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Gold/Mining/Energy : KERM'S KORNER
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To: Postman who wrote (8884)2/6/1998 3:51:00 PM
From: Herb Duncan   of 15196
 
FIELD ACTIVITIES / PanOil Resources Update

ASE SYMBOL: PRE

FEBRUARY 6, 1998



CALGARY, ALBERTA--PanOil Resources announces the following
information regarding its PanOil Ramarro Crestar b-81-I well at
Orion in N.E. British Columbia. The well spudded on January 9,
1998, has drilled to projected total depth of 2039 meters, and has
been cased to the Slave Point Formation as a potential gas well.
The drilling rig was released as of February 3, 1998. A service
rig will be on location to test and complete the well during
February. A successful completion will prove up a number of
locations which are defined by geology and seismic.

The d-80-E well, located approximately 6 miles from b-81-I well in
N.E. B.C. remains in a suspended status until a rig can be
contracted to complete the well. PanOil is actively seeking a rig
and the appropriate horizontal drilling equipment to complete this
well.
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