SECURITIES AND EXCHANGE COMMISSION

          SECURITIES ACT OF 1933
          Release No.  7665 / April 1, 1999

          SECURITIES EXCHANGE ACT OF 1934
          Release No. 41239 / April 1, 1999

          ACCOUNTING AND AUDITING ENFORCEMENT
          Release No.  1120 / April 1, 1999

          ADMINISTRATIVE PROCEEDING
          File No.  3-9861

          PROCEEDINGS  INSTITUTED  AGAINST  CHARLES E. WESSMAN

               The Securities and Exchange Commission ("Commission") today
          instituted cease-and-desist proceedings against Charles E.
          Wessman ("Wessman") based on charges that he defrauded investors
          by preparing and disseminating false and misleading financial
          statements and reports for Intercontinental Resources, NA, Inc.
          ("IRC") for fiscal years 1994, 1995, and 1996, as well as the
          period ended March 31, 1997.  IRC is a company which purports to
          be in the business of mining, timber, agriculture, mineral
          processing, and consulting.  Wessman is an accountant in San
          Bernardino, California.

               The Division of Enforcement alleges that the financial
          statements Wessman prepared for IRC were misleading in that they
          failed to conform with generally accepted accounting principles
          in several material respects.  The Division contends, for
          example, that most of IRC’s equipment was not depreciated, that
          certain expenses were improperly capitalized as assets, and that
          liabilities (both notes payable and past due salaries of
          officers) were understated or not stated at all.  The Division
          further charges that the financial statements falsely stated that
          IRC had revenues.  The Division alleges that, by these actions,
          Wessman violated Section 17(a) of the Securities Act of 1933,
          Section 10(b) of the Securities Exchange Act of 1934 and Rule
          10b-5 thereunder, and was a cause of IRC’s violations of these
          same provisions.

               A hearing will be held before an administrative law judge to
          determine whether the staff’s allegations against Wessman are
          true and, if so, to determine whether the Commission should issue
          a cease-and-desist order against him.  Last September, the
          Commission filed a civil action against IRC and its officers in
          federal court in California based in part on their dissemination
          of the financial statements Wessman prepared.  The Court has