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Gold/Mining/Energy : Raptor Capital Corporation
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To: Postman who wrote (310)6/9/1999 10:58:00 AM
From: J.C.  Read Replies (1) of 355
 
!!!!!News finally!!!!

Raptor Capital Corporation (''Raptor'') announces Alberta Shut in
Natural Gas acquisition program

CALGARY, June 9 /CNW/ - Mr. Norman Mackenzie, Chairman of Raptor Capital Corporation, announces the successful commencement of a program to acquire shut in natural gas wells in Alberta.
Raptor has targeted over sixty wells for acquisition from senior
producers. Each well has been drilled, completed and tested and awaits
necessary capital for tie in to production facilities.
Raptor will finance this program with a combination of new equity,
off-balance sheet funding and a leasing program whereby Raptor will lease pipeline and surface facilities at competitive interest rates in the 8% range.
The first group of four wells in this program were acquired in November 1998 in the Joffre Area of Central Alberta and were placed on stream in early 1999. The four wells are currently producing 2.2 mcf/day natural gas and 63 BBL's natural gas liquids (NGL's) (net to Raptor 890 mcf/d and 23 BBL's NGL's).
Raptor will have a 50% working interest in the acquisition of additional wells. The wells typically have 0.50 BCF to 1.5 BCF natural gas reserves and are expected to produce between 300 mcf per day and 1,500 mcf per day.
Raptor expects to complete the acquisition of an additional nine wells by June 30, 1999.
The Alberta Stock Exchange neither approves nor disapproves this
announcement.

-30-

For further information: Jim Kootnekoff, (888) 344-7999 or Neil
Kennedy, (403) 266-5515
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