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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8638)1/23/1998 3:46:00 PM
From: Kerm Yerman   of 15196
 
CORP. / Orbit Oil & Gas to Redeem Preferred Shares

ORBIT TO REDEEM PREFERRED SHARES

CALGARY, Jan. 23 /CNW/ - Orbit Oil & Gas Ltd. announces that it is
redeeming all of its outstanding 7 1/2% Cumulative Redeemable Convertible
Preferred Shares, Series 2 and 8 1/2% Cumulative Redeemable Convertible
Preferred Shares, Series 3. Orbit has set February 23, 1998 as the redemption
date. The Series 2 and Series 3 Preferred Shares will be redeemed for a
redemption price of $10.00 per share plus accrued and unpaid dividends to and
including the redemption date.

A notice of redemption will be mailed today to all registered holders of
the Series 2 and Series 3 Preferred Shares.
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