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JUPITER PETROLEUM INC. ENTERS AGREEMENTS TO COMPLETE MAJOR TRANSACTION.

CALGARY, ALBERTA--(BUSINESS WIRE)--Feb. 10, 1995--JUPITER PETROLEUM (Alberta Stock Exchange:JPP) Jupiter Petroleum Inc. announced today that it has entered two separate letters of intent for the acquisition of certain oil and gas interests, which, when completed, shall constitute the Major Transaction of the corporation.

The first transaction provides for the acquisition of all of the right and title of an Alberta junior oil and gas company to 36 properties located in south-western Alberta and south-eastern Saskatchewan. Ten of these properties are currently producing gas and three are producing oil. In addition to acquiring this production revenue, Jupiter will have the opportunity to participate directly with working interest partners in exploratory and development drilling planned for certain of these properties. Under the terms of the Letter of Intent, the consideration payable by Jupiter is One Million Dollars, comprised of the issuance of 1,500,000 common treasury shares of Jupiter and payment of $250,000.00 cash. Closing of the transaction is subject to receipt of consent of The Alberta Stock Exchange and shareholders of Jupiter as well as completion of financing by Jupiter in respect of its cash payment obligation.

As a second transaction, Jupiter has entered a Letter of Intent with two directors for the purchase of interests in two oil and gas properties located in the Seal and Brazeau River areas in northwest Alberta. Subject to regulatory approval, Jupiter will acquire a 40% interest in each of these properties for One Million Dollars payable by issuance of 4,000,000 common shares. These shares shall be issued in escrow and subject to the release provisions of the appropriate Alberta Stock Exchange approved escrow agreement. The purchase is also subject to review and acceptance of engineering studies currently being commissioned in respect of the properties.

Jupiter intends to submit a draft information circular to The Alberta Stock Exchange for approval of the above transactions as the corporation's Major Transaction. Completion of both transactions is subject to receipt of regulatory consent and approval by shareholders of the corporation.

Jupiter also announced today that John E. Bell has resigned as President and a director of the Corporation. David E.T. Pinkham has been appointed by the Board of Directors to serve as President of the corporation.

CONTACT: David E.T. Pinkham

President

403/269-9100 The Alberta Stock Exchange has neither approved nor disapproved the foregoing. REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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Publication:Business Wire
Date:Feb 10, 1995
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