Beaver Lake Energy Corp. announces intended acquisition.

CALGARY, Alberta--(BUSINESS WIRE)--APRIL 5, 1995--BEAVER LAKE ENERGY COR (Alberta Stock Exchange:BVL ) Beaver Lake Energy Corporation, Calgary, Alberta, announces that it has signed a letter of intent to acquire 100% of the outstanding Shares ("the Shares") of a private oil and gas company from the sole Shareholder of the private company.

It is intended that Beaver Lake Energy Corporation pay for the acquisition of the Shares by issuing shares from treasury. The number of treasury shares issued will depend upon the relative net asset values of Beaver Lake Energy Corporation and the private company. The issue of the treasury shares would result in the Shareholder of the private company becoming the controlling Shareholder of Beaver Lake Energy Corporation, thereby affecting a change of control of Beaver Lake Energy Corporation.

The estimated combined assets of Beaver Lake Energy Corporation and the private company would comprise reserves of 1.1 million barrels of oil and liquids and 15 billion cubic feet of gas, with estimated 1995 production rates of 280 barrels of oil per day, 2.2 MMCF per day of gas.

Alex S. Cathcart, President and Chief Executive Officer and Herbert R. Miller, Vice President and Chief Operating Officer will continue as officers of both Beaver Lake Energy Corporation and the private company.

The completion of this acquisition is subject to a formal agreement being entered into, due diligence being completed, and obtaining necessary shareholder, corporate and regulatory approvals. Trading in the Shares of Beaver Lake Energy Corporation will remain halted pending approval of this acquisition by the Alberta Stock Exchange.

THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION SET OUT HEREIN.

CONTACT: Alex S. Cathcart, [phone]