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TRACER PETROLEUM CORPORATE PLANS FOR DEVELOPMENT PROCEEDING

 TRACER PETROLEUM CORPORATE PLANS FOR DEVELOPMENT PROCEEDING
 VANCOUVER, British Columbia, May 19 /PRNewswire/ -- Tracer Petroleum Corporation (NASDAQ: TCXXF) today announced that corporate plans for the development of the company are proceeding at a rapid pace. Tracer has no debts and currently has approximately C$1.8 million in the treasury.
 Development drilling is proceeding on the Ogan Komerang (OK) block located on the island of Sumatra in Indonesia in the prolific oil- producing Palembang Basin. In this 1.4 million-acre block, Tracer owns a 4.25 percent fully carried participating interest. When Tracer acquired its interest, the OK block contained the Mandala gas/condensate field and the Air Serdang oil field. Subsequently a new oil field was discovered, called the Guruh field.
 Since acquisition of its interest, Tracer has announced the following wells:
 Well No. Test Results
 ASDJ-No. 4 1413 BOPD-30 degree API and 554,000 cubic feet of gas
 per day
 ASDJ-No. 5 3069 BOPD-30 degree API and 1,431,000 cubic feet of gas
 per day
 ASDJ-No. 7 3344 BOPD-30 degree API and 1,592,000 cubic feet of gas
 per day
 ASD-No. 8 2291 BOPD-32 degree API and 1,120,000 cubic feet of gas
 per day
 ASDJ-No. 8 2901 BOPD-28 degree API and 864,000 cubic feet of gas
 per day
 GURUH-No. 1 2819 BOPD-29.7 degree API and 657,000 cubic feet of gas
 per day
 Two additional development wells on the Air Serdang field are expected to be announced in the near future. Currently, recoverable reserves for the Air Serdang field have been estimated at approximately 40 million barrels of oil. On the Guruh field a step out confirmation well has been spudded.
 In late 1991, Tracer applied for a promising new Indonesian contract area. The new contract area is onshore near established oil production. Negotiations are in the final phase and the company anticipates that the contract will be signed in early summer.
 As a result of an invitation from the Russian Oil and Gas Ministry, Tracer is sending a technical team to Russia in early June to evaluate and negotiate a development opportunity there.
 -0- 5/19/92
 /CONTACT: Gary R. Schell of Tracer Petroleum, 604-682-7507/
 (TCXXF) CO: Tracer Petroleum Corporation ST: British Columbia IN: OIL SU:


CK -- NY115 -- 2130 05/19/92 22:23 EDT
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Date:May 19, 1992
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