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Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE)
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To: Liatris Spicata who wrote (191)8/5/1997 6:38:00 PM
From: Harley   of 701
 
The following was in the Daily Oil Bulletin today:

Bearcat, Stampede Strike Farmout Deal

Bearcat Explorations Ltd. and Stampede Oils Inc. have entered into a
farmout agreement with Berkley Petroleum Corp. pertaining to oil and gas
leases held by Bearcat/Stampede and related companies in the Turner Valley
area of southwestern Alberta.

A drilling rig has been contracted for the first earning well, the
firms said. Drilling is expected to commence in August and should take 60 to
80 days to reach total depth at approximately 3 000 metres. The well is in-
tended to test the regional Mississippian Turner Valley formation for oil.
Berkley will be the operator.

Net after payout working interest in this program will be Berkley,
36%; Bearcat, 34%; Stampede, 17%; Panda Petroleums Ltd., nine per cent and
Curlew Lake Resources Inc., four per cent. The farmout is in addition to the
previously announced farmout to Imperial Oil Resources Limited covering addi-
tional acreage held by Bearcat/Stampede and related companies in the Turner
Valley area. Berkley is also participating in that program as an equal part-
ner with Imperial.

A well licence application has been submitted for each of the first
earning wells on both of the above programs.

Though Bearcat and Stampede have carried interests in the drilling of
the earning wells, both companies have completed financing arrangements to fi-
nance their additional and ongoing participation in the programs. The financ-
ing involved the sale of five million shares by each company for net proceeds
of $1.6 million to Bearcat and $900,000 to Stampede.
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