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Gold/Mining/Energy : KERM'S KORNER
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To: Arnie who wrote (9136)2/19/1998 3:17:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Founders Energy Completes Hartaven Well As
Winnipeg Sandstone Producer

TSE, ASE SYMBOL: FDE

FEBRUARY 19, 1998



CALGARY, ALBERTA--Founders Energy Ltd. announced today that the
Company has completed the Founders et al Hartaven 12-1T-10-9W2M
well as a Winnipeg Sandstone oil well. Founders has a 55 percent
working interest in the well which has flowed an average of 415
barrels per day of 53 degree API oil over the last sixteen days,
through a 12/64 choke. This zone is also present in the Founders
7B-2-10-9W2M well. Further development of the Winnipeg Sandstone
may take place depending on sustained production results over the
next few months. The 12-1T well has also produced oil from two
separate Yeoman (Red River) intervals. On a combined basis, these
intervals are capable of producing 300 barrels per day of 43
degree API oil.

In addition, the Company is currently drilling a well in the
Minard area of southeast Saskatchewan targeting Ordovician oil.
The Company is operator and has a 50 percent working interest in
the Founders PanAtlas Minard 14-6-6-6W2M well. Founders also
reports that it is currently in the process of putting on
production two recently drilled horizontal wells in the Company
operated Weir Hill area in southeast Saskatchewan. In the Gilby
area of Alberta the Company has just tied-in and put on production
a gas well, in which it has a 50 percent working interest, at an
initial rate of one mmcf per day.

Founders Energy Ltd. is a growth oriented Canadian junior oil and
gas company that is engaged in exploration, acquisition and
production of crude oil and natural gas reserves in Alberta,
Saskatchewan and British Columbia.
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