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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: stak who wrote (635)10/24/1996 6:57:00 PM
From: stak   of 24935
 
kerm,richard another teaser from probe of things to come.
PROBE ANNOUNCES MISCOLY ACQUISITION

CALGARY, October 24 /CNW/ - Probe Exploration Inc. (PRX-ASE) is pleased
to announce it has solidified its control over the Kitscoty Heavy Oil Project.
Probe has closed a $2.5 million acquisition of all the shares of a privately
owned company which holds 50% interest in the Kitscoty property. The
transaction was financed through Probe's existing line of credit with Alberta
Treasury Branch.
This acquisition adds an incremental 2mm. bbls. of proven plus risked
probable oil reserves to Probe's existing reserve base of 10.9 mm BOE. Probe's
reserve base is now comprised of 48% light oil, 29% heavy oil and 23% gas.
Incremental production from the acquired interest has added 170 BOPD which
brings Probe's daily production rate to 1200 BOPD.
Probe's current ownership of 85% throughout the entire Kitscoty project
now ensures the timely development of this proven oil field. The first of
three new wells, two horizontal and one vertical, scheduled for fall 1996 will
spud within the next two weeks. Subject to satisfactory sustained production
rates, three additional horizontal wells are scheduled for drilling in the
first half of 1997.
Incremental production increases from new drilling at Kitscoty should
substantially improve project netbacks based on current lifting costs and
recent oil prices of $22/bbl. for Kitscoty crude.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.

For further information: PROBE EXPLORATION INC., Stephen P. Gibson, President; or Barrie
Wright, Vice President, (403) 233-2464

17:13e 24-OCT-96
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