KERM'S KORNER Message Board

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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (11294)	6/18/1998 7:41:00 AM
From: Herb Duncan	Read Replies (2) of 15196

FIELD ACTIVITIES / PanOil Resources Completes Well Bore Exchange with PanCanadian ASE SYMBOL: PRE JUNE 17, 1998 CALGARY, ALBERTA--PanOil Resources Ltd. announces that it has completed a lease and well bore exchange with PanCanadian Resources Ltd., in the Stirling area of Alberta. PanOil as operator, with 28 percent working interest, and partners have exchanged 17.25 sections of oil prone acreage for 17.25 sections of gas prone acreage with two suspended potential gas wells. This exchange has potential to increase gas reserves and cash flow to all parties. Testing of the suspended wells should commence within the next month. With this land acquisition PanOil now operates 55.25 sections of gas prone acreage of Stirling. At present four wells are on production and 3 new well locations are in various stages of drilling and testing.

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