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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (10812)	5/21/1998 12:56:00 PM
From: SofaSpud	Read Replies (1) of 15196

PROPERTY ACQUISITIONS / Kintail Energy Inc. KINTAIL ACQUIRES SIGNIFICANT GAS PROPERTIES CALGARY, May 21 /CNW/ - KINTAIL ENERGY INC. announces that it has reached agreement to acquire gas properties in the Watelet area of Central Alberta. Production is approximately 5 MMCFE/d consisting of 3.7 MMCF/d of natural gas plus 130 B/D of liquids. Included in the purchase are 30 sections of undeveloped land with an average working interest of 80%. Kintail has already identified numerous development and exploration opportunities on these lands. All the acquired properties will be operated by Kintail and drilling will commence in the third quarter. Consideration for the purchase is $8 Million and closing the arrangement is subject to financing, which will be done through a combination of debt and a share issue. Kintail Energy Inc. is an aggressive exploration and production Company, which trades on the Alberta Stock Exchange under the symbol 'KTE'. The Alberta Stock Exchange has neither approved nor disapproved the contents of the press release. -30- For further information: Paul Ward McRae Read, Chairman, President and Chief Executive Officer, (403) 269-2240, Fax: (403) 266-8893

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