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Gold/Mining/Energy : KERM'S KORNER
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To: Herb Duncan who wrote (9248)2/26/1998 3:40:00 AM
From: Kerm Yerman   of 15196
 
FIELD ACTIVITIES / Texalta Petroleum Saskatchewan Update

TEXALTA PETROLEUM LTD.

ASE SYMBOL: TEX.A

FEBRUARY 25, 1998

Texalta Petroleum Licenses Horizontal Well in
Saskatchewan

CALGARY, ALBERTA--Texalta Petroleum Ltd. would like to advise
shareholders that the company has licensed a horizontal well in
the West Queensdale area Saskatchewan. The company has a 43.8
percent working interest in the project.

The well is expected to have a T.D. of about 2100m and at its
furthest extremity will pass near an abandoned test well that had
an IP of over 100 BOPD in 1957. The old well had a 32 foot
(9.75m) oil column according to cores and logs.

The company's proprietary seismic data indicates porous
Mississippian reservoir over about a 620 meter interval in the
planned well.

Drilling operations at this well will start after break up
expected at the end of April or early May.

Texalta will join Upton and others in drilling a stepout well in
the Wildwood area of SE Saskatchewan. This joint well is also
expected to start in the late April early May.

In addition the company is in the process of arranging a group to
drill a deep well on the company's West Queensdale property on a
farmout basis. These efforts are incomplete at this time but
Texalta is hopeful of success in the near future because of recent
industry successes in the region and corresponding interest in
deep drilling projects.
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