Press Release
July 21, 1999

MMRL Takeover Transaction To Close on July 29, 1999

Morrison Middlefield Resources Limited ("MMRL") has received final court approval for the Plan of Arrangement with Roc Oil Company Limited and closing of the transaction has been scheduled for July 29, 1999. Shortly after closing, $5.50 in cash and one share of 2M Energy Corp. ("2M") will be mailed to MMRL shareholders for every share of MMRL held.

MMRL is also pleased to announce that it has entered into an agreement to sell the majority of its Canadian producing oil and gas assets for $4.9 million. This sale, which is subject to final due diligence and formal documentation, is scheduled to close on July 27, 1999.

In accordance with the Plan of Arrangement, all cash in MMRL including proceeds from the sale of the Canadian producing assets described above, the remaining Canadian assets and certain liabilities will be transferred to 2M. At the completion of these transactions, 2M will hold approximately $13 million in cash, no debt, some Canadian assets including its Panny heavy oil lands plus the right to an additional payment in early 2001 of a maximum of $13.5 million if the total proven plus probable reserves of MMRL’s Saltfleetby property in the UK exceed 50 bcf.

The Toronto Stock Exchange has conditionally approved the listing of the common shares of 2M under the symbol TMM. Trading in 2M is expected to commence in the first week of August, 1999. Initially, 2M will have 15.75 million common shares outstanding.

Shareholders of MMRL are requested to tender their shares in accordance with the instructions provided in the Corporation’s Management Information Circular dated May 20, 1999. Those shareholders who have their MMRL shares registered in their own name and who require a Letter of Transmittal should contact Ms. Kathy Ivanco at (416) 362-0714 ext. 267. Those shareholders of MMRL who hold their shares through their broker or other intermediary, should contact their intermediary regarding the tendering of their shares.

For further information contact: