Drucker Inc. - Exploration/Development Update.Business Editors VANCOUVER, Canada--(BUSINESS WIRE)--June 26, 2001 The Board of Directors of Drucker Inc. ("Drucker" or the "Company") reports that in view of the disappointing results of the SEM-1 well on the Hassi Bir Rekaiz oil exploration project in Algeria and the significant cost overruns accrued to date by the operators, the Company and its partners have elected to terminate involvement in the project. As a result, the Company and its partners have forfeited their respective interests in the project and no further payments will be made in connection with Hassi Bir Rekaiz. In Egypt, the West Gharib joint venture participants have planned a two well drilling program in the Hana field area. The program is expected to commence in the third quarter of 2001 and is designed to appraise appraise v. to professionally evaluate the value of property including real estate, jewelry, antique furniture, securities, or in certain cases the loss of value (or cost of replacement) due to damage. the extent of the Kareem and Rudeis reservoirs to the west and south of the current field outline. If successful, the wells could significantly increase the scope of the field development. Drucker Petroleum Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Drucker Inc., holds a 20% interest of the onshore 2,530 sq km West Gharib Block in the Gulf of Suez Noun 1. Gulf of Suez - a northwestern arm of the Red Sea linked to the Mediterranean by the Suez Canal Red Sea - a long arm of the Indian Ocean between northeast Africa and Arabia; linked to the Mediterranean at the north end by the Suez Canal , Egypt. Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Limited, is the operator holding a 50% interest, and GHP GHP Georgia Health Partnership GHP Geisinger Health Plan (Danville, PA) GHP Governor's Honors Program GHP Good Handling Practices (food safety) GHP Grand High Priest Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp. holds the remaining 30% interest. Any forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release is made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors, fluctuations in international and local oil prices, as well as the inherent risks of exploring for oil and gas. Drucker disclaims any obligation to update any such factors or to publicly announce results of any revision to the forward-looking statements contained herein to reflect future events or developments. ON BEHALF OF THE BOARD OF DIRECTORS (Signed) Gerry Runolfson, President |
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