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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (11156)6/9/1998 9:08:00 PM
From: Herb Duncan   of 15196
 
FINANCING / Deena Energy Enters into Agreement


ASE SYMBOL: DNG

JUNE 9, 1998


CALGARY, ALBERTA--Deena Energy Inc. (ASE-DNG) is pleased to
announce that pursuant to a letter of intent dated May 26, 1998,
which is subject to the completion of a due diligence review, it
has entered into an Agreement with Canaccord Capital Corporation
to sell on a best efforts basis approximately $5,000,000.00 by way
of prospectus offering of Flow-Through Common Shares. The
Flow-Through Common Shares will be sold at a price to be
determined for an aggregate consideration of $5,000,000.00. The
proceeds of the offering will be used to fund Deena's ongoing
domestic exploration projects.

Deena also wishes to announce that Mr. Bill Ostlund has been
appointed to Deena's Board. Mr. W.(Bill) Ostlund is
Vice-President of Finance and Chief Financial Officer for Reserve
Royalty Corporation. Bill brings over eighteen years of industry
experience to the Board of Deena.

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