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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14389)12/18/1998 4:14:00 PM
From: Kerm Yerman   of 15196
 
LAND ACQUISITION / Upton Resources Adds to Core Area

CALGARY, Dec. 18 /CNW/ - (URC-TSE) Upton Resources Inc. announced today
the closing of a production and reserve purchase in the Queensdale/Alida area
of Southeast Saskatchewan. This property is one of the few properties within
the pool boundary that has yet to be exploited with horizontal production
technology. Horizontal wells offset this property on three sides, wells
within a one mile radius of the property had initial production rates of 150
to 500 BOPD and will ultimately produce between 100,000 and 600,000 barrels
per well, the best neighboring well has produced 500,000 barrels in six years.
The acquisition, (50 BOPD current production at a cost of approximately $6.00
per proven producing barrel) compliments Upton's existing 800 BOPD production
in the area. Upton estimates that it will drill between 4 and 6 horizontal
wells to fully develop the property.

Upton acquired 80% of the property effective October 1, 1998 and will be
the operator. Given the current price for oil, Upton believes that
inventorying development prospects is an excellent use of its cash and
continues to look for strategic property acquisitions which are complimentary
to its core area. Plans for drilling on the property will be activated as oil
trends above U.S. $15.00 W.T.I.

The common shares of Upton are listed on the Toronto Stock Exchange under
the symbol ''URC''.

This information has been neither approved nor disapproved by the Toronto
Stock Exchange.

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