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CHIPPEWA, BRI, UIG COMPLETE COMBINATION, ELECT FOUR NEW DIRECTORS, APPROVE REVERSE STOCK SPLIT

 CHIPPEWA, BRI, UIG COMPLETE COMBINATION,
 ELECT FOUR NEW DIRECTORS, APPROVE REVERSE STOCK SPLIT
 DENVER, Sept. 9 /PRNewswire/ -- Chippewa Resources Corporation, BRI Holding Corporation and Underwriter's Insurance Group PLC today announced that they have completed the previously announced combination of the three companies.
 As a result of the transaction, which was approved by Chippewa shareholders on Sept. 3, Chippewa has acquired 100 percent of the equity of BRI, a New York-based insurance broker, reinsurer and insurance company manager, and 80 percent of the of UIG, an Irish insurance holding company.
 Shareholders of BRI, UIG and other investors in the transaction have received convertible preferred stock and other securities equivalent to 77 percent of the equity of Chippewa, as well as a $10 million promissory note payable to BRI's shareholders.
 Terms of the transaction call for a reorganization of Chippewa involving transfer of all its oil and gas related assets to Delta Petroleum Corporation, a 88-percent-owned, publicly traded subsidiary. These assets include a majority interest in Amber Resources Company, which is also publicly traded. Terms also call for $35 million in loan guarantees controlled by Chippewa and authorized by certain members of the Kwajalein Landowners Association of the Marshall Islands to be used in connection with new securities to repay the $10 million promissory note, payable to BRI's shareholders; to repay Chippewa's currently outstanding debt (approximately $9.5 million) on a monthly basis at the rate of $2.5 million per month commencing Oct. 31, 1992; and to finance additional acquisitions in the insurance industry.
 The transaction is still subject to numerous conditions that have not yet been accomplished including without limitation completion of the reorganization and related financing described above. Additionally, the preferred stock issued in the transaction may not be converted to Chippewa common stock until formal ratification by Chippewa's shareholders at a special meeting to be held in the near future, pursuant to the rules of the American Stock Exchange. If all conditions are met, the preferred stock will be entirely converted to Chippewa common stock by Feb. 1, 1993. Failure to accomplish certain of these conditions could lead to redemption of the stock that has been issued, and thus to an undoing of the merger.
 Preliminary pro-forma financial data (unaudited), based on financial data of BRI and UIG submitted to Chippewa Resources Corporation, for Chippewa and subsidiaries reflecting the combination of BRI and UIG for the period ending June 30, 1992, showed a total combined assets of approximately $94 million, total combined liabilities of approximately $57 million and total combined shareholders' equity of approximately $37 million. This combination represents a substantial increase in total assets and shareholders equity. Total combined assets include an estimated value of BRI of $25 million, subject to appraisal, based upon management's best estimate of the value of BRI as of June 30, 1992, at one and one-half times annual earned commission revenues.
 Chippewa's pro-forma gross revenues for the six month period ending June 30, 1992, increased to approximately $8,500,000 and earnings from operations increased to approximately $250,000 based on the combination of these entities. The substantial increase in earnings from operations is primarily attributed to estimated earnings of BRI for the six month period ended June 30, 1992 in excess of $800,000.
 Chippewa and BRI have engaged the Washington-based accounting firm of Chadbourne and Miller to review and prepare pro forma financial statements for filing with the Securities and Exchange Commission. Certain numbers may change as a result of this review. The companies expect filing will take place within 45 days.
 At the conclusion of these and other requirements of the transaction, Chippewa will be renamed Underwriter's Financial Group, Inc. The company and its insurance operations will be controlled and managed by current principals of BRI and UIG, based in New York, while its Delta oil and gas operations will be controlled and managed by current officers and directors of Chippewa, based in Denver.
 At their meeting, Chippewa shareholders elected four new directors: Donald P. Ferrarini, president and chief operating officer of BRI; Bruno Rumignani, executive vice president of BRI; Burton Matfus, secretary and treasurer of BRI; and Victor Llerena, president of UIG. Four directors were re-elected: Aleron H. Larson, Jr., Roger A. Parker, Don E. Mettler and Doug Collister.
 Shareholders additionally authorized a reverse stock split, under which one new share could be issued for each 5 to 20 currently outstanding shares, at the discretion of the board.
 In other actions, Chippewa shareholders approved the company's 1992 incentive plan; ratified the selection of Louis Weiss & Associates Inc. as independent auditors; ratified the 1991 issuance of securities in the Amber Resources acquisition; and amended the articles of incorporation to comply with the American Stock Exchange's quorum requirements.
 -0- 9/9/92
 /CONTACT: Roger A. Parker or Aleron H. Larson of Chippewa Resources Corporation, 303-298-7425, or Steven Bruce of the Abernathy/MacGregor Group, 212-371-5999, for Chippewa Resources/
 (CWA) CO: Chippewa Resources Corporation; BRI Holding Corporation;
 Underwriter's Insurance Group PLC ST: Colorado IN: OIL SU: TNM


PS -- NY082 -- 7686 09/09/92 16:50 EDT
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Date:Sep 9, 1992
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