXF; TCXWF) today announced the granting to Tracer of an exclusive option for the rights to acquire a package of oil and gas interests in Indonesia, consisting of up to three contract areas with operatorship, and containing a number of productive fields. The option allows Tracer 60 days in the case of two of the contract areas, and 30 days with ability to extend another 30 days on the third contract area, to conduct technical and legal due diligence and further terms negotiations. In return for this option, Tracer will pay a non-refundable sum of US $60,000 with a similar payment for the extension if required. The fields are in production or are near production status and either require various kinds of operational expenditure to increase production, or have only been partially developed. The interests in question are 80% and 100% on two contract areas, and 40% with possibility of up to 70% of the contractor's share on the other contract area. Currently, production is about 1,500 bopd in total, with evidence that potential exists for a substantial short and medium-term increase in rates. Preliminary evaluation indicates that significant recoverable reserves remain to be produced. Further specifics regarding the contract areas, acquisition terms, and evaluated potential of the fields will be dependent on both negotiations in process and results of the technical due diligence. The Company advises the adjournment of the Annual General Meeting from May 12, 1998 to May 22, 1998. The record date of April 7 remains in effect. The meeting will be held in Vancouver with the location to be confirmed in proxy materials to be mailed in accordance with Regulations. This release contains ''forward looking statements'' as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurances that such expectations will prove to have been correct. The Vancouver Stock Exchange has neither approved nor disapproved the content of this release. SOURCE: Tracer Petroleum Corporation