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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (9248)	2/26/1998 3:10:00 AM
From: Kerm Yerman	of 15196

REPORT / Highridge Exploration Reserve Growth HIGHRIDGE EXPLORATION LTD. TSE SYMBOL: HRE FEBRUARY 25, 1998 Highridge Reserves Grow 50 Percent CALGARY, ALBERTA--HIGHRIDGE EXPLORATION LTD. ("HRE" - TSE) announced today that Proved plus Probable Additional Reserves grew by 50 percent in 1997 to 11.5 million BOE (barrels of oil equivalent) according to an independent reserve report recently completed by McDaniel & Associates Consultants Ltd. Proved Reserves grew by 40 percent to 7.6 million BOE. This growth continues the dramatic reserve growth of 64 percent during 1996. Established onstream finding costs were $7.10 per BOE. Included in these finding costs are revisions of previous year's reserves representing $1.30 per BOE. Expenditures on facilities that will serve to reduce future operating costs represented $2.05 per BOE. Before these amounts, costs are $3.75 per BOE. Reserve replacement ratios for the year were 421 percent for proved reserves and 675 percent on a proved plus probable additional basis. Net Asset Value at a 15 percent discount factor was $4.85 per share with a $6.05 per share value using a 10 percent factor. (all financial data are estimates subject to final audit). Highridge anticipates that up to seven Gething and Cardium wells will be drilled in the first quarter at McLeod, subject to weather. Highridge has recently entered into a farmin and option agreement representing 19.25 sections of land. The first well under this agreement has been cased as a gaswell (Highridge interest 75 percent BPO). A second well, drilled under a existing farmin agreement, has been cased as a Gething gaswell (Highridge 50 percent BPO). A third and fourth well are currently drilling. Highridge's presence in the McLeod area is now 140 sections of owned and optioned acreage. A well at Wildmere (100 percent working interest) has been cased as a gaswell after testing 1.5 MMcf/d from the Colony. Highridge is a public oil and gas company active in central Alberta, Canada. The common shares of Highridge are listed on The Toronto Stock Exchange and trade under the symbol "HRE".

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