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Gold/Mining/Energy : BPI Industries Ltd (BPR-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: VIP Condo who wrote (168)	8/13/1998 10:35:00 AM
From: Ross	Read Replies (1) \| Respond to of 355

NEWS RELEASE For Immediate Release, August 12, 1998 On July 21, 1998, BPI INDUSTRIES INC. (the "Company") (BPR - VSE) requested that its shares be halted from trading pending an announcement. The request was made after the Company received advice that American Premier Underwriters, Inc. ("American Premier") had provided notice to Mid-Continent Methane, Inc. ("MCMI"), the co-owner and operator of the Company's southern Illinois Coalbed Methane ("CBM") project, that the term of its leases relating to the project had expired due to MCMI failing to pay the delay rentals in order to extend the term of the leases. On July 24, 1998, the Company tendered on its own behalf and on behalf of MCMI to American Premier the sum of US$215,000, with a request that the funds be accepted by American Premier to extend the terms of the leases. Today, the Company received verbal confirmation that the tender will be accepted by American Premier subject to certain minor revisions being made to the leases, which will provide American Premier with security for any reclamation programs should production cease from the CBM field. By virtue of the tender being accepted, the term of the leases will be extended to June 1, 2000, once final documentation is settled. The Company is also pleased to announce that Century China (Holding) Ltd. ("Century China"), a company which represents China National Petroleum Corp., has signed a Letter of Intent with the Company to provide financing of US$14 million to begin the first stage of production development of the coalbed methane project. Century China will earn an interest in the wells after pay back, in consideration for providing the financing. They are currently in the process of completing their due diligence. The Company and MCMI are currently reviewing several expressions of interest from major oil and gas companies to finance or joint venture the development of the project. In light of the fact that the Cawley, Gillespie & Associates report is long overdue, the Board of Directors has commissioned for the benefit of the Company and its shareholders, an independent engineering evaluation report on the coalbed methane project. Data from the recently completed pump tests will be an integral part of the data being evaluated. The findings of this report will be made available to the public as soon as it is complete. The Company's wholly owned subsidiary Amosoil, Inc., has changed its name to Tega Petroleum, Inc. Tega has aggressively begun to pursue new production opportunities to generate immediate cash flow for the Company. Existing leases are currently being reworked to maximize production and revenue. A more complete update will follow under a separate news release. The Company is now in a strong position to move forward with the development of the coalbed methane project and increase the value of its assets. In addition to its coalbed methane and oil assets, the Company is extremely optimistic about the future of its 10.99% holding in Pyng Medical Corp's Intraosseous Infusion device. BPI currently has $ 1,600,000 cash on hand to pursue additional coalbed methane and oil projects. ON BEHALF OF THE BOARD OF DIRECTORS "L. Janda" Lakhwindar Janda, President For Further Information Contact 800-803-3204 / 604-685-8688 or info@bpi-industries.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.