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Gold/Mining/Energy : KERM'S KORNER
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To: Arnie who wrote (8140)12/24/1997 3:06:00 AM
From: Kerm Yerman  Read Replies (2) of 15196
 
ACQUISITIONS - MERGERS / Petro Well Energy Services To Merge With Crown
Well Servicing Ltd.

PETRO WELL ENERGY SERVICES INC. - PRESS RELEASE

CALGARY, Dec. 23 /CNW/ - Petro Well Energy Services Inc. (''Petro Well'')
and Crown Well Servicing Ltd. (''Crown'') today announced the proposed merger
of their companies. It is expected that the business combination will be
effected by Petro Well acquiring all of the issued and outstanding shares of
Crown in exchange for 9.5 million common shares of Petro Well. The effective
date of the transaction will be January 1, 1998 with closing anticipated by
January 30, 1998.

The transaction is subject to several conditions being fulfilled
including approval of The Toronto Stock Exchange and other regulatory bodies
and satisfactory due diligence reviews. The transaction is also subject to
the shareholders of Crown entering into an agreement by January 20, 1998 with
one or more underwriters to sell by way of a secondary offering 7.5 million of
the 9.5 million common shares to be received as a result of the transaction.

Crown is an Edmonton based private oil and gas well servicing company
which owns eleven service rigs. Petro Well is a publicly owned oil and gas
well servicing company which owns eleven service rigs and is currently
constructing one additional service rig. The combined entity which will
initially own 23 service rigs expects to be a significant operator in this
segment of the Western Canadian service sector. Included as part of the
expanded asset base is a shop and yard in Edmonton.

Petro Well's common shares trade on The Toronto Stock Exchange under the
symbol ''PWS''. It currently has approximately 10.3 million common shares
issued and outstanding.
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