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Debt holders to acquire subsidiary holding all of Gigantic's oil & gas interests.

Jumbo Petroleum Corp., Toronto, (CDNX: JBO) debt-holders will acquire subsidiary Gigantic Canadian Petroleum Ltd. for total consideration of approximately C$8 million owed to them. Gigantic owns Jumbo American Petroleum Co., which holds all of Jumbo's oil and gas interests. Jumbo owns diamond exploration claims in the Northwest Territories and will continue to pursue oil and gas assets.