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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (720)	10/29/1996 7:20:00 PM
From: Barry Smith	of 24925

Kerm, Sorry to interject .... Do you know anything about ED on Alberta. Enterprise Development Corporation. Ultra Petroleum was also a big mover today eh !! ED's stock was at 50 cents 4 days ago...now at 80 cents and moving up. Copy of news release enclosed. Your insight would be much appreciated. FOR FURTHER INFORMATION PLEASE CONTACT: Enterprise Development Corporation Garry Kilbourn (403) 237-6950 or Enterprise Development Corporation Larry Wagar (403) 237-6950 or Enterprise Development Corporation John Pipe (416) 340-2756 The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ENTERPRISE DEVELOPMENT CORPORATION ASE SYMBOL: ED OCTOBER 23, 1996 Enterprise Signs Agreement to Purchase Tunisian Assets CALGARY, ALBERTA--Enterprise Development Corporation (ASE - ED) announced today that it has signed formal purchase and sale agreements with a U.S. independent oil company in respect to the acquisition of that company's Tunisian oil and gas properties. The agreements follow a letter of intent signed and announced on October 7, 1996. Under the agreements, Enterprise will acquire 416,000 net acres of onshore and offshore oil and gas concessions. Enterprise is acquiring 33 percent to 40 percent working interests in the offshore concessions, including six shut-in wells, to which 57.5 million barrels of proved and probable oil reserves are attributed to the Enterprise interest. Possible additional reserves to the Enterprise interest in these properties are estimated to be in the order of 97 million barrels. The acquisition will close in Houston, Texas on November 19, 1996. -30-

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