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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8986)2/12/1998 3:24:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Peregrine Spuds Arkansas Exploration Well

ASE SYMBOL: PGG

FEBRUARY 12, 1998


CALGARY, ALBERTA--Peregrine Oil and Gas Ltd. - ASE - PGG along
with its partners in the Arkoma Joint Venture project (Hampton
Court Resources Inc. - ASE-HCR, Invader Exploration Inc. - ASE-INX
and Plexus Energy Ltd. - ASE-PGG) are pleased to announce that
drilling commenced today on the Company's Crystal Springs Prospect
located in western Arkansas, U.S.A. Peregrine has a 25 percent
working interest in this well and in over 5,000 acres of
associated lands. This 10,000 foot exploration well will target
large reserve potential carbonate reservoirs within the
Mississippian, Hunton and Arbuckle Formations and has multiple
potential pay zones present within the overlying sandstone
reservoirs of the Pennsylvanian Formation. Unrisked reserve
potential for the Crystal Springs prospect is over 100 billion
cubic feet of gas. The well is expected to take between 30 and 60
days to drill to total depth.

Completion operations and evaluation testing is proceeding on the
Joint Venture's Alpine (formerly called Checotah East) and
Brightstar (formerly called Keota #3) exploration wells located in
Oklahoma, U.S.A. Final results are expected to be announced
within the next two weeks.

The Arkoma Joint Venture is continuing with the development of
additional prospects from its offices in Tulsa, Oklahoma. An
additional 6 to 12 high potential exploration prospects will be
drilled by the partners during the balance of 1998.
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