The following is being distributed at the request of the Canada�Newfoundland Offshore Petroleum Board:

The Canada-Newfoundland Offshore Petroleum Board has announced that there will be a 1996 Call for Bids in the Newfoundland offshore area. The call will comprise eight parcels, four located in the Jeanne d'Arc basin on the Grand Banks and four located off the west coast of Newfoundland. These parcels comprise a total of 909,723 hectares. This Call for Bids represents the largest number of parcels every offered for sale by the board.

Interested parties will have until 4 p.m. on September 30, 1996 to submit sealed bids. The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel. Successful bidders will be issued an exploration licence for a term of nine years, during the first five years of which, a well must be drilled to validate the licence for the full nine-year term.

Contact: John G. Fitzgerald, A/Chairman and CEO, (709) 778-1452; or R. Paul Barnes, Legal and Land, (709) 778-1440.