March 8, 2001______________________________________
BARD VENTURES LTD. SIGNS LETTER OF INTENT WITH RUBICON PETROLEUM INC.
The Company is pleased to announce it has signed a letter of intent with Rubicon Petroleum Inc. ("Rubicon") with respect to petroleum and natural gas interests held or being acquired by Rubicon in north-east British Columbia.
The terms of the agreement are as follows:
With respect to "Block A" lands, Bard will pay ten percent (10%) of the cost to drill, test, and complete to the outlet valve on the well-head, an earning well (the "Well") on the subject lands or lands with which these lands are pooled, thereby earning a five percent (5%) working interest in the drilling spacing unit to the base of the deepest formation penetrated by the Well.
The "Block A" lands are comprised of a sixteen unit Drilling Licence totaling 2760 acres in the Caribou Creek area north of Fort St. John in British Columbia.
Furthermore, Bard will pay ten percent (10%) of the cost to acquire "Block B" lands, thereby earning a five percent (5%) working interest therein.
The "Block B" lands are comprised of a twenty unit Drilling Licence totaling 3447 acres also located in the Caribou Creek area. The "Block A" and "Block B" lands are considered to be prospective for natural gas in the Bluesky-Gething, Dunlevy, Baldonnel and Halfway Doig zones.
Unit Private Placement
Further to the Company's news releases of February 28 and March 1, 2001 regarding the private placement of up to 500,000 units at a price of $0.25 per unit, the Company announces that the private placement will not be brokered by Yorkton Securities Inc. as agent. All terms of the private placement remain the same. Each unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at any time for one year from the closing date at a price of $0.30 per share.
The Company intends to use the proceeds of $125,000 from the private placement to acquire an interest in the above project.
The private placement is subject to regulatory approval.
BY THE ORDER OF THE BOARD OF DIRECTORS
Eugene Beukman, President & Director