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

To: Hunter Trout who wrote (968)	5/5/1999 4:05:00 PM
From: drrobinson	Read Replies (2) \| Respond to of 1261

AN OPEN LETTER TO MIDWESTERNER, PETER TROYAN, HUNTER TROUT, AND ALL OTHER FOLLOWERS OF THE TRACER SI THREAD: I realize that this is rather irregular, but I felt that it was necessary to respond directly to all of the misinformation that is currently being spread about me and Tracer on investor forums such as Silicon Investor: 1. I did not force Ed Mowatt out of the company - it was Ed himself who suggested to the Board of Directors that he resign. This came as quite a surprise to the Board when this happened. For his years of service, Ed has received a nice severance package. 2. Craig Doctor did not leave in disgust - he was asked by Ed to leave. 3. Why would I want to drive the share price down, when many of my investors and I have bought thousands and thousands of shares, and at much higher prices? We lose money by driving the price down. And why would we want to take the company over? Firstly, I could not possibly afford to take the company "private", if this is what is meant, and secondly, Tracer does not generate enough cash flow to justify anyone or any company wanting to take it over. 4. "Midwesterner" gives notice to Robinson that "his time is limited and he and his kind is no longer wanted or will be tolerated on the board at Tracer". What do you mean by "his kind"? I challenge "Midwesterner" to discuss this insinuation with me directly, at either 403-290-1676, or via my email (davidrobinson@execmba.com). Furthermore, I just joined the Board on January 15th of this year - companies like Tracer that have failed for many years to show a return to the shareholders do not get turned around overnight. As they say: "Rome was not built in a day." 5. My past is referred to as "sorted" (I think they meant "sordid"). What are you referring to? If you are talking about Delgratia, I was a member of the Board back when it was a legitimate mining company; I resigned from the Board of Delgratia a year and a half before it ever got involved in the salting scandal. If you are referring to Arakis, when I left the company in December, 1996, in the span of less than one year my colleagues and I had taken Arakis from the brink of bankruptcy, raised it US$150 million, and played a major role in resurrecting the stock from under US$2 to almost US$7. Arakis was subsequently acquired by Talisman Energy. The only other major involvement with a company that I have had was with Odyssey Petroleum. With Odyssey, we took what was basically a beaten up shell know as "Brimm Energy", renamed it, refinanced it, rolled it back, and took the shares from the equivalent of US$0.90 to almost US$9.00 in the span of a few months. In late 1996/early 1997, I left the company because I disagreed with the direction that the Board of Directors wanted to take the company. When I left, the stock was still above US$3.00; the new management drove it US$0.06. As I mentioned above, failed companies like Tracer do not get turned around overnight. However, I have been working very diligently over the past few months with Steve Jacobs, Larry Youell, and the rest of the Board to try to put a deal together that would add sufficient value to Tracer that its long-suffering shareholders could finally reap some benefits. In order to accomplish this, I have looked at petroleum opportunities around the world, and I have spoken with numerous analysts and investment bankers to make sure that Tracer would have the support that it would need, financial and otherwise, to complete a major acquisition, or participate in an exciting new petroleum project. And I have done all of this for absolutely zero pay. But I can confidently say that we will have the support that we need from the investment community - but ONLY IF WE RETAIN THE NASDAQ LISTING. As a shareholder of Tracer, I understand all of your concerns about the proposed consolidation. It is because of these concerns that I suggested to the Board that we undertake a rights offering, which would help to compensate the shareholders for their reduced number of shares upon a consolidation. We hope to release more information on the rights offering shortly. I would welcome the opportunity to speak with any and all Tracer shareholders regarding their concerns over Tracer. I can be reached at 403-290-1676 (office), 403-560-3383 (cel), or davidrobinson@execmba.com (email). And if need be, I am prepared to travel, at my own expense, to visit with as many shareholders as possible prior to the June 4th shareholders' meeting. Sincerely, David R. Robinson