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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: Michael M. Cubrilo who wrote (994)	11/24/1998 8:52:00 PM
From: Elmer Flugum	Read Replies (2) \| Respond to of 1207

~From The Company~ November 25, 1998 TSE:TKE 12g3-2(b):82-3297 NEWS RELEASE TUSK Announce Equity Financing TUSK Energy Inc. (TKE:TSE) is pleased to announce that it has entered into an agency agreement with HSBC James Capel Canada Inc. with respect to an offering of $3 to $5 million of special warrants. A maximum of $1.5 million of the offering will be flow-through special warrants. Each special warrant will entitle the holder, upon exercise, to acquire one TUSK common share, or one TUSK flow-through common share, from treasury. The special warrants are being offered by way of an offering memorandum and will be priced immediately prior to closing. Closing of the flow-through special warrants is anticipated no later than December 31, 1998. Concurrently with this issue, TUSK intends to issue up to an additional $1 million in flow-through common shares on a private placement basis to officers, directors and existing shareholders. The offerings are subject to regulatory approval. Proceeds from these offerings will be used primarily to finance the previously announced acquisition of additional working interests in the Meekwap D-2A Unit and to finance ongoing exploration and development expenditures. Capital expenditure plans during the coming 6 months call for total expenditures of approximately $7 million. Funds will be expended to finance the previously announced acquisition at Meekwap, drill up to 7 wells, tie-in gaswells at Strachan and Culp and for other exploration and development expenses. Contact: Norman W. Holton, President TUSK Energy Inc. 1950, 700-4th Avenue S.W. Calgary, Alberta T2P 3J4 Bus: (403) 264-8875 Fax: (403) 263-4247 The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

To: Michael M. Cubrilo who wrote (994)	11/24/1998 9:20:00 PM
From: kingfisher	Read Replies (2) \| Respond to of 1207

Michael, This extreme world wide bearishness concerning oil is creating an opportunity. The scenario that I hope unfolds sees daily world oil production falling by up to 10% due to the year 2000 problem.This disruption could last several months in critical producing countries. Ten percent of 72million barrels a day could spike oil back up to $30. Only the potential for disruption could cause traders to start bidding up oil by late 1999. It would be interesting to know how much effort has gone into fixing the year 2000 problem in Mexico,Iran,Iraq or Venezuala. Richard