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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14691)1/7/1999 7:54:00 PM
From: Herb Duncan   of 15196
 
CORP / Newport Petroleum Corporation and Canadian 88 Energy
Corp. Resolve Caroline Dispute

TSE SYMBOL: NPP

JANUARY 7, 1999

CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION and Canadian 88
Energy Corp. 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
Newport and Canadian 88 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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