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Borealis Corporate Press Release Dated 26 October 1998

BOREALIS EXPLORATION LIMITED GRANTED CONTINUANCE OUT OF CANADA

London, United Kingdom.
October 21st, 1998.

Borealis Exploration Limited (CDN: BSXC, BB-BOREF) wishes to announce it has received formal approval from the Government of Canada for a continuance out of Canada.

Borealis Exploration Limited is in the process of completing a continuance into Gibraltar, a British Dominion within the European Union.

Borealis Exploration Limited expects the effective/valuation date of the transaction to be October 19, 1998.

Borealis Exploration Limited shares will continue to trade in Canada (CDN:BSXC) and in the USA (BB-BOREF) and the company has no plans to de-list from these markets. Shareholder rights will remain the same or better.

Borealis Exploration Limited has 4,991,000 shares outstanding.

Chris Bourne,
Director,
Public Relations

Tel: +44 181 571 5216
Fax: +44 181 455 8701
email: pr@borealis.com

Disclaimer: The disclaimer can be found at http://www.borealis.com/ForwardLookingStatement.htm


Last Updated on Thursday, February 22, 2001.


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Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml