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Gold/Mining/Energy : KERM'S KORNER
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To: Arnie who wrote (10615)5/9/1998 5:36:00 AM
From: Herb Duncan  Read Replies (2) of 15196
 
PROPERTY ACQUISITION / Virginia Energy Entered Into An Agreement With Richmount
Petroleum


ASE SYMBOL: VRG

MAY 8, 1998


CALGARY, ALBERTA--VIRGINIA ENERGY CORPORATION ("Virginia Energy")
is pleased to announce that it has entered into an agreement dated
May 4, 1998 with Richmount Petroleum Ltd. to purchase Richmount's
23.334 percent interest in the Sturgeon Lake South area
properties.

The purchase is expected to close in June of 1998 and will be
effective March 1, 1998. This transaction will increase Virginia
Energy's interest in the property to 33.334 percent. These
properties include some 5000 acres of P&NG leases in addition to
three oil wells that are currently producing about 170 bopd gross
(57 bopd net to Virginia Energy after the purchase).

This purchase will increase Virginia's current total net
production to 100 bopd.

The common shares of the Corporation trade through the facilities
of The Alberta Stock Exchange under the stock symbol VRG.
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