ZIM ENERGY <ZIMR> TO SELL SHARES PRIVATELY ZIM Energy Corp said it has entered into an agreement for a group consisting of <Strategy and Development Inc>, <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 <Polo Energy Corp> and <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 <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.