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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (9217)	2/24/1998 7:59:00 PM
From: Herb Duncan	of 15196

FIELD ACTIVITIES / Paramount Resources Ltd. and Berkley Petroleum Corp. Update NWT Activities TSE SYMBOL: POU FEBRUARY 24, 1998 CALGARY, ALBERTA-- Not for distribution in U.S. News wire services or dissemination in the United States Paramount Resources Ltd. and Berkley Petroleum Corp. are pleased to update the ongoing exploration activities in the southern NWT and NEBC. The Para et al Bovie C-76 60 degrees 20' 122 degrees 45' drilled in winter 1997 has tested gas from a 58 metre zone (average porosity 5.3 percent) in the Middle Devonian. Mechanical problems prevented full evaluation in the vertical well-bore. The companies are currently drilling a horizontal well from the C-76 well bore to further evaluate the prospect. The Para et al Maxhamish b-57-L/94-0-15 well is cased with only modest gas shows from the Middle Devonian to date. The companies are currently drilling a shallow 1400m test at d-87-I/94-0-14 and one to three additional shallow tests are planned during March. The Para-Berkley Arrowhead N-65 60 degrees 40' 122 degrees 45' well has been drilled and cased to a total depth of 2925m as a gas well. The well flowed gas at rates up to 28MMcf/d along with formation water while drilling in the Middle Devonian section under-balanced, and production tests will proceed this winter to determine the extent of the gas pay. The companies are currently drilling a fourth new pool wildcat at Arrowhead O-5 60 degrees 30' 123 degrees 00' and have licenced an additional wildcat at Netla M-23 60 degrees 50' 123 degrees 00'. Paramount and Berkley both have 50 percent before payout working interests in the NWT wells. Berkley Petroleum's News Releases for the past 14 months can be accessed electronically through Canadian Corporate News website at cdn-news.com and Berkley's home page at berkleypete.com.

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