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STATESIDE -- SUNCOR -- HARDY $9.3 MILLION PROGRAM

 CALGARY, Sept. 1 /CNW/ - Stateside Energy Corp. (Vancouver: SSE), reported today that Hardy Oil & Gas Canada Ltd. ("Hardy"), a wholly owned subsidiary of Hardy Oil & Gas PLC, of London, is the international company referred to in its July 7, 1993 news release relating to the $6.5 Million acquisition of producing wells and developed lands in the Province of Alberta from Suncor Inc. ("Suncor"). Under the terms of this agreement, Hardy has paid to Suncor, $6,100,000 and has reimbursed Stateside $400,000 previously paid to Suncor by Stateside, for the purchase of a 50 percent to 100 percent working interest in 47 oil wells, two gas wells and various gross overriding royalty interests in an additional 69 wells, all located in east central Alberta.
 Under its agreement with Hardy, Stateside has the right to expend up to $2.8 million by drilling 14 development wells on the lands, which, it is anticipated, will be funded by a flow-through share offering. In consideration of drilling these development wells, Stateside will earn a 35 percent working interest in 17 currently producing wells, in addition to a 35 percent working interest in the development wells drilled for a total of 31 wells. The wells in which Stateside will earn an interest are currently producing an approximate total of 400 barrels of oil per day, and, upon completion of the development drilling program, production is expected to increase to between 700 to 800 barrels of oil per day. In addition, under its agreement with Hardy, Stateside has the option to convert its working interest earned, to a 17 1/2 percent gross royalty interest over the lands and wells.
 -0- 9/1/93
 /CONTACT: Richard Genovese, Investor Relations Group,


800-444-9214; or Delores Easthom, Quanta Ltd., 407-793-6272/
 (SSE.)


CO: Stateside Energy Corp.; Hardy Oil & Gas Canada Ltd.; Suncor Inc. ST: British Columbia IN: OIL SU:

BP -- LA035 -- 8182 09/01/93 19:19 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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