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eWorld Travel Corp. Announces Plans to Acquire Powder River Basin Gas Corp.

Business Editors

CAPISTRANO BEACH, Calif.--(BUSINESS WIRE)--July 10, 2001

eWorld Travel Corp. (OTCBB:EWLD) today announced that it has agreed to acquire Powder River Basin Gas Corp., a company engaged in the business of assembling and managing a portfolio of undeveloped acreage in the Powder River Basin coal bed methane (CBM) play in Sheridan County, Wyo.

A Preliminary Information Statement was filed on July 9, 2001, with the SEC to disclose the complete terms of this transaction. In connection with this acquisition eWorld Travel will change its name to Powder River Basin Gas Corp. Shareholders holding a majority of the shares of eWorld have approved the actions that are disclosed in the Preliminary Information Statement.

About Powder River Basin Gas Corp.'s Business

Powder River Basin Gas ("PRBG") is a private Delaware corporation engaged in the business of assembling and managing a sizeable portfolio of undeveloped acreage in the Powder River Basin coal bed methane (CBM) play in Sheridan County. This acreage is located in a proven geological setting and near operators such as Western Gas Resources, Barrett Resources, Phillips Petroleum, J.M. Huber and others.

The company currently has leasehold interests in 320 gross acres/160 net, permitted for 12 wells with multiple zones, 2,300 gross acres/1,380 net, permitted for 91 wells, right of first refusal on an additional 35,000 acres and drilling rigs available to begin drilling immediately.

PRBG is currently in discussions for a property acquisition of 17,000 acres in close proximity to the above stated property with potential to aggregate up to 25,000 contiguous acres through joint ventures and acreage swaps. The acreage has potential for more than 125 locations with 30 wells currently permitted.

About eWorld Travel's Business

EWLD has been in the business of providing Internet-based online travel services for business and leisure travelers. EWLD's current business plan has been unprofitable after three years of operations. The market of Internet travel-related services is oversaturated and dominated by companies such as expedia.com and travelocity.com.

Since the beginning of the current year, management has been actively seeking a business combination with a private company such that the combination would offer the potential for the company to grow.

Information about the company can be found in its annual report filed on Form 10-KSB for the year ending Dec. 31, 2000, and its quarterly report for the period ending March 31, 2001, filed on Form 10-QSB. Additional information on EWLD can be found in its public filings that can be accessed electronically by means of the SEC's Web site on the Internet at http://www.sec.gov or at other Internet sites such as http://www.freeedgar.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's annual reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the company. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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Publication:Business Wire
Date:Jul 10, 2001
Words:650
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