Press Release

July 30, 1999

MMRL COMPLETES SALE OF UK ASSETS FOR $172 MILLION

MMRL is pleased to announce that it completed its Plan of Arrangement as scheduled on July 29, 1999.

The Plan effectively transfers all of MMRL’s UK assets to Roc Oil Company Limited for a minimum consideration including assumed debt of $172 million. This amount could increase by up to $13.5 million to $185 million depending on the volume of natural gas reserves at MMRL’s Saltfleetby discovery which is the largest onshore gas field in the UK. Assuming the maximum payment from Saltfleetby, MMRL will make a profit of $55 million on its total investment in the UK.

MMRL is also pleased to announce that it has completed the sale of the majority of its Canadian producing oil and gas assets as scheduled. The $4.9 million proceeds of this sale have been transferred into 2M Energy Corp.

MMRL shareholders will receive a cash payment of $5.50 and a share of 2M Energy Corp. for each share held on July 29, 1999. The cash and share certificates will be mailed to shareholders in the first week of August, 1999. 2M Energy Corp. holds 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 about $13.5 million if the total proven plus probable gas reserves at Saltfleetby exceed 50 bcf.

2M Energy Corp. has 15.75 million shares outstanding and is scheduled to start trading on The Toronto Stock Exchange on August 4, 1999 under the symbol TMM.

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