Arakis Energy Corp. shares now trade on Nasdaq National Market.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 7, 1994 --The common stock of Arakis Energy Corporation began trading on November 7, 1994 on the NASDAQ National Market, J. Terry Alexander, President and Chief Executive Officer announced.

Arakis Energy Corporation, whose trading symbol is "AKSEF", is a Canadian- based oil and gas exploration and development company which is actively developing natural gas reserves in the Appalachian Basin of the U.S., exploring concessions in Oman and Papua New Guinea, and readying for initial production of 65,000 bbls oil/day from its Sudan oil fields.

Mr. Alexander noted that Arakis' entry into the NASDAQ National Market provides brokers and others with immediate access to the best bid and ask prices and other information about the company's shares throughout the trading day. Those prices are available in over more than 200,000 electronic terminals in brokers' offices throughout the United States and the world. Trading data is also distributed widely through wire services for selective dissemination by newspapers and radio and television stations. In addition to increased market visibility, NASDAQ National Market offers Arakis Energy Corporation the advantage of multiple market makers that compete to offer the best bid and ask prices, as opposed to a single specialist on the floor of a stock exchange.

Arakis, through its wholly-owned subsidiary, State Petroleum Corp., has undertaken the exploration and development of a 100% owned 12.2 million acre concession in the Republic of Sudan, which is held by an Exploration and Production Sharing Agreement signed with the Government of Sudan in August 1993. Independent engineers estimate the recoverable reserves contained within the concession area are 260 million barrels; an additional 40 million barrels of recoverable reserves are located within a 30-million acre option block, for total recoverable reserves of 300 million barrels. Identified exploration potential is up to 3.5 billion barrels of recoverable reserves. This estimate is based on over 64,000 km of 2D seismic and 135 sq. km of 3D seismic shot by the previous operator, which has identified over 100 prospects and leads with similar oil reserve potential as the company's Heglig and Unity Oil Fields.

There are currently 34 previously drilled wells located within the Unity and Greater Heglig areas which are available for commercial production, and 30 fully identified prospects to drill in and around the immediate area. The Phase I production target is 65,000 barrels of oil per day to start in 1996 through a proposed export pipeline to Port Sudan on the Red Sea coast. The total estimated cost of the pipeline and Phase I field development is US$388 million. Arakis is currently arranging the project finance to cover the field development and pipeline costs.

CONTACT: David Harrison or David Robinson, 800/665-7037 or

604/685-7933