Canadian Leader Concludes Acquisitions

Business Wire, Jan 30, 1995

CALGARY, Alberta--(BUSINESS WIRE)--Jan. 30, 1995--CANADIAN LEADER ENERGY (Alberta Stock Exchange:LOL) Canadian Leader Energy Inc. ("Canadian Leader") announces that it has concluded the previously announced acquisitions of Sunlite Oil Company Limited and 41.98% of Canadian Oil and Gas Limited Partnership-1.

Canadian Leader announces that it has satisfied all of the requirements under which special warrant financing totalling $3.8 million was raised. On January 26, 1995, Canadian Leader received a final receipt for the prospectus qualifying the special warrants. Canadian Leader's common shares will begin trading on the Toronto Stock Exchange on January 31, 1995 under the trading symbol "LOL".

Under the terms of the special warrants, funds currently held in escrow will be released to the company 10 days following final receipt.

Canadian Leader Energy Inc. also announces that Barry W. Swan, C.A., has been appointed executive vice present, chief financial officer and director of the company. Mr. Swan brings to the company over 20 years of extensive oil and gas industry experience.

With the conclusion of the Sunlite and Partnership acquisitions Canadian Leader Energy Inc. has daily oil and gas production of approximately 800 barrels of oil equivalent (BOE).

CONTACT: Jeffrey L. Standen

Chairman and C.E.O.

or

Paul W.M. Read

President and C.O.O.

(403) 264-1095

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

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