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

To: Peter G. Troyan who wrote (1100)	5/20/1999 12:31:00 AM
From: Saracen	Respond to of 1261

I have not been able to get a hold of Robinson for a few days (he was out of town), but he did finally return an email to me this evening. First of all, regarding the proxies, I too noticed the difference in wording regarding the one resolution. Apparently, what happened was that the proxy distribution mail house, ADP, who prepares and distributes the electronic voting sheets for most public companies, inadvertently changed the wording so that the resolution #6 would fit onto the page. It appears that they omitted at least two sentences. According to Robinson, ADP's response is that investors should read the resolution in the information circular to know what he/she is voting on. The voting sheet simply summarizes the resolutions, and does not necessarily have to contain all of the same language as the information circular. You have to wonder what it takes for this company to get a break! As to the intent of resolution #6, Robinson says that this was primarily included in order to give management the flexibility to go out and merge with or take over another oil company, if this made sense. As to a Reg S financing, he says that there are definitely no plans at this time to do a Reg S financing - or any other financing, for that matter. He says that the company needs to do a deal or two (e.g. Iran) before they will be in a position to raise any significant funds. And when they do, he says that the intent will be to do a rights offering first (for the benefit of all shareholders), if possible, and then follow this with conventional finance. I took most of this verbatim from an email from Robinson. I hope that this answers a few questions. Saracen