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Gold/Mining/Energy : Tusk Energy (TKE)

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To: grayhairs who wrote (1121)	7/16/1999 1:32:00 PM
From: kingfisher	Read Replies (1) of 1207

TUSK participates in B.C. test well TUSK Energy Inc TKE Shares issued 10,526,090 Jul 15 close $0.88 Fri 16 Jul 99 News Release Mr. Norman Holton reports TUSK Energy confirms that it has participated in the drilling of a test well in northeastern British Columbia operated by Veteran Resources Inc. Hydrocarbons were encountered and the corporation and its partners are currently analyzing the results. TUSK was using, for the first time, recently developed underbalanced horizontal drilling technology. While TUSK is pleased with the trial of this new technology, testing and analysis will be continuing to test its effectiveness. TUSK has a 30-per-cent working interest before payout (20 per cent after payout) in the test well and has the option to earn in an additional 20.5 sections by drilling two option wells on the same terms. TUSK's interest in the balance of the initial 10 section earning block and in an area of mutual interest is 20 per cent. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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