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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (11647)	7/8/1998 4:08:00 PM
From: SofaSpud	of 15196

CORP. / Moiibus Update MOIIBUS RESOURCE CORPORATION - DRILLING/CORPORATE UPDATE CALGARY, July 8 /CNW/ - Moiibus Resource Corporation advises that George K. Chow has resigned as director effective June 17, 1998. The Company participated in drilling a well in southeast Alberta with gross reserve potential of 2 - 5 Bcf of gas. The well was dry in the target zone and the well-bore was transferred to a third party with mineral rights in the upper zone, reducing dry hole costs to the Company for abandonment. In the Camao area, the well drilled in the first quarter is producing 40 Boe/d, net, bringing current Company production to 110 Boe/d. Production should increase to 130 Boe/d once pooling issues are resolved at Camao. The Company is participating in the drilling of a horizontal well in the Camao area (28% working interest) with oil production potential of 30 - 50 Bbls/d net to the Company. The well will spud once wet conditions in the area subside. This release is neither approved or disapproved by the Alberta Stock Exchange -30- For further information: Lloyd W. Herrick, P. Eng., President and CEO, (403) 262-6183, Fax: (403) 233-2040

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