Optima Announces Shareholder Approval Of Merger VANCOUVER, B.C. - August 24, 1998 - The Company announces that the proposed merger with American Explorer, L.L.C. and related entities received shareholder approval at an extraordinary general meeting held today. Five nominees of American Explorer, L.L.C. were also appointed to the Board. Other related matters which were approved were: Continuation of the Company into the State of Delaware; Changing the Company's name to PetroQuest Energy, Inc.; Amending certain outstanding stock options and implementing a new stock option plan; Acquisition of a 5% working interest in the Valentine prospect. The foregoing matters, other than the board appointments, will become effective upon completion of all necessary regulatory filings, expected to occur shortly. The board appointments are effective immediately. Following the completion of the merger, the Company will continue to trade on the NASDAQ NMS (new symbol PQUE) and on the Toronto Stock Exchange (new symbol PQU). Further announcements will be made as and when appropriate. On behalf of the Board of Optima Petroleum Corporation William C. Leuschner Chairman and Director