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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8691)1/27/1998 6:14:00 PM
From: Kerm Yerman  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Bow Valley Energy Iran Update

BOW VALLEY PROVIDES AN UPDATE ON THE IRANIAN BALAL PROJECT

CALGARY, Jan. 27 /CNW/ - Bow Valley Energy Ltd. announces that Bow Valley
and Bakrie Minarak Petroleum Ltd. have initiated discussions with respect to
Bakrie's involvement in the Balal offshore development project in Iran.
Pursuant to agreements entered into in 1997, Bow Valley is responsible for the
operational aspects of the project and Bakrie is responsible for providing
financing.

Bakrie has now indicated to Bow Valley that, in view of the current
economic and currency crisis in Indonesia, Bakrie is unable to fulfil its
obligations to provide or arrange financing for the Balal project. Bakrie has
not complied with requests for funding with respect to past costs and current
commitments. Bow Valley has incurred costs attributable to the project in the
amount of approximately $1.1 million. Bow Valley is discussing arrangements
with Bakrie regarding its obligations and is examining all options including
seeking other partners for the Balal project.

Bow Valley has completed a preliminary geophysical and reservoir
engineering review of the Balal field aud is proceeding with front end
engineering and design of the offshore structures.

Bow Valley was formed in 1996 to operate as an international oil and gas
acquisition, development and production company headquartered in Calgary,
Alberta. Bow Valley has significant interests in the North Sea in addition to
projects in Iran and Romania. Bow Valley trades on the Toronto Stock Exchange
under the symbol BVX.
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