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MSR EXPLORATION LTD. ANNOUNCES HEARING

 CUT BANK, Mont., Feb. 24 /PRNewswire/ -- MSR Exploration Ltd. (AMEX: MSR; Toronto, Alberta: MSR), an Alberta public energy company headquartering in Cut Bank, today announced that the United States Bankruptcy Court for the District of Montana conducted a hearing on confirmation of MSR Exploration Ltd.'s First Amended Joint Plan of Reorganization on Feb. 23, 1993. The court announced at the end of the hearing that an Order of Confirmation would be issued and granted debtor's counsel seven days to file a Restated Plan of Reorganization encompassing all final settlement with creditors. The court approved all settlements with creditors leading to the plan confirmation. The company anticipates that a formal Order of Confirmation will be issued by the Bankruptcy Court within the next 30 days.
 Among the most important settlements approved by the Bankruptcy Court were: settlement of a $1 million toxic tort claim which was settled for the sum of $7,500; settlement of tax assessments filed against the companies by the Montana Department of Revenue in excess of $1.3 million for approximately $600,000, with $220,000 to be released from funds paid under protest already on deposit and the balance to be paid over a six-year period; and a settlement of the $7.1 million claim of Chemical Bank (formerly Manufacturers Hanover Trust Co.), the company's principal secured credit, for $4.75 million to be paid over six years.
 -0- 2/24/93
 /CONTACT: Joseph V. Montalban, president and CEO, or Patrick M. Montalban, executive VP and COO, of MSR Exploration, 406-873-2235, fax: 406-873-4731/
 (MSR)


CO: MSR Exploration Ltd. ST: Montana IN: OIL SU:

MS-LS -- LA031 -- 0135 02/24/93 18:02 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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