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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8715)	1/28/1998 10:32:00 PM
From: Arnie	of 15196

FIELD ACTIVITIES / Bow Valley Energy updates Iranian Balal Project CALGARY, Jan. 28 /CNW/ - Bow Valley Energy Ltd. announces that it has notified Bakrie Minarak Petroleum Company Ltd. that, as a result of Bakrie's failure to advance funds in respect of the Balal oilfield project, it has presented Bakrie with a settlement plan, which includes the assignment of P.T. Bakrie's Interinvestindo's interest in the Service Contract to Bow Valley. Bow Valley is awaiting a response from Bakrie in this regard. Bow Valley was formed in 1996 to operate as an international oil and gas acquisition, development and production company headquartered in Calgary, Alberta. Bow Valley has significant interests in the North Sea in addition to projects in Iran and Romania. Bow Valley trades on the Toronto Stock Exchange under the symbol BVX.

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