Canadian Leader & SMI Oil & Gas confirm share ratio exchange

Business Wire, August 30, 1995

CALGARY, ALBERTA--(BUSINESS WIRE)--Aug. 30, 1995--CANADIAN LEADER (TSE: LOL ME: SMI) CANADIAN LEADER ENERGY INC. ("Canadian Leader") and SMI OIL & GAS INC. ("SMI") jointly announce that the proposed share exchange ratio for the previously announced combination of Canadian Leader and SMI is 1 share of Canadian Leader for each 2.2 shares of SMI. The proposed business combination is subject to formal documentation, due diligence, SMI receiving a fairness opinion, SMI shareholder approval and regulatory approvals.

SMI trades on The Montreal Exchange under the trading symbol "SMI".

Canadian Leader trades on The Toronto Stock Exchange under the trading symbol "LOL".

CONTACT: SMI Oil & Gas Inc.

Gilbert Beaudoin, Chairman,

514/659-2776 (PHONE/FAX)

or

Canadian Leader Energy Inc.

Jeffrey L. Standen, Chairman,

403/264-1095, 403/264-6111 (FAX) REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or