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

To: James Strauss who wrote (884)	12/11/1998 11:46:00 PM
From: James Strauss	Respond to of 1261

TRACER ANNOUNCES MIDDLE EAST AGREEMENT TRACER PETROLEUM CORPORATION reports that efforts to seek geographic diversity in their international portfolio of projects have been advanced by the formalization of a consortium to pursue the acquisition of oil and gas interests in the Islamic Republic of Iran. As part of the governing agreement, a new subsidiary company is to be established as a joint venture between Tracer and a group possessing long term working relationships with relevant authorities in Iran as a prerequisite to the joint venture obtaining entry to a select number of projects in that country. Mr. William T. Mullins of London, England, will be appointed as the President and a Director of the new subsidiary. Mr. Mullins has previously held senior positions with Citibank, London, and Credit Suisse First Boston, with responsibility for projects in the Middle East, and he was formerly Executive Director of London Stock Exchange-listed Dragon Oil plc from 1992 to 1996. Mr. Mullins will be spear-heading the pursuit of the project interests in Iran. On behalf of the Board of, TRACER PETROLEUM CORPORATION "Larry Youell" Larry Youell Chairman