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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (10936)5/28/1998 4:09:00 AM
From: Herb Duncan  Read Replies (1) of 15196
 
PROPERTY ACQUISITION TOP 20 LISTED / Berkley/Paramount Announce
Shell Northwest Territories

TSE, ASE SYMBOL: BKP

AND PARAMOUNT RESOURCES LTD.

TSE SYMBOL: POU
OTC Bulletin Board SYMBOL: PAREF

MAY 27, 1998


Acquisition

CALGARY, ALBERTA--Berkley Petroleum Corp. and Paramount Resources
Ltd. are pleased to announce that the companies have entered into
an agreement to purchase Shell Canada Limited's interest in the
southern Northwest Territories and the Maxhamish area of northeast
British Columbia. The acquisition includes 196,285 acres in the
Fort Liard area including Shell Canada Limited's 50 percent
interest at Bovie Lake and Arrowhead. Also included is 42,450
acres in the Maxhamish area of northeast British Columbia with
working interests ranging from 50 to 100 percent. As a result of
the transaction, Paramount and Berkley now control 100 percent in
all of the prior joint venture lands. The Berkley/Paramount joint
venture plans to continue its drilling program in the upcoming
winter by completing the Bovie Lake C-76 sidetrack operation and
completing the Arrowhead N-65 well that, as previously announced,
flowed significant rates of gas; in addition, drilling operations
at Arrowhead O-65 and Netla M-23 will continue. The companies'
Liard F-36 well will also be completed as soon as access can be
established. Further additional exploratory locations for the area
are currently being evaluated.

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