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Gold/Mining/Energy : C.DOY Doreal Energy Corp. -- Ignore unavailable to you. Want to Upgrade?

To: Arktic who wrote (118)	5/25/1999 11:38:00 AM
From: Nikole Wollerstein	Respond to of 133

Doreal always fall before the bad news. It have been rising end of last week. nikita

To: Arktic who wrote (118)	5/25/1999 11:40:00 AM
From: Cumbrian	Read Replies (1) \| Respond to of 133

Doreal Energy doubles ownership interest in Portugal gas discovery Doreal Energy Corporation DOY Shares issued 13,133,250 May 21 close $2.30 Tue 25 May 99 News Release Mr. James Dorman reports The company has declared that its 100 per cent owned Portugal subsidiary has purchased an 11.25 per cent working interest held by EDC Portugal Ltd. (a subsidiary of Energy Development Corp.) in the Figueira de Foz, Marinha Grande and Aljubarrota licences of Portugal. The purchase price was $3-million (U.S.) (cash) of which the company has paid $300,000 (U.S.) with the balance of $2.7-million (U.S.) due Dec. 1, 1999. The company intends to raise these funds in a financing later this year. The company previously held a 10 per cent working interest in the project with a net revenue interest of 9.35 per cent. The company new working interest in the project will now be 21.25 per cent which results in a 19.64 per cent net revenue interest. In late March 1999, the company and partners tested the Aljubarrota No. 2 well which resulted in Portugal's first gas discovery. The well tested natural gas from several zones in the Jurassic stratigraphic section, and while the initial tests were restricted due to drilling fluids and cement damage, the fractured limestone section did produce substantial quantities of natural gas. Plans for development of this discovery include retesting of the No. 2 wildcat and developing an appraisal program during the next eight months.