ZIM ENERGY &lt;ZIMR> TO SELL SHARES PRIVATELY

  ZIM Energy Corp said it has entered
  into an agreement for a group consisting of &lt;Strategy and
  Development Inc>, &lt;Norsk Vikingolje A/S> of Oslo and MIS Gas
  Corp -- which already owns one third of ZIM -- to buy 15 to 20
  mln new common shares at 20 cts each in association with &lt;Polo
  Energy Corp> and &lt;Jaguar Petroleum Corp>.
      The company said the investor group also bought about 6.3
  mln shares from ZIM management. It said James Mitchell, William
  Richardson and Steven Duin have resigned as officers and
  directors.
      ZIM said Chemclear Inc &lt;CMCL> has unilaterally canceled an
  agreement to merge with ZIM, and ZIM's board is studying the
  possiblity of a claim against Chemclear.
      The company said it expects to report a loss for the year
  of about 3,125,000 dlrs due to lower oil and natural gas
  prices, unsuccessful well workover programs and excessive
  overhead and corporate expenses. It said it plans a dramatic
  reduction in overhead costs that should improve results.
      The company said Michel Billard has been named chairman and
  Robert Berckmans has been named president and chief executive,
  and Berckmans and two others have joined the board.
      ZIM said it has agreed to acquire the remaining interest in
  its Buccaneer and Blue Dolphin Pipeline affiliates for about
  one mln dlrs in cash and stock.  It gave no further details.
  

