KERM'S KORNER Message Board

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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8267)	1/5/1998 11:36:00 PM
From: Kerm Yerman	of 15196

PROPERTY ACQUISITION / Rapidfire Resources To Acquire Gas Property & Announces Private Placement RAPIDFIRE RESOURCES LTD. ASE SYMBOL: RPF JANUARY 5, 1998 Rapidfire to Acquire Gas Property and Issue Private Placement CALGARY, ALBERTA--Rapidfire Resources Ltd. announces it has agreed to purchase 12,000 gross (8,860 net) acres in the Kirkpatrick Lake area of east-central Alberta from Koch Exploration Canada, Ltd. The purchase includes 10 shut-in gas wells, a compressor station and associated lines and facilities. Rapidfire already owns an interest in some of the land as well as in contiguous acreage and is a core area to the company. The Company plans to start up the facility as soon as it has completed the purchase, which is expected to be by the end of January. Initial gas sales are anticipated to be greater than 500 mcf/day (net to Rapidfire) upon start-up. Tie-in of other Rapidfire interest wells in the area can increase this to 2,000 mcf/day. Also, Rapidfire has applied to the Alberta Stock Exchange for clearance to issue one million treasury shares to Koch Exploration under a private placement at $.30/share. The funds are flow-through and will be used for the company's 1998 drilling program.

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