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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (10250)	4/22/1998 2:11:00 AM
From: Kerm Yerman	of 15196

FIELD ACTIVITIES / Curlew Lake Resources Turner Valley Update Curlew Lake Resources Inc. is now able to report on its participation in ongoing exploration and development activities in the Turner Valley area of Alberta. The Imperial-Berkley Turner Valley 2-21-21-3 W5M well was drilled and completed in a regional Mississippian gas zone with approximately 100 feet of net pay in a gross 126 foot Turner Valley section. Ninety (90) feet of Turner Valley reservoir section was perforated. The April 1, 1998 Crown P&NG lease sale prevented participants from releasing information and precluded the operator from conducting any major testing and completion work on the well prior to that date. The Farmor/Farmee group acquired 1,120 acres at the sale, which provides fill in land coverage over the new gas pool. Imperial Oil Resources Limited is the operator of the well and reports that, based on seismic data, the portion of the pool in which they have an interest is expected to contain approximately 150 billion cubic feet (BCF) of gas in place. They advise that the 2-21 well was tested in March at rates of one to three million cubic feet per day (1-3MMcf/d) and that economic recoverable reserves cannot be determined until pressure build-up analysis is complete and reservoir deliverability can be analysed. The gas has a hydrogen-sulphide content of approximately 2.7 percent. Bearcat Explorations Ltd. and Stampede Oils Inc., two other farmor participants in the well, have reported that their area and regional geological/geophysical interpretation indicates potential recoverable gas reserves in this new gas field should be in the order of 600 BCF. They also report that well deliverability should improve significantly after stimulation. Two follow-up wells to the current 2-21 gas discovery are expected to commence in the near future. With regard to the recently drilled BPC et al Turner Valley 12-35-20-3 W5M well, it is now planned to whipstock this well into the newly discovered regional Turner Valley gas pool when a rig is available likely early this summer. In addition to this new discovery in the Mississippian Turner Valley formation, our group previously made a significant gas discovery in the Stampede Bcat et al Hartell 4-13-19-2 W5M Devonian Crossfield well at the southern end of the trend. The spacing unit for the Hartell discovery has proven recoverable reserves of 42 BCF and the overall South Turner Valley Crossfield gas pool has been estimated to hold at least 250BCF. This gas has a hydrogen-sulphide content of approximately 22 percent and contains 12 barrels of light 43 API gravity oil per million cubic feet of gas. Two development wells are planned for this south pool this year. The Turner Valley prospect is now developing into a major gas development project. It is expected that Mississippian gas production will commence this year and Devonian Crossfield gas production should commence in 1999. Information related to the potential for major oil development on this prospect will be forthcoming at a later date. Curlew Lake's working interests in the Regional Mississippian Turner Valley gas formation varies from 1.3% to 2.78% and in the underlying Devonian Crossfield gas from 2.5% to 5%.

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