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TRACER REGISTERS RUSSIAN JOINT VENTURE URENGOIL TRACE TO OPERATE IN WESTERN SIBERIA

 TRACER REGISTERS RUSSIAN JOINT VENTURE
 URENGOIL TRACE TO OPERATE IN WESTERN SIBERIA
 VANCOUVER, Canada, Oct. 20 /PRNewswire/ -- Tracer Petroleum Corporation (TRACER) (NASDAQ: TCXXF) announced today that a Canadian consortium led by Tracer has received final approval from Russian Federation authorities for the registration of a Joint Russian-Canadian enterprise to conduct oil exploration, development and production activities. The jointly owned entity is named Urengoil Trace and it will operate as a partnership with limited liability under the laws of the Russian Federation. The registration of Urengoil Trace culminates several months of negotiations, evaluations and site visits by representatives of the Tracer consortium and its Russian partners.
 Urengoil Trace is formed for the purposes of conducting development of oil, gas and condensate fields discovered in the 1980s by Russian oil and gas exploration organizations. These fields were never put on production due to pipeline capacity shortage. Development will be centered on an agreed area of approximately 1.8 million acres near the city of Urengoy. The area lies in the northern portion of the prolific oil producing West Siberian Basin. It is near the largest gas field in the world, the Urengoy Gas Field. Because of the proximity to the Urengoy Gas Field the area has a well established logistical and petroleum producing infrastructure.
 Initial operating activities are expected to focus an acquiring Russian authorities' permission for the development of one of the larger fields in the area. Full development will require construction of pipelines to tie in to regional production transmission lines. Initial evaluations by Tracer's independent engineers indicate substantial proven reserves of oil, gas and condensate in the area. Urengoil Trace is studying several development and early production scenarios.
 The Tracer Group's Russian partner in Urengoil Trace is Urengoyneftegaz Geologia (UNGG), an Urengoy state geological enterprise in oil and gas, located in the city of Urengoy, Western Siberia. UNGG holds a 50 percent interest in Urengoil Trace. Tracer holds a 25 percent interest, and other consortium members 26 percent.
 The Vancouver Stock Exchange has neither approved nor disapproved the content of this release.
 -0- 10/20/92
 /CONTACT: Mr. Craig Doctor of Tracer Petroleum Corporation, 604-682-7507, or Fax 604-682-0217/
 (TCXXF) CO: Tracer Petroleum Corp., Urengoil Trace ST: Vancouver IN: OIL SU: JVN


LD -- NY007 -- 2025 10/20/92 09:01 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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