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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (9092)2/18/1998 5:10:00 PM
From: Arnie   of 15196
 
FINANCING / Newstar Resources secures Revolving Credit Facility

TORONTO, Feb. 18 /CNW/ - Newstar Resources Inc. (NASDAQ: NERIF and TSE:
NER) announces that it has negotiated a U.S.$50 million senior revolving
credit facility with a major Houston based energy lender. Newstar anticipates
that the credit facility together with cash flow from operations will be
sufficient to fund its 1998 exploration and development program. The credit
facility also has the potential to facilitate the acquisition of certain
producing oil and gas properties currently being considered by Newstar.

Newstar anticipates that lower product prices in 1998 will reduce its
cash flow. However, because the bulk of its production is natural gas in the
United States, the impact will be minimized. During February Newstar will
receive an average price in excess of U.S.$2.50 per mcf for its natural gas.

Michigan-based Newstar Resources Inc. is an oil and gas exploration and
production company with operations in Michigan, Ohio and Texas. The Company
trades on the NASDAQ National Market System under the symbol NERIF and the
Toronto Stock Exchange under the symbol NER.

Certain statements in this news release regarding future expectations of
reserve potential, production and drilling may be regarded as
''forward-looking statements'' within the meaning of the U.S. Litigation
Reform Act. They are subject to various risks, such as the inherent
uncertainties in interpreting engineering data relating to underground
accumulations of oil and gas. Actual results may vary materially.
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