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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Shugarue who wrote (196)	9/23/1998 12:29:00 PM
From: Kevin Jersey	Respond to of 270

CXY First oil production in Nigeria Symbol: CXY Index: 200 Canadian Occidental Petroleum Ltd CXY Shares issued 136,743,845 Sep 22 close $27.70 Wed 23 Sept 98 News Release Mr. Victor Zakleschuk reports The first oil has begun flowing at the Ejulebe field in Nigeria. The EJ-3 development well is currently flowing into the CanadianOxy built production facilities, which are connected to the Ukpokiti storage and tanker loading terminal. The Ejulebe field is off the coast of Nigeria in water depth of approximately 45 feet, with reservoirs at depths between 6,000 and 8,000 feet. Four high capacity production wells and one water injection well have been drilled to deplete the field. All production facilities have been commissioned and testing will continue over the next several weeks prior to achieving full commercial production rates of 10,000 barrels of oil per day in October. Dir's: Feick John E, Hawke J Howard, Hentschel David A, Irani Ray R, Jenkins Kevin J, Laurance Dale R, Saville Francis M, Thomson Richard M, Willson John M, Wittman Gordon R, Zaleschuk Victor J

To: Bill Shugarue who wrote (196)	9/24/1998 8:05:00 PM
From: Bill Shugarue	Read Replies (1) \| Respond to of 270

Profco Update-------Merger-------September 24/98 Today we learned that PSO and GHP Exploration Corp. are in merger discussions. Apparently GHP approached PSO last week and gave PSO a "friendly take over offer." The board of directors for PSO have told GHP that they are interested "if the price is right". What is a "good price" for PSO shareholders remains to be seen. There are two sides to every story and listed below is my opinion on the situation. GHP would benefit by acquiring the shares of PSO. They would then become the owners of the land currently being placed into production in Nigeria. This would give GHP a cash windfall of $10-million USD by the end of 1998, plus continuous cash flow from this property for years to come. We all know the additional promise this land concession has. I sure that GHP feel that additional discoveries will be made on this land. PSO would benefit by joining forces with a company which has oil and gas discoveries in the Gulf of Mexico and West Texas. They also have land holdings in Egypt and Tunisia. They have a management team which has many years of experience in the oil industry worldwide. The Chairman has over 30 years experience in business management and financial management. He was Chairman of Southwestern Gold Corp and Seven Seas Petroleum and is currently a director for several other publicly held companies. The President was an executive, manager and explorationist with BHP Petroleum. He has extensive international experience and has explored for oil in Australia, Asia, New Zealand and the Gulf of Mexico. The V/P Exploration also worked for BHP Petroleum and the V/P Engineering also worked 15 years with BHP Petroleum. This is by no means a "done deal". The shareholders of both companies must approve any deal. You have to remember that PSO currently has a $9.0 million unsecured convertible debenture outstanding which matures Sep 3/99. The debenture holders have the right to convert their debenture into common shares of Profco, at a conversion price of $2.40 per share, at any time prior to maturity or redemption by Profco. You can rest assured that these shareholders are going to want PSO shareholders to receive at least $2.40 per share if this deal is approved. PSO shareholders are in the drivers seat. The company has reached the stage where they will receive a large cash payment within a few months and then continued cash flow for years to come. THEY WILL HAVE TO BE REWARDED if this deal is to close. GHP has a web site and I suggest all PSO shareholders take the time to view it. It is (www.ghpexploration.com).