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Gold/Mining/Energy : KERM'S KORNER

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To: Arnie who wrote (9136)	2/19/1998 3:08:00 PM
From: Herb Duncan	of 15196

FIELD ACTIVITIES / Colt Energy Inc. and Ultra Petroleum Corp. Drilling Update AND COLT ENERGY INC. ASE SYMBOL: COE FEBRUARY 19, 1998 MONTREAL, QUEBEC--Colt Energy Inc. is pleased to provide an update of the drilling and completion activity in the Green River Basin, Sublette County, Wyoming. Completion work has commenced on the North Lizardhead 11-B well with completion of the special seismic program. A service rig is currently on site. The lower sections in the well should be perforated this week. Hydraulic fracturing will be coordinated with completion of the Western Gas Resources ("WGR") a pipeline to the Lizardhead area. Construction of the WGR pipeline has commenced with completion scheduled for month end. Ultra has obtained the drilling permit and completed lease construction on the Horse Creek 14-33 well, the earning well on the Antelope ranch prospect. Drilling has been delayed by the federal regulatory authority because of the unusually mild winter weather, which results in access road problems. The well is not expected to commence drilling until May, 1998.

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