May 29, 1997
(Mines and Energy)

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 1997 Call for Bids in the Newfoundland offshore area. The call will comprise seven parcels, four located in the Jeanne d'Arc basin on the Grand Banks and three located off the west coast of Newfoundland. These parcels comprise a total of 618,621 hectares.

Interested parties will have until 4 p.m. on December 4, 1997, 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 during the first five years. 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 Lands, (709) 778-1440