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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (11134)6/8/1998 8:32:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
FIELS ACTIVITIES / Q Energy Limited Updates Status Of Its South
Lakeside, Louisiana Project

ASE SYMBOL: QE

JUNE 8, 1998



CALGARY, ALBERTA--Q Energy Limited today announced that in
Louisiana, the South Lakeside re-entry and side-track operation is
due to commence by June 20th and is expected to take approximately
four weeks to reach its target. Q Energy will participate as to
its 5.5 percent interest in this 18,000 foot gas test to evaluate
a strong amplitude anomaly identified in trap position on a recent
3D seismic survey. Potential reserves range up to 2 TCF (net 110
Bcf to Q). Comparable wells in the area are capable of producing
at initial rates of 40 MMcf/d.

Also, Q Energy advises that it recently closed the previously
announced asset sale in the Edson region of Alberta. A portion of
the proceeds have fully retired the outstanding loan balance under
the Company's short-term credit facility. The remaining funds
will meet near-term working capital requirements.

The Company will execute the next phase of its growth plan by
purchasing a gas property now producing approximately 2.0 MMcf/d.
Proven undeveloped reserves of 17 Bcf included in the purchase
will provide a value added opportunity to develop a further 10.0
MMcf/d of initial productivity. The acquisition will be funded
with a portion of the proceeds of up to $4,000,000 of convertible
debentures with the balance dedicated to working capital needs.
These transactions are expected to close on or before August 1,
1998.

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