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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9363)	3/2/1998 8:27:00 PM
From: Arnie	of 15196

FIELD ACTIVITIES / Calvelley Petroleum announces Farmout Arrangement Calvalley Petroleum Inc. today announced that it has concluded a Farmout transaction with a major industry company which has committed to drill four (4) exploration wells targeting Mississippian zone production, at locations on specific portions of Calvalley Petroleum Inc.'s lands in S.E. Saskatchewan. This agreement forms part of Clavalley's ongoing strategy of maximizing value on undeveloped land assets. The conditions of the Agreement between Calvalley and the Farmee are in accordance with standard industry terms. Commencement of the first well is scheduled prior to March 15, 1998. On a predetermined timetable, after the initial phase, continuous drilling option privileges have been allowed for additional wells on Calvalley's lands. Calvalley Petroleum Inc. is a Calgary-based oil and gas exploration and development Company whose shares are traded on the Montreal Exchange. Ticker symbol: CVI.A (ME) Newspaper Abbreviation: Calvalley Source: Edmund Shimoon, P. Eng. Chairman and Chief Executive Officer Calvalley Petroleum Inc. Telephone: (403) 297-0490 Fax: (403) 297-0499

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