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FIRST WELL OF 1993 INDONESIAN DRILLING PROGRAM COMPLETED; MORE WILDCAT DRILLING TO COMMENCE SOON

 VANCOUVER, British Columbia, June 16 /PRNewswire/ -- Tracer Petroleum Corp. (NASDAQ: TCXXF; Vancouver: TCP) announced today that its ASDJ-No. 10 well was completed as an oil producer. The ASDJ-No. 10 well is the first of six development wells planned for the Air Serdang and Guruh Fields. Two new field wildcats are also planned as part of the 1993 drilling program.
 The Air Serdang Field unit is located onshore, South Sumatra, Indonesia, in a Production Sharing Contract (PSC) area named Ogan Komering Block (the OK Block). Since operations began in 1988, two oil fields, Air Serdang and Guruh, and one gas field, Mandala, have been discovered. The Air Serdang Field began commercial production in December 1992. Production is currently 4,500 barrels of oil per day and additional production from the ASDJ-No. 10 well should push production over the 5,000 BOPD mark. The Guruh Field is expected to begin production in late 1993. Combined production rates for the two fields are expected to exceed 8,000 barrels of oil per day by end 1993 and more in 1994.
 Two highly promising exploration targets have been selected for the 1993 OK Block drilling program. These two low-risk prospects are near the Air Serdang and Guruh Fields and are targeted on the same prolific Batu Raja formation that produces at these fields. The prospects are of similar size to the Air Serdang Field and successful drilling results at either prospect could double reserves in the OK Block. The close proximity of the prospects to the newly installed Air Serdang production infrastructure would allow fast development of an additional 10 to 12,000 BOPD production in the event of a successful discovery from either prospect.
 Tracer owns a 4.25 percent working interest in the OK Block PSC; Tracer's share of all OK Block costs is fully carried by other venture partners.
 -0- 6/16/93
 /EDITOR'S NOTE: The Vancouver Stock Exchange has neither approved nor disapproved the content of this release./
 /CONTACT: Gary R. Schell, director, or Craig Doctor, of Tracer Petroleum, 604-682-7507, or U.S. toll-free, 800-488-6303/
 (TCXXF)


CO: Tracer Petroleum Corp. ST: British Columbia IN: OIL SU:

JL -- NYON3 -- 2514 06/16/93 09:56 EDT
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Date:Jun 16, 1993
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