Canadian Leader and Eagle Energy Corp. - change in ratio for amalgamation.

CALGARY, ALBERTA--(BUSINESS WIRE)--April 2, 1997--Canadian Leader Energy (TSE LOL.) Eagle Energy (Alberta Stock Exchange EGE.)

ADJUSTMENT TO EXCHANGE RATIO ----------------------------

Canadian Leader Energy Inc. ("Leader") (TSE: LOL) and Eagle Energy Corp. ("Eagle") (ASE: EGE) jointly announce that they have agreed to a change in the exchange ratio for the amalgamation of the two companies. The companies previously announced that, upon the amalgamation, Leader shareholders would receive 0.50 shares in the amalgamated company for each share of Leader and Eagle shareholders would receive 0.67 shares in the amalgamated company for each share of Eagle. After a further review of the trading histories, cash flow projections and respective business and assets of Leader and Eagle the companies have agreed that Eagle shareholders will receive only 0.60 shares in the amalgamated company for each share of Eagle, a reduction from the 0.67 conditionally agreed to and previously announced. The ratio for Leader shareholders remains unchanged with Leader shareholders to receive 0.50 shares in the amalgamated company for each share of Leader. Majendie Charlton Securities Ltd. will be providing a fairness opinion in respect of the proposed exchange ratio.

LETTER AGREEMENT TO ACQUIRE ARGENTINA PROPERTIES ------------------------------------------------

Leader and Eagle also announce that they have entered into preliminary agreements for the acquisition of a company which holds oil and gas properties, including development properties and proven producing reserves, in Argentina. The total purchase price will be: 1,000,000 common shares of the amalgamated company; US $40,000,000.00 subject to adjustment in the event that the total indebtedness of the company being acquired is more or less than US$15,000,000.00 and a 6 percent overriding royalty on the properties of the acquired company. A deposit of US $3,000,000.00 has been made. Completion of the transaction is to occur on or about June 10, 1997, and is subject to certain conditions, including completion of due diligence and receipt of all required regulatory approvals.

To fund the acquisition, the amalgamated company will be required to secure financing for the full purchase price by way of a private placement of its securities after completion of the amalgamation and prior to the closing of the acquisition.

Leader has advanced the deposit. If the amalgamation does not proceed for any reason by May 29, 1997, then each of Leader and Eagle may elect to close the acquisition as equal partners or, if one company elects to not proceed, the other may proceed to complete the transaction on its own. If both companies elect not to proceed, the two companies will split equally all costs and expenses incurred, including the cost of any forfeited deposit monies. -0-

The Alberta Stock Exchange neither approves or disapproves of the information contained herein.

CONTACT: Canadian Leader Energy Inc.

Barry Swan, 403/264-1095

403/264-6111 (FAX)

or

Eagle Energy Corp.

William Cherwayko, 403/263-6002

403/263-5998 (FAX)

or

Canadian Leader Energy Inc.

Read, Paul, 403/264-1095