Canadian Leader - Corporate update.

CALGARY, ALBERTA--(BUSINESS WIRE)--NOVEMBER 1, 1995--CANADIAN LEADER ENERGY(TSE: LOL) BOSS ENERGY LTD. ("Boss") and CANADIAN LEADER ENERGY INC. ("Canadian Leader") are pleased to announce that the shareholders of Boss today approved the proposed amalgamation of Boss with 3177319 Canada Inc., a wholly owned subsidiary of Canadian Leader, and, if approved by its shareholders, SMI Oil & Gas Inc. ("SMI"). Upon implementation of the amalgamation, presently planned for November 2, 1995, shareholders of Boss will receive one common share of Canadian Leader for every 3.8 Boss common shares held. SMI's participation in the amalgamation remains subject to SMI shareholder approval at a special shareholders meeting scheduled for November 2, 1995.

BOSS trades on the Alberta Stock Exchange under the trading symbol "BEL". Stacy Miller, Vice-President, the officer of Boss responsible for the contents of this press release, may be contacted for further information on this news release or additional information on Boss, by telephone at [phone] or by fax at [phone].

CANADIAN LEADER trades on the Toronto Stock Exchange under the trading symbol "LOL". Thomas W. Robinson, Corporate Secretary, the officer of Canadian Leader responsible for the issuance of this press release, may be contacted for further information on this news release or additional information on Canadian Leader by telephone at [phone] or by fax at [phone].

CONTACT: Thomas W. Robinson

403/261-7600 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or

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