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

To: Kerm Yerman who wrote (11891)	7/27/1998 5:17:00 PM
From: SofaSpud	Respond to of 15196

CORP./ Chauvco Gabon gets protection from creditors CHAUVCO GABON OBTAINS PROTECTION FROM CREDITORS CALGARY, July 27 /CNW/ - Chauvco Resources International Ltd. (''Chauvco'') today announces that its subsidiary in Gabon which operates the Remboue field, Chauvco Resources (Gabon) S.A. (''CRG''), has been put under temporary administration procedures approved by the court in Gabon. CRG has obtained a judgement from the court which suspends all proceedings which might be brought against the company by creditors for debts incurred prior to the judgement for a period of six months. An administrator, nominated by CRG and approved by the court, has been appointed with full authority over operating and administrative matters to seek solutions to settle creditor claims and restore financial health to CRG. The administrator will continue to work with management and staff in Chauvco's Libreville office to this end. -30- For further information: James K. Wilson, Executive Vice President & CFO, (403) 298-0856