The tiny Irish stock on the brink of landing 'the first' post-sanction oil deal in Iraq. Ref 'Fleet Street Letter' 12-04-04..

morning all,
just found this, i don`t know if it`s been posted before. after reading it, it occured to me, what with PET`s connections in the ME, would we rule out a JV with an iraqi oil co., thus giving them a risk sharing project, much the same as we hope in sudan with the national oil co.. just an idea.


Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779





Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779





Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779





Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779





Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779





Heritage Oil signs strategic joint venture agreement in Iraq /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


CALGARY, Dec 13, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation
(TSX: HOC) announced today that it has formed a strategic alliance by way of a
joint venture with Eagle Group of Iraq, a major economic and industrial entity
within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage
Erbil Oil Limited ("Heritage Erbil") with an authorized share capital of US$25
million dollars (Cdn$30 million). Heritage Erbil in turn has incorporated K
Petroleum Company ("KPC"), a wholly owned subsidiary of Heritage Erbil, in Iraq
and registered KPC in both Baghdad and Erbil (in the Autonomous Region of
Kurdistan). Heritage and Eagle Group shall each hold a 42.5% share interest in
KPC, while Turkish investors will hold the remaining 15%.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said that
"because of my family's centuries-old links to Iraq and the region, I have been
able to visit Iraq regularly during the last two years. My great grandfather and
great uncle were closely associated with the development of the Middle East oil
industry. In fact, the Gulbenkian family was fundamentally involved with the
establishment of Iraq Petroleum Company in the 1920s and the drilling of the
first well in Kirkuk in 1927. My father for decades since the 1950s was
associated with the development of the Iraqi Oil industry and, by investing in
numerous social and development programs played a very important role in the
fields of education, health, arts and science for the benefit of the Iraqi
people. I have been touched with the warm reception I have enjoyed within Iraq
in general and the Autonomous Region of Kurdistan in particular. As a result of
my family's historical connections in the area, this joint venture could have
the ability to transform Heritage Oil Corp. in the short to medium term."

His Excellency Mr. Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered
into this joint venture with Heritage. We believe both parties are genuinely
committed to the development of oil and gas in the Region within a framework of
a close working relation with our Regional Government and the Ministry of Oil in
Baghdad, utilizing available local resources. The Company should be in a
position to commence its activities immediately in view of the stability
prevailing in the Region, which is far more stable than other parts of Iraq. KPC
in view of its regional local strategy is ideally placed to obtain licences,
with the support of the central government and ourselves, to operate fields in
the North."

Heritage is responsible for the overall operation and management of Heritage
Erbil and KPC. We are actively recruiting local technical staff to commence a
detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The
company has been incorporated with the knowledge and support of the Ministry.
Discussions have already commenced about awarding a license to KPC containing
proven reserves with the possibility of early production.

It is anticipated that during this interim period when there is an absence of
hydrocarbon legislation in country the licence might initially be a service
agreement, with a view to converting this into a production sharing contract.
KPC, however, has a two-phase strategy:



(1) To target projects with significant proven reserves with a plan

to produce over 50,000 barrels per day while assessing further

known potential reserves in the Region; and


(2) To carry out initial technical and exploration work over parts of

Northern Iraq which have yet to be explored.

The oil potential of Iraq is huge, with estimated proven reserves of more than
112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is
reported that fields in Northern Iraq contain estimated reserves of 36 billion
barrels, and less than 10% of the Region has been explored.

His Excellency Mr. Nechirvan Barzani and Micael Gulbenkian both stated during a
meeting in October this year: "We view KPC as an important element in the oil
and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties
situated in the Republic of Congo, Oman, and Uganda. Heritage's registered
office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol
HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding production estimates and future plans and objectives of Heritage - are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those anticipated in such
statements.

%SEDAR: 00010129E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=45779

OK here is one, only 3 more RNS announcements to go(tenders, Block 6 & Sudan), and we are Rich!!

Petrel Resources PLC
14 December 2004


Petrel is pleased to announce the award of a Memorandum of Understanding by the
Jordanian authorities (convertible, subject to discussion, to an exploration
licence after 6 months) covering the East Safawi block in the Arabian desert
near the Iraqi frontier.


The work programme involves integrating geological data from Jordan and adjacent
regions, aimed at elucidating basin history. Samples available from relevant
wells will be processed for maturation and apatite fission-track analysis to
reveal the burial history of the basin. There will be detailed interpretation
of Landsat satellite imagery to provide information on the controlling
structural trends. Seismic data will be re-processed and existing seismic data
re-interpreted, using the re-processed grid of lines for control. Time and
depth maps will be prepared for the important reflector horizons.


We expect to sign the Memorandum of Understanding this month and start work in
January 2005. The East Safawi block lies on an extension to the petroleum
targets being studied by the company in Iraq, and is both prospective in its own
right and also helpful to our understanding of the Arabian Desert generally.


For further information:
Bell Pottinger Corporate & Financial
Nick Lambert +44 (0) 7811 358 764





This information is provided by RNS
The company news service from the London Stock Exchange

rns out re. jordanian work!!, for some reason i can`t paste it

morning Dexter, beat you to it this morning, see post above.

also from fillyaboots, check out this website, brought this up before, but look at the cut off date.

check out this site

http://www.oilcareer.com/

ADVANCE NOTICE: December 16, 2004 is our application deadline for 26 MAJOR oil projects now hiring.

the application deadline is interesting, as Petrel are among many companies that use this service, maybe nothing, but worth a look.

tokyo

morning tokyo,
you have got an 8 hour or so head start though!!.
dexter

Morning GUYS! Is this the start of it, i think so!!!!!!!! With this surely it ties in Block 6 as so many have speculated and further Rns releases to come! Merry Christmas one and all.

Morning guys. Starting to get REALLY hacked off with all this waiting. Everything crossed for some news soon.

Beasties, have you seen the RNS out today on Jordan? This is the start of contract news to come. Dont forget that the Iraqi's timescale was by the end of the year, thats only a few weeks away!!!!!!!!!

Yeah gra I have. But it's the BIG news I'm sick of waiting for.
Grrrrr!!!

Oh! me too, but that wont be long coming now, this is the start of a busy two weeks!

Beastie - read the RNS from today again, especially this part

"The work programme involves integrating geological data from Jordan and adjacent regions"

Wonder where those adjacent regions could be?

Tokyo

block 6 ere!

As this is so connected, block 6 and 'adjacent' in the rns, surely an Rns is imminent, im sure that Pet did not release todays Rns before speaking with MOO and firming up further agreements etc!!!!!!

gra1969 - I did mention last week that I thought the Jordanian leak had caused a panic in Iraq, Jordan & Ireland, lets hope my thoughts are proven to be true, by a couple more RNS announcements, but does seem strange, that we have a report that the MOO have chosen the companies to be awarded the contracts, and then PET are able to release the same RNS that Sonoran were free to release last week

Tokyo

Ture, Sonoran are not researching Pets area, of course, and that lies 'adjacent' to Block 6. Sonoran had no need to check with MOO, Pet did! this bodes well for us all!

I think a lot of people are jumping ship as they believed this would jump the sp higher than it has, a little fickle me thinks!

I thought the best chance of news for Iraq was tomorrow?

Nice to see this bit today though.

Tokyo, I took a leaf out of your book yest and had a top-up!

Back to that 98-102 ish range again. An Iraqi contract RNS followed by a further Jordan RNS are most certainly needed!

gra1969 - agreed, although the RNS's have been needed for sometime now!!
that huge sell this morning, gave the MM's plenty of stock to play around with, hence they can still try their little tree shakes until the Iraqi tender results are known.

beasties - Lets hope our little top ups pay off, otherwise it will be KFC for Xmas, instead of turkey!!! (makes me laugh that over here in Japan, people actually go to KFC for a Christmas dinner!, have they started that back in the UK?)

Tokyo, i think we all know on 'contract' RNS news there will be no holding this back, hence we have all held and topped up along the way!

In Japan 2002 world cup! i have never seen a nation take so warmly and enthusiastically to two Englishmen (myself and a good friend) popping 'fizzy wine' and spraying it all over them! Long live RAPONGI District! They are so rebellious over there they just need a nudge!