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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: Saracen who wrote (864)	12/10/1998 9:37:00 AM
From: James Strauss	Respond to of 1261

Saracen: There is no initial payment... Terms of the acquisition include: 1. A deferred note in the amount of US $1,000,000 payable without interest in two years. 2. An agreement to pay the vendor an additional amount equal to $1.00 per barrel of proved reserves in excess of 2 million barrels as established by independent consulting engineers, which study will be undertaken in two years. A note for this amount will be executed by Tracer at the conclusion of the study and be payable over an additional two years in equal installments to include interest at LIBOR. 3. A commitment to complete a minimum work program equal to US $2.0 million over a 24 month period commencing after the transfer has been approved by all necessary authorities. 4. A finder's fee of 125,000 shares of the Company is payable upon final approval of the transfer of operatorship by Pertamina and appropriate regulatory authorities. Jim