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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (5149)	6/8/1998 4:38:00 PM
From: TomKing	Read Replies (1) \| Respond to of 24918

JERSEY PETROLEUM INC. (the "Company") Suite 570 789 West Pender Street Vancouver, British Columbia V6C 1H2 Telephone: (604) 683-5651 Facsimile: (604) 684-9365 _________________________________________ June 8, 1998 Trading Symbol: "JPI" NEWS RELEASE Mr. James E. Yates, the President, Chief Executive Officer and a Director of the Company, reports: ANNOUNCEMENT OF A MAJOR ACQUISITION Proposed Acquisition of Tidelands Gas Corporation and Tidelands Oil Corporation The Board of Directors of the Company is pleased to announce that the Company has entered into an agreement in principle (the "Agreement in Principle") to purchase all of the issued and outstanding shares of each of Tidelands Gas Corporation and Tidelands Oil Corporation (collectively, "Tidelands"), both Texas corporations. The Company has agreed to issue to the shareholders of Tidelands, pro rata in accordance with their respective shareholdings in Tidelands, an aggregate of up to 66,000,000 pre-consolidation trading shares (representing up to 22,000,000 post-consolidation trading shares predicated upon a proposed one for three share consolidation of the Company) in the capital of the Company (each a "Trading Share"). The Trading Shares are issued at a deemed price of $0.17 per pre-consolidation (representing $0.51 per post-consolidation) Trading Share, immediately upon the Company's receipt of final regulatory approval to the terms and conditions of the within purchase and sale arrangement. The below information on Tidelands' properties, operations and management has been provided to the Company by Tidelands: Tidelands currently owns and operates oil and gas properties located in the southwestern part of Texas. Tidelands' principals have been operating in this area for over 19 years. According to feasibility studies and engineering reports performed by petroleum engineering companies and presented to the Company, the properties owned by Tidelands contain significant proven and producing oil and gas reserves. In conjunction with these properties Tidelands owns a significant interest in a natural gas pipeline. Tideland's joint venture partner in the pipeline will be installing, at its sole cost, a natural gas processing plant on the pipeline. A finders' fee, in accordance with the present policies of the Vancouver Stock Exchange, is payable upon completion of this transaction. The completion of a formal agreement predicated upon the terms and conditions of the Agreement in Principle is subject to the ratification and approval of the terms and conditions by the shareholders of the Company, the shareholders of Tidelands and the appropriate regulatory authorities having jurisdiction over the affairs of the Company. ON BEHALF OF THE BOARD OF DIRECTORS OF JERSEY PETROLEUM INC. Per: "James E. Yates" James E. Yates President, CEO and a Director THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKE FULL RESPONSIBILITY FOR ITS CONTENTS. THE VANCOUVER STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECTS, EXPANDING AND DIVERSIFYING THE COMPANY'S ASSET BASE AND SALES CHANNELS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION OF TIDELANDS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. __________ {G:\1713\110L\NewRel3.doc}

To: Richard Saunders who wrote (5149)	6/9/1998 1:10:00 AM
From: Adrian du Plessis	Read Replies (1) \| Respond to of 24918

off oil topic - Libel warning silences TSE critic By DAN WESTELL The Financial Post Tuesday, June 9, 1998 ÿAn electronic critic of the Toronto Stock Exchange's policies and leadership has been silenced after he was threatened with a libel suit for alleged "defamatory attacks." ÿPorter Davis, an 18-year veteran of options trading, a member of the board of the Toronto Futures Exchange and a market maker in BCE Inc., Inco Ltd. and Barrick Gold Corp., posted a note on the Internet last week saying, "They win. I quit. Sorry folks. Keep the faith ... I can't jeopardize my family's future in a fight with the TSE." ÿThe posting, at a chat group on Silicon Investor devoted to Canadian options, was a site where he had often discussed trading, the market, TSE policies and president Rowland Fleming. ÿ"Can you believe the arrogance of Fleming?" he wrote in one posting. "We need leadership, not posturing." ÿDavis stopped posting to the site on June 5 after he received a letter from the TSE putting him on notice, "that if you do not stop publishing defamatory material about the exchange and about any of its representatives, legal proceedings will be brought against you" involving "substantial damages." ÿPorter had been fighting with Fleming since early last year, when he used the Internet to criticize a TSE plan to automate options trading. ÿSubsequently, he said Fleming had told him he had to resign from various TSE bodies because he had publicly questioned the exchange's plan. He is still a member of the futures exchange board. ÿMore recently, Davis's postings have taken the TSE to task for electronic trading problems. At one point, he said Fleming should be fired. ÿThe TSE's letter to Davis, which he posted, drew howls of outrage from U.S. and Canadian net posters, some of whom characterized it as bullying, while others offered to contribute money to a Davis defence fund. Many saw it as an assault on free speech. ÿThe TSE could not be reached for comment. Davis said his lawyer has told him not to comment. --------------------------------------------- Today's edition of the Financial Post contains two articles about corporate entities trying to silence on-line critics. One of the parties is the scandal-plagued Philip Services Corp. and the other body is the scandal-plagued TSE. As another Canadian would say, isn't it ironic, don't you think? Who's next? YBM Magnex?