KERM'S KORNER Message Board

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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8715)	2/2/1998 7:37:00 PM
From: Arnie	of 15196

PROPERTY ACQUISITION / Prism Petroleum purchases 100% Interest in Gas Prism Petroleum Ltd. announced today that it has concluded the purchase of a 100% interest in a producing gas property in the Atlee field in southeastern Alberta. The acquisition will increase Prism's proven reserves and production rate by about 75% and 35% respectively. Prism's net Operating Revenues before G & A and Interest payments are projected to increase by approximately 40% to $3,100,000 in 1998. The property includes 87 producing gas wells and a processing plant and has substantial upside development potential. The effective date of the transaction was January 1, 1998. The acquisition was funded by cash payments of $4,500,000 plus 4,500,000 shares of Prism common stock. Prism Petroleum Ltd. trades on the Alberta Stock Exchange under the symbol PMM. For further information with respect to this release, please contact Douglas H. Church, President of Prism Petroleum Ltd. at 403-237-2396.

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