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Ohio Resources Corporation and Cube Energy Corp. Company Update.

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 26, 1996--OHO (VSE:OHO.) (TSE:CUK.) Cube Energy Corp. "Cube" (TSE-CUK) and Ohio Resources Corporation "Ohio" (VSE-OHO) announce that they have negotiated a farmin on a 1.1 million acre concession in the Republic of Palau in the Philippine Sea. The farmin commitment involves a 200 mile marine seismic program targeted to better delineate the shallow Miocene reef features that were first identified in a previous survey over the Palau Archipelago conducted in the 1980's. The companies believe that the Palau exploration program has the potential to define a northern extension to the under-explored Salawati Basin, where large oil bearing Miocene reefs were first discovered 400 miles to the south in New Guinea in 1973. Two of those discoveries, Walio and Kasim, have produced over 222 million barrels of light oil to date.

In addition to the favourable geological environment, Cube and Ohio were attracted to the prospect by the stable host government, which has implemented a very competitive royalty regime, a favourable deal structure which allows Ohio, as to a 20 percent interest, and Cube, as to a 25 percent interest, to earn an interest in the entire concession by conducting the seismic survey, and also by the fact that any drilling would be conducted in relatively shallow water depths of 75 to 200 feet.

The seismic program has commenced and once the data has been processed and evaluated the partners will determine how best to proceed with the drilling of any anomalies defined, including the possibility of involving other industry participants. -0-

The Vancouver Stock Exchange has neither approved nor disapproved the contents of this press release.

CONTACT: Ohio Resources Corporation

Don Foulkes, 403/262-8833

Jim Reid, 416/862-0500 or

Cube Energy Corp.

Steven Dobrowolski, 403/264-4405

Gerry Donaldson, 403/264-4405
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Publication:Business Wire
Date:Nov 26, 1996
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