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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: kingfisher who wrote (6444)	5/21/1999 5:23:00 AM
From: Buckey	Respond to of 24892

Subject: Stockwatch: Red Sea Oil Corporation - Company Sponsored Date: Thu, 20 May 1999 13:10:34 -0700 Red Sea Oil Corporation: Oil Discovery in Libya Red Sea Oil Corporation RSO Shares issued 43,618,588 May 19 close $1.25 Thu 20 May 99 Company Sponsored RED SEA OIL CORPORATION Listed: Alberta Stock Exchange under the symbol "RSO" Directors: Lukas H. Lundin, Ian H. Lundin, John H. Craig, William A. Rand Oil discovery in Libya - production/development program - further exploration. U.N. sanctions have been suspended creating a much improved investment climate. Many international oil companies are now heading to Libya. Red Sea Oil has been in Libya since 1994 and has had a major oil discovery (71 million barrels proven and probable recoverable reserves - certified by Sproule International). The oil is light and very high quality (42 degree API). The new discovery is now in development with production expected to commence within the next 18 months. Peak production from these fields is estimated at 22,000 bpd. Several additional leads and prospects have been identified within Red Sea Oil's concession area and exploration drilling will resume in the third quarter of 1999. We are pleased to provide a brief fact sheet on Red Sea Oil in pdf format as well as a Bloomberg News article on the suspension of the UN sanctions. Please click here redseaoil.com to download a copy (381 KB). Our web site is currently under construction and is expected to be published within the next couple of weeks. We invite you to visit our site and welcome any comments you may have. We will be developing our multimedia section to include video, conference call recordings, audio messages from the field and scheduled live chats. There is a conference call scheduled for May 31, 1999 at 8:00 a.m. Pacific (Vancouver Time). Ian Lundin will present a corporate update as well as provide an update on the current Rights issue. The Rights trade on the Alberta Stock Exchange. The numbers to call for the conference call are: 1-800-348-6433 (toll free within North America) or 212-271-4760. A taped replay is available by calling 1-800-558-5253 (password: 1426480) within North America or 416-626-4100 (password: 1425520). More detailed information on Red Sea Oil is available from the Company, including an animated slide presentation. Please contact Sophia Shane at mailto:redseaoil@namdo.com or phone 1-888-689-7842 (toll free within North America) or 604-689-7842 or via fax 604-689-4250.