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Gold/Mining/Energy : KERM'S KORNER
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To: Herb Duncan who wrote (8577)1/22/1998 1:59:00 AM
From: Kerm Yerman  Read Replies (3) of 15196
 
FIELD ACTIVITIES / BXL Energy Ltd. Gift/Littlehorse Drilling
Update

BXL ENERGY LTD.
ASE SYMBOL: BXL

JANUARY 21, 1998

BXL Announces Additional Exploration Success

CALGARY, ALBERTA--BXL Energy Ltd. advises that further to its
announcement of November 19, 1997, the company has successfully
drilled the second and third wells of its winter drilling program
at Gift/Little Horse. The first well was put on stream in late
November and is currently producing at approximately 350 (95 net)
barrels of oil per day. The second well was drilled in December
and put on stream in January at a rate of 300 (90 net) barrels per
day. The third well was drilled in January and is expected to
come on stream before month end at approximately 300 (70 net)
barrels per day. For the balance of 1998, BXL estimates that
these three wells will contribute 200 to 250 barrels of oil per
day to its production base. Production from this area is light,
sweet crude and once tied in to production facilities can be
produced at low cost.

The balance of BXL's Gift/Little Horse winter drilling program
includes at least three and up to five additional wells, at
working interests ranging from 24 percent to 75 percent.

BXL Energy Ltd. is engaged in the acquisition, exploration,
development and production of oil and natural gas reserves in
Alberta.
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