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

To: Herb Duncan who wrote (10913)	5/27/1998 4:54:00 PM
From: SofaSpud	Respond to of 15196

FINANCIAL / Tethys Energy TETHYS ENERGY INC. CALGARY, May 27 /CNW/ - ARC Canadian Energy Venture Fund of Calgary, Alberta announced today that as a result of participation in private placements of common shares and open market purchases on The Toronto Stock Exchange, it, together with certain of its affiliates, now exercises control and direction of 1,170,700 common shares and 1,000,000 special warrants exercisable into common shares of Tethys Energy Inc. initially on a one for one basis, and therefore they now exercise control or direction over an aggregate of 2,170,700 common shares, or special warrants exercisable into common shares of Tethys Energy Inc., representing approximately 10.3% of the current outstanding Tethys Energy Inc. common shares. ARC Canadian Energy Venture Fund is an investment fund specializing in oil and gas exploration and production and service companies which is managed by ARC Equity Management Ltd., part of the ARC Financial group of companies. The Fund may make further purchases of common shares of Tethys Energy on The Toronto Stock Exchange or through private placements. The purchases have and will be made for investment purposes. This press release has been issued in order to comply with applicable securities legislation. -30- For further information: Philip C. Swift, President and Chief Executive Officer, ARC Equity Management Ltd., Manager of the Fund, (403) 292-0680, Fax: (403) 292-0579