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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (15047)	1/27/1999 3:25:00 PM
From: Kerm Yerman	of 15196

FIELD ACTIVITIES / Commonwealth Energy Corp. Drilling Update COMMONWEALTH ENERGY CORPORATION - CATES#1 WELL FAR SURPASSES EXPECTATIONS CALGARY, ALBERTA-- Commonwealth Energy Corp. is pleased to announce that it has completed testing of the Cates #1 Well located in Parker County, Texas. The Cates #1, the first of four reentry wells, has been tested at an Absolute Open Flow rate of 1,775,000 cubic feet of natural gas per day. The primary zone that was recompleted is the Strawn Series between the depths of 2,630 and 2,680 feet. All production equipment is in place and the well is already connected to the Sales Line. There is a contract in place for the natural gas produced from this well at $3.89 (USD) per MCF (thousand cubic feet) of gas, twice that of the current spot price for natural gas. Treatment of the second well in this program, The Chatham is slated to commence during the first week of February and will take approximately 10 days to complete. The results will be announced upon completion.

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