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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8186)	12/30/1997 4:41:00 PM
From: Arnie	Read Replies (1) of 15196

FIELD ACTIVITIES / Oiltec Resources updates Red River Drilling CALGARY, Dec. 30 /CNW/ - Oiltec Resources Ltd. (TSE:OLT) reports that its third Red River well at Brough, Saskatchewan has been abandoned after encountering uneconomic pay. A fourth location at Weir Hill, Saskatchewan is licensed and is scheduled to spud January 2, 1998. Oiltec's first Red River well continues to flow light oil at controlled rates. The late arrival of a service rig, due to unscheduled repairs, has delayed completion of Oiltec's second Red River well. The completion rig moved onto the location on December 29th and the well should be capable of production during the week of January 5, 1998. Additional performance data will be reported for both successful Red River wells later in January.

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