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

To: Hunter Trout who wrote (1109)	6/3/1999 3:25:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 1261

Hunter: We'll probably see low volume until there is some definitive news about a deal and or drilling results... Jim

To: Hunter Trout who wrote (1109)	6/8/1999 12:26:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 1261

Monday June 7, 6:45 pm Eastern Time Company Press Release SOURCE: Tracer Petroleum Corporation Tracer Announces New Strategic Plan and Management Change CALGARY, Alberta, June 7 /PRNewswire/ -- Tracer Petroleum Corporation (''Tracer'' or the ''Company'') reports that the Board of Directors of the Company has formulated a new strategic plan with which to move Tracer forward and grow. This new plan has come out of the realization that the Company's efforts in Indonesia over the past many years have yet to provide any significant gains for Tracer's shareholders. The Board is confident that the new plan, over time, will lead to much greater opportunities for the Company and its shareholders to reap great benefits. Here are the basic elements of Tracer's new strategic plan: 1. To reduce cash costs to an absolute minimum, in both Indonesia and Canada. This has already been accomplished to a large degree, through a substantial reduction in the number of employees and consultants working for the Company in Indonesia. 2. To refocus the Company's efforts to areas outside of Indonesia. In this regard, Tracer is in discussions with a number of interested parties about the possible sale of some or all of its assets in Indonesia. 3. To continue the active pursuit of significant petroleum development opportunities in the Islamic Republic of Iran. To this end, representatives of Tracer have made several visits to Iran over the past several months to meet with the National Iranian Oil Company (''NIOC'') and the Ministry of Petroleum, and the Company has identified a number of projects in Iran which are considered commercially attractive. Furthermore, the Company has received acceptance in principle by NIOC of the financial and technical capability of Tracer to undertake a significant petroleum project in Iran. The Company is hopeful of being in a position to announce further positive developments in Iran in the very near future. 4. To pursue mergers with and acquisitions of other junior energy companies, with cash-flowing international and/or domestic assets. The goal of this endeavor is to build Tracer up to a ''critical mass'' level of cash flow, assets, and market capitalization, whereby the Company can attract the attention and support of the financial community as a whole. With the support of the financial community, the Company would then ultimately attempt to leverage its cash flow to raise the necessary capital to develop new petroleum projects in Iran, and elsewhere. Specifically in regards to the fourth element of the new strategic plan, Tracer is already utilizing key relationships that it has within the Canadian and U.S. financial community to assist in finding suitable merger or acquisition candidates. The Company is presently examining a number of possible candidates; more information will be released when available. For more information, please contact Mr. David Harrison, Corporate Secretary, at 403-290-1676 at the Company's headquarters: TRACER PETROLEUM CORPORATION, Suite #1510, 444 -- 5TH Ave. S.W., Calgary, AB, T2P 2T8 Canada Phone: 403-290-1676 or Fax: 403-264-5285, ''E-mail'' tracer@ultranet.ca or Web site, www.hostec.com/tracer. SOURCE: Tracer Petroleum Corporation Jim