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

To: Herb Duncan who wrote (10940)	5/28/1998 4:32:00 AM
From: Herb Duncan	Respond to of 15196

CORP / One Quarter Reduction in Number of Redeco Common Shares ASE SYMBOL: RE MAY 27, 1998 CALGARY, ALBERTA--Redeco Energy Inc. today announced that the Company's total number of common shares outstanding has been reduced by 11 million shares, approximately 25 percent of the shares currently outstanding. The reduction is the second in a series of transactions (the first reduction of 4.6 million shares took place in March 1998) whereby the three founding principals of the Company have previously agreed to cancel half of their holdings. In total, 18,365,000 shares will ultimately be canceled, reducing the total number of common shares outstanding to 30.4 million. William C. Liedtke, CEO of Redeco, commented that the transaction was structured to increase the proportionate share value of non-founder shares. Redeco is an independent international oil and gas exploration and development company headquartered in Calgary, Alberta. Redeco has an interest in the exclusive oil and gas concession covering the entire 8.3 million acres of the Republic of Moldova. Redeco also recently announced that it has been awarded three concessions in the Republic of Romania (a 50 percent interest in an additional 3.1 million acres), subject to final government approval. The Company is listed on the Alberta Stock Exchange under the symbol "RE"