Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Herb Duncan who wrote (10945)	5/28/1998 3:56:00 PM
From: SofaSpud	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITIONS / Alterra Resources ALTERRA RESOURCES INC. - PRESS RELEASE CDN: symbol ALRI - shares issued and outstanding: 8,342,720 - fully diluted: 11,169,287 BRIDGEWATER, N.S., May 28 /CNW/ - Mr. Charles Cook, President and CEO, is pleased to announce signing of an agreement with the Petroleum Company of Trinidad and Tobago Ltd. (''Petrotrin'') pertaining to oil and gas drilling rights in Southern Trinidad. Specifically, a Deed of Sub-licence and Memorandum of Sub-Licence Farmout agreement has been signed between Jasmin Oil and Gas Ltd., Alterra's 100% owned subsidiary and Petrotrin, for drilling rights on 1,200 acres of Petrotrin land (''Farmout Acreage'') located in the Erin Ward of Southern Trinidad. Terms of the agreement call for a minimum work obligation as follows: Within Year One (Firm Obligation): (i) Reprocess seismic data (ii) Drill 2 exploratory wells. Alterra has an option to drill additional 4 wells in the 2nd year and 4 wells in the 3rd year at this property. Estimated cost of the initial 2 well program is US$750,000. Alterra intends to fund this 2 well exploratory drill program and provide a US$100,000 performance bond according to terms of a Letter of Intent Agreement (ref. Press Release April 8'98) with Abstract Enterprises Inc. (AEP:VSE) of Vancouver. Drilling is expected to begin by September of 1998. Trinidad, both on and offshore, has produced over 2.5 billion barrels of oil and has proven reserves of more than 600 million barrels of oil. Trinidad currently processes about 130,000 barrels of oil per day and 800mmcf of gas as feed stock to its refineries, petrochemical plants and many other industries. Nearly half of this feedstock is imported and it is Petrotrin's intention that domestic feedstock supply be increased. The above matters are subject to regulatory approval. Canadian Dealing Network Inc. (CDN) does not take responsibility for the adequacy or accuracy of this release -30- For further information: Greg Muzzatti, Alterra Resources Inc., Tel: (902) 527-1353; toll free: 888-444-4124; Fax: (902) 527-1354; www.alri.com