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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9930)	4/3/1998 5:16:00 PM
From: Kerm Yerman	Read Replies (1) of 15196

FIELD ACTIVITIES / Oiltec Resources Ltd. Drilling Update RED RIVER DRILLING UPDATE--100% SUCCESS IN 1998! CALGARY, April 3 /CNW/ - Oiltec Resources Ltd. (TSE:OLT) is pleased to report that it has achieved a 100% success rate on four Red River wells drilled in the first quarter of 1998. Three of the four wells are currently producing light gravity crude at a rate of 912 (446 net) BOPD. Two of the producers are flowing while the third has been equipped to pump. The fourth well has just been cased and will be completed in mid-April following spring break-up. Oiltec will move onto its eighth Red River location as soon as surface conditions permit. Including the 1997 activity, Oiltec now has an 86% Red River success rate, completing six of the seven wells drilled. The two successful wells drilled in the fourth quarter of 1997 continue to flow at a combined rate of 556 (326 net) BOPD. Oiltec now has a number of Red River development locations that have been defined by its exploration success. Oiltec will likely apply its horizontal drilling expertise to at least one of those development locations in 1998.

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