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Gold/Mining/Energy : Trans-Dominion -- Ignore unavailable to you. Want to Upgrade?

To: manuel mendes who wrote (16)	6/26/1998 5:22:00 PM
From: Vince Moretto	Respond to of 53

Company Press Release Trans-Dominion - Turkish Government Body Opposes Exchange Rate Guarantees CALGARY, Alberta--(BUSINESS WIRE)--June 25, 1998--Trans-Dominion Energy Corporation (TSE:TDE. - news) announces that a decision by the Turkish Council of Public Accounts has prevented the Turkish Treasury from providing the exchange rate guarantees by which oil companies operating in Turkey can recover their invested capital without it losing value through inflation. Turkish inflation runs at about 70 percent to 90 percent per annum and, without inflation protection, the value of investments in Turkey is substantially reduced before cost recovery. This decision, unless it is reversed or modified through appeal procedures, makes Turkey a less attractive country for the oil industry. Trans-Dominion's revenues from Turkey will be adversely affected and the company, together with other companies operating in Turkey, is considering what course of action to take. The Turkish Petroleum Law, which has been in existence in its current form since 1954, provides inflation protection for investments in exploration and production. This Law still exists and non-compliance by the Treasury is open to legal challenge. Contact: Trans-Dominion Energy Corporation Geoffrey P. Bury, 403/262-6840 gbury@tdenet.com tdenet.com