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 (11470)	6/26/1998 11:44:00 AM
From: SofaSpud	Respond to of 15196

CORP. / Black Sea Updates Legal Situation BLACK SEA ENERGY LTD. - RE RUSSIAN UPDATE ÿÿÿ CALGARY, June 26 /CNW/ - New legal proceedings were filed in the Arbitrage Court of Tyumen Region, in Tyumen, Russia by Tyumenneftegaz, a subsidiary of Tyumen Oil Company, seeking to invalidate the transfer from Tyumenneftegaz to Tura Petroleum Company of the licenses for the Kalchinskoye oilfield and the Northern Kalchinskoye exploration block.ÿ Great Plains Petroleum Company Ltd., a subsidiary of the Company, and Tyumenneftegaz, the original holder of Tura Petroleum's licenses, formed and each holds a 50% interest in Tura Petroleum which was registered in 1996.ÿ The Tura Project is Black Sea's principal project in Russia. ÿÿÿ The new proceedings name the Tyumen Regional Administration and the Russian Federation Committee for Geology and Use of Underground Resources (the government bodies that in January, 1997 approved the transfers) as defendants. Tura Petroleum Company has been named a third party to the proceedings. ÿÿÿ As previously reported, earlier proceedings filed by Tyumen Oil Company and Tyumenneftegaz seeking the cancellation of the Tura Petroleum Foundation Agreement and the return to Tyumenneftegaz of the Kalchinskoye licenses were adjourned to August 3. ÿÿÿ The new proceedings are scheduled to be heard on July 1 and the Company is continuing its negotiations with Tyumen Oil Company.ÿ Management remains optimistic that an appropriate resolution will be reached prior to the July 1 hearing. ÿÿÿ -0-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 06/26/98 For further information: Barry Harrison, President, (403) 269-2871, Email: headoffice@blacksea.ca