Beaver Lake Energy Announces Completion of Amalgamation with Capco Resource Properties Ltd., Change of Name and Financial Results for the Year Ending December 31, 1995.

CALGARY, Alberta--(BUSINESS WIRE)--April 11, 1996--BEAVER LAKE ENERGY (Alberta Stock Exchange:BVL) Beaver Lake Energy Corporation, ("Beaver Lake") Calgary, Alberta, announces as a follow up to previous announcements that it has completed its amalgamation with Capco Resource Properties Ltd., a wholly owned subsidiary corporation with the successor corporation being named Beaver Lake Resources Corporation. Beaver Lake Resources Corporation will continue to trade on the Alberta Stock Exchange under the trading symbol "BVL".

Beaver Lake Energy Corporation announced today the results of its operations for the year ended December 31, 1995.

The income statements for the Year Ended December 31, 1995 reflect the acquisition of Capco Resource Properties Ltd. ("Capco") from Saba Petroleum Company ("SPC") through the issuance of 13,437,322 common shares, thereby transferring voting control of the Corporation to SPC. SPC is a publicly traded international oil and gas company based in Irvine, California. This acquisition was accounted for as a reverse takeover. The 1995 financial statements were prepared to account for this business combination and reflect the operations for only a portion of the year because the effective date of the business combination was October 1, 1995. The comparative 1994 financial statements shown below are those of the Corporation prior to the acquisition and the business combination. -0-

AUDITED DECEMBER 31, 1995

                                      Year Ended   Year Ended
                                    December 31,  December 31,
                                         1995         1994
REVENUE

Oil and Gas, Net of Royalties        $2,156,876   $  500,069
Other                                     7,545        1,923

                                      2,164,421      501,992

EXPENSES

Operating                             1,236,984      167,156
General and Administrative              334,072      431,146
Expenses Associated with
 Abandoned Financing                          0       93,270
Interest and Bank Charges               195,165            0
Depletion, Depreciation and
 Amortization                           214,083      755,936

                                      1,980,304    1,447,508

Income (Loss) before Income Taxes       184,117    ( 945,516)

Income Taxes
Current                               ( 114,000)           0

Net Income (Loss) for the Year          298,117    ( 945,516)

Retained Earnings (Deficit)
Beginning of Period                     105,479    ( 203,457)

Retained Earnings (Deficit)
End of Period                           403,596   (1,148,973)

Earnings (Loss) per Share                  0.02    (    0.28)

Weighted Average Number
of Shares Outstanding                19,408,666     3,328,140
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The Corporation has established a new Line of Credit with the Canadian Western Bank in the amount of 2.5 million dollars. The Line of Credit was established for the purpose of development activities and acquisitions.

Headquartered in Calgary, Alberta, Beaver Lake is an oil and gas producer with interests in Alberta, British Columbia and Saskatchewan. -0-

NOTE: The Alberta Stock Exchange has neither approved or disapproved the information set out herein.

CONTACT: Beaver Lake Energy Corporation

Alex S. Cathcart

President - Chief Executive Officer

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