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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14681)1/7/1999 8:17:00 AM
From: Kerm Yerman   of 15196
 
IN THE NEWS / Canadian 88 Energy Corp. and Newport Petroleum Corp. Resolve Caroline Dispute

CALGARY, ALBERTA -- Canadian 88 Energy Corp. and Newport Petroleum Corporation have announced today that they have entered into a settlement agreement with respect to their joint lands in the Caroline Area. The agreement addresses all of the issues outstanding between the corporations, and establishes a mechanism for the withdrawal without costs of all legal actions pertaining to the dispute between the two corporations.

The companies will be preparing a joint development plan for the Caroline Beaverhill Lake 'B' Pool for submission to the Alberta Energy and Utilities Board (AEUB) in early January, 1999. This plan will detail the drilling sequence, testing plans and processing alternatives being considered by both companies. Both Canadian 88 and Newport will continue to actively participate in the Caroline Beaverhill Lake 'B' Pool Advisory Committee, which also has representatives from the AEUB, the Sundre Petroleum Operators Group, and the community.

Included in the agreement is a division of operatorship of the lands. The corporations will establish a joint technical team to work together on all development matters including jointly assessing gas processing alternatives. This will lead to timely development and ultimate production from this very significant gas discovery.

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