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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14117)	12/8/1998 2:29:00 PM
From: Kerm Yerman	of 15196

FIELD ACTIVITIES / Calvalley Petroleum Inc. Increases Natural Gas Production CALVALLEY PETROLEUM INC. ANNOUNCES INCREASED NATURAL GAS PRODUCTION CALGARY, ALBERTA-- Calvalley Petroleum Inc., a Calgary based oil and gas exploration and development company, whose shares are traded on the Montreal Exchange, today announced that its gas production from Northwestern Alberta, has increased significantly in the past five months. Production from the Rainbow area has increased from 2.7 million cubic feet per day in late June, 1998 to a current level in excess of 5.0 million cubic feet per day with limited pressure draw-down from the wells. Dry, sweet gas is currently being produced from three wells in two separate pools. A fourth well from a third pool is expected to be brought on stream during the first quarter of year 1999, requiring only a 200 meter pipeline tie in. In order to maximize revenue and minimize risk, the company has signed a one year (November '98 to November '99) fixed price gas contract with Dynegy Canada Gas Marketing Ltd. for 2500 gj's per day at $2.73 per gj.

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