ALDONA RESOURCES LTD. AGREES TO A TRANSACTION WITH TRIGAS EXPLORATION LTD.

CALGARY, ALBERTA--(BUSINESS WIRE)--MAY 16, 1995--ALDONA RESOURCES LTD.(ME: ANA ) Aldona Resources Ltd. (a Quebec corporation listed on the Montreal Exchange) announces that it has agreed to a transaction with TriGas Exploration Ltd. (a privately-owned oil and gas corporation with its head office in Calgary, Alberta) whereby Aldona will amalgamate with a subsidiary of TriGas.

The subsidiary of TriGas will own working interests in the same producing oil and gas properties located in the Zama area of Alberta in which Aldona also owns working interests. This amalgamation is supported by Aldona, its Board of Directors and three of its major shareholders holding 50.6 percent of the outstanding shares of Aldona.

After completion of the amalgamation, TriGas will own 65 percent of the shares of the amalgamated corporation. Shares of Aldona will be exchanged for shares of the amalgamated corporation on a 10:1 basis, resulting in 3,081,186 shares of the amalgamated corporation being outstanding. It is anticipated that the board of the amalgamated corporation will include Russell J. Tripp, D. Gregg Fischbuch, Bruce M. Campbell and John M. Gareau.

In connection with this transaction, TriGas has agreed to advance a loan of $70,000 to Aldona in order to assist with its current cash flow problems. Aldona has missed its May 1 principal payment to National Bank of Canada and, based on current cash flow, it is unlikely to meet its June 1 and July 1 principal payments to the Bank. The TriGas loan, and a similar loan from Jerry Schwartz (a director of Aldona) in the amount of $30,000, will enable Aldona to meet its cash flow from the amalgamated corporation will be sufficient to service bank debt and to reduce trade payables.

The amalgamated corporation will own a 50 percent working interest in the Zama property, which produces a net 90 bopd, and minor interests in several gas properties in northeast Alberta, which produces a net 900 mcfd. Based on January 1, 1995 independent engineering reports, the amalgamated corporation will have not proven producing oil reserves of 107,632 stb and net proven producing gas reserves of 2,74 mmcf. Cash flow from operations is projected to average $43,000 per month for the six month period ending December 31, 1995.

TriGas commenced operations in September, 1994 and raised $3,200,000 through a private placement prior to year end. The TriGas board is comprised of Russell J. Tripp, D. Gregg Fischbuch, Bruce M. Campbell, John M. Gareau, J. Joseph Hodorek, Stephen P. Ewarskiw and Edward J. Muchowski. In addition to its producing property in the Zama area, TriGas currently owns royalty and working interests in five shut-in gas wells in the Irricana area, Alberta and has various working interests in several undeveloped sections of land in central and eastern Alberta. TriGas has no outstanding debt and, as at March 31, 1995, had working capital of $1,980,000.

These transactions require the approval of the Montreal Exchange.

CONTACT: Russell J. Tripp

Chief Executive Officer

[phone]