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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Bobby Yellin who wrote (759)	11/6/1996 2:27:00 PM
From: Kerm Yerman	of 24922

Bobby / Ranger Oil RANGER OIL ACQUIRES NORTH SEA ACREAGE CALGARY, November 6 /CNW/ - Ranger Oil Limited announces the acquisition from Mobil North Sea of a 20% interest in UK Central North Sea licence P.748, which covers blocks 29/2c and 22/26b. Ranger Oil (U.K.) Limited will also become Operator of the licence. Mobil has acquired Ranger's interest in block 48/22a. Block 29/2c includes the Kyle discovery that has produced oil from three wells at rates of up to 4,500 bopd on test. It lies about 12 km south west of the Banff field, in which Ranger holds a 26.2% interest. Ranger plans to complete the appraisal of Kyle during 1997. Conceptual development plans would envision utilizing subsea completion wells tied back by pipeline to a nearby production facility. If the appraisal program is successful, it is expected that production should commence by 1999. Participants in Block 29/2c are: Percent ------- Ranger Oil (U.K.) Limited (Operator) 20.0 Croft Exploration Limited 2.5 Mobil North Sea Limited 57.5 Premier Pict Petroleum Limited 20.0 Issued by: F. J. Dyment President and Chief Executive Officer

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