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

To: SofaSpud who wrote (12492)	9/25/1998 3:19:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. NOTICE / Bitech Petroleum Anounces Strategic Alliance With YPF Of Argentina for Russian Activity BRAMPTON, Ont., Sept. 25 /CNW/ - BITECH PETROLEUM CORPORATION: (TSE - BPU) is pleased to announce that it has today entered into a strategic alliance with YPF Sociedad Anonima, of Argentina, for the development of oil and gas assets in Russia, through Bitech's operating platform. Under the terms of the Alliance YPF International Limited has agreed to subscribe for 11,538,461 new Bitech shares at a price of US $ 1.30 (C$ 2.00) per share. This will provide Bitech with additional working capital and funds for acquisition of US $15 million. Using Bitech's existing operational platform and YPF's technical support, the Alliance will identify additional investment opportunities in Russia. As these are obtained, YPF and Bitech will develop such acquired properties jointly. This Alliance will allow Bitech to move to the next stage of its development through access to YPF's technical and financial strengths. YPF is an international integrated oil and gas company and is Argentina's largest corporation, being listed on both the Buenos Aires and New York Stock Exchanges. The company, originally state owned, has been the subject of a very successful privatisation that has transformed the company over the last five years. In 1997, YPF's net income was approximately US $877 million on total revenues of US $ 6.1 billion. Its extensive proved oil and gas reserves amount to approximately 3 billion barrels of oil equivalent. ''We see the Alliance as an important step forward for Bitech. It is also extremely gratifying to receive a vote of confidence from a company of YPF's stature and we look forward to the future together,'' said James Clubb, Chairman and CEO of Bitech. For further information: tel: +44 171 766 9600, fax: +44 171 766 9660, bitechpetroleum.com; Mr. James Clubb, Chairman and CEO; e-mail:jamesclubb@bitechpetroleum.com; Mr. Raymond De Smedt, Vice Chairman, e-mail:desmedt@compuserve.com; Mr. Nicholas Gay, Chief Financial Officer, e-mail:nicholasgay@bitechpetroleum.com