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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (9092)2/18/1998 5:19:00 PM
From: Arnie   of 15196
 
ACQUISITION / BelAir Energy purchases Oil & Gas Properties

CALGARY, Feb. 18 /CNW/ - BelAir Energy Corporation announced today that
the Company has closed the purchase of various working interests in producing
oil and gas properties and undeveloped lands for $625,000.

The acquisition adds 47 boepd of production to BelAir's current
production of 400 boepd and adds 600 MMcf of proven producing natural gas
reserves and 46 Mbbl of proven producing oil and NGL reserves to BelAir's
reserve base.

The acquired producing properties in Fenn West, Viking Kinsella and
Wainwright complement BelAir's existing production in central Alberta and
expands the Company's production base into east central Alberta.

According to President Vic Luhowy, ''This acquisition completes the first
phase of our strategy to build a solid base of long life producing reserves
and cash flow. This base is the foundation of BelAir's future growth. The
next phase will be to build on the Company's undeveloped land base and to make
strategic acquisitions with development potential.''

BelAir Energy Corporation is based in Calgary and is involved in the
exploration and exploitation of petroleum reserves in Western Canada. BelAir
is listed on The Alberta Stock Exchange and trades under the symbol ''BGY''.
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