Dominion Explorers Announces Private Placement.

CALGARY, Alberta--(BUSINESS WIRE)--April 23, 1996--DOMINION EXPLORERS (TSE:DMN) Dominion Explorers Inc. of Calgary, Alberta today announced a $6,980,000 private placement of securities to ART Financial Corporation and First Reserve Corporation. The securities to be issued include 800,000 flow through shares at $1.25 each; 2,900,000 common shares at $1.20 each; and $2,500,000 6.25 percent convertible debenture with 500,000 detachable common share purchase warrants. The conversion price of the convertible debentures and the exercise price of the warrants is $1.45 per common share. The debentures are convertible at any time up to the close of business May 31, 2006, however they may be called for redemption by the Company in certain events, related to the market price of the Company's shares. The share purchase warrants are exercisable until February 28, 1999.

Holders of existing Dominion 9.5 percent convertible debentures will have the opportunity to exchange the existing debentures at par for 6.25 percent debentures and 200 common shares purchase warrants. All of the 6.25 percent debentures will be privately held.

Representatives of ART Financial Corporation and First Reserve Corporation will join the Dominion board of directors following closing. Closing is subject to regulatory and board approvals as well as due diligence review of Dominion by ARC and First Reserve.

The proceeds of this offering will be used to accelerate Dominion's 1996 exploration and development program and to enable Dominion to pursue acquisition opportunities which may arise.

Dominion is a Canadian natural resource company focused on the exploration and production fo crude oil and natural gas interests in Central Alberta. The shares of Dominion are listed on The Toronto Stock Exchange under the symbol "DMN".

CONTACT: Dominion Explorers Inc.

John A. Pope, P. Eng., 403/571-1100

403/571-1101 (FAX)

or

Dominion Explorers Inc.

Andrew S. Burgess, C.A., 403/571-1100

403/571-1101 (FAX)