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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8593)1/21/1998 8:23:00 PM
From: Kerm Yerman   of 15196
 
PROPERTY ACQUISITIONS / Belair Energy Acquires Alberta Properties

BELAIR ENERGY CORPORATION - ACQUISITION OF OIL AND GAS PROPERTIES

CALGARY, Jan. 21 /CNW/ - BelAir Energy Corporation announced today that
the Company has signed letters of intent with two oil and gas companies to
purchase various working interests in producing oil and gas properties and
undeveloped lands for $1.1 million. The acquisitions are scheduled to close
in early February.

The acquisition will add 75 boepd of production to BelAir's current
production of 400 boepd and adds 700 MMcf of proven producing natural gas
reserves and 125 Mbbl of proven producing oil and NGL reserves to BelAir's
reserve base.

The acquired producing properties complement BelAir's existing production
in central Alberta and expands the Company's production base into east central
Alberta.

According to President Vic Luhowy, ''These acquisitions complete our
strategy of building a solid base of long life producing reserves and cash
flow; a base that will be the foundation of BelAir's growth into the future.''

BelAir Energy Corporation is Calgary based and is involved in the
exploration and exploitation of petroleum reserves in Western Canada. BelAir
is listed on The Alberta Stock Exchange under the symbol ''BGY''.
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