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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (11128)6/13/1998 7:10:00 AM
From: Kerm Yerman  Read Replies (2) of 15196
 
PROPERTY ACQUISITION / Velvet Exploration Axquires Interests In Land

VELVET EXPLORATION ACQUIRE INTEREST IN ELEVEN CONTIGUOUS SECTIONS OF
UNDEVELOPED LAND

CALGARY, June 8 /CNW/ - Velvet Exploration Ltd. (the ''Company'') is
pleased to announce that it has acquired an eighty per cent (80%) working
interest in eleven (11) contiguous sections of undeveloped land. This is
consistent with Velvet's strategy of expanding its core area of business while
maintaining a high working interest. The land was acquired for prices ranging
between one hundred dollars ($100.00) per hectare and one hundred sixty
dollars ($160.00) per hectare, well below industry averages.

The land is within 6.4 kms (4 miles) of Velvet's core area of operation
and based upon regional geologic trends established by the Company's existing
seismic coverage, this new land is expected to be an extension of its Hobbema
exploration play. The Company plans to conduct a 3-D seismic program in the
next six (6) months and to commence drilling by First Quarter, 1999 on these
newly acquired lands.

The Company further announces that it has granted options as to 270,000
shares to four employees. The options are exercisable at $1.82 per share and
are subject to acceptance for filing by the Vancouver Stock Exchange.

Velvet Exploration Ltd. is a Canadian energy company engaged in the
exploration, development and production of natural gas and crude oil. The
Company's common shares are listed on the Vancouver Stock Exchange under the
trading symbol ''VLV''.

The Vancouver Stock Exchange assumes no responsibility for the accuracy
of this release and neither approves nor disapproves of the same.
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