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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (11074)6/3/1998 7:19:00 AM
From: Herb Duncan  Read Replies (1) of 15196
 
MERGERS-AQUISITIONS / Petrorep Announces Acquisition

TSE SYMBOL: PRR

JUNE 2, 1998



CALGARY, ALBERTA--PETROREP RESOURCES LTD. is pleased to announce
that it has purchased additional Petroleum and Natural Gas
interests in the Valhalla area. The purchase is effective April
1, 1998 and will provide the Company with an additional 1,200 mboe
of proven and 345 mboe of probable reserves, at a cost of
approximately $7.25 per barrel of oil equivalent with an average
operating cost of approximately $3.25 per boe. This acquisition
will increase the Company's overall area working interest in the
area to approximately 46 percent.

Consistent with the Company's acquisition focus, and as the
existing operator of the property, the purchase will allow the
Company to further develop the above long life reserves through
further development drilling.

This purchase represents a replacement of approximately 60 percent
of the Company's forecasted 1998 production on a proven barrel of
oil equivalent basis. The acquisition will be funded from the
Company's existing line of credit.

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