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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8859)	2/5/1998 9:24:00 PM
From: Arnie	Read Replies (1) of 15196

FIELD ACTIVITIES / Naftex Energy announces Production STart-Up VANCOUVER, Feb. 5 /CNW/ - NAFTEX ENERGY CORPORATION Trading Symbol: NFTX NAFTEX ENERGY CORPORATION (the ''Company'') is pleased to announce that oil production commenced from the Rabeh-1 Well in the West Esh El Mallaha (WEEM) Development Lease, on February 2, 1998. The well is currently flowing on 1/2'' choke with an average rate of production of 2,000 BOPD. Production levels may be increased after monitoring the well's performance. Trucking of the oil has commenced to the nearby Gebel Zeit terminal on the Gulf of Suez coast using Geisum Oil Company facilities. The Company is of the opinion that the Early Production Facility installed and operated by Alpine Oil Services-Egypt (a subsidiary of a Calgary based company) is the most technically advanced and cost effective facility in the area. The Joint Operating Company is currently negotiating with different drilling contractors for the lease of a rig to start the scheduled four-well drilling program. The planned WEEM 3D and 2D seismic programs are expected to commence by mid-April this year. A total of 54,047,191 common shares of the Company is presently issued and outstanding. On behalf of the Board of Directors NAFTEX ENERGY CORPORATION Stephen S. James Vice President Corporate Counsel

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