************* NEWS *************
(PR NEWSWIRE) DJ: MTEI Adds to Management Team
DJ: MTEI Adds to Management Team
HOUSTON--(BUSINESS WIRE)--June 24, 1998--Mountain Energy Inc., traded under the symbol (OTCBB:MTEI), Wednesday announced the addition to their management team of Richard Hibbard, an exploration geologist and Aubrey (Earl) Irby Jr., petroleum landman.
Hibbard received his B.A. Geology from Rice University and M.S. Physical Science-Geology & Remote Sensing/Planetary Science from the University of Houston. Hibbard's 24 year career in geological work includes such prestigious companies as Exxon Exploration Co., Marathon Oil Co., Amoco Production Co., and Kerr-McGee Corp.
Irby brings over 15 years of oil and gas experience to MTEI. Irby is a
member of the American Association of Petroleum Landman, the East Texas Association of Petroleum Landman, and the West Houston Association of Petroleum Landman.
Irby's experience as a landman includes research to determine surface and royalty ownership; negotiation of terms for oil; gas and mineral leases;
title curative; supervise lease checks; purchase right of way;
interpretation of aerial photographs and contour maps; and obtaining permits for a 3-D Seismic tests.
The MTEI management team consists of personnel with no previous or current affiliation to the former company ICVI.
MTEI wishes to correct and clarify a previous release dated June 18 in regard to a typographical error stating 20,000 acres owned and referencing an additional 8,000 acres being purchased.
As of this date, Mountain Energy has purchased and accepted the deed to numerous properties in West Virginia totaling more than 5,000 acres. In addition MTEI has a letter of intent with Pacific Tax Properties to purchase an additional 8,000 acres, plus or minus, pending the evaluation results of a study presently being done by Stagg Engineering Company and the geological and engineering staffs of MTEI.
Providing verification of product in place and on completion and receipt of reserve studies, MTEI will then select specific properties we wish to acquire and negotiate the acquisition. Mountain Energy's strategy is to select and purchase only the properties determined by the above referenced studies that have the most potential to economically and profitably produce oil, gas, coal, or a combination thereof.
MTEI is constantly keeping in mind the need to build a very strong property asset base prior to the beginning of the development and production of the selected properties. In addition to the West Virginia properties, our staff is currently studying oil and gas properties in Texas, Oklahoma and Wyoming.
Upon the completion of the study and selection of the properties that meet the parameters defined above, Mountain Energy will begin negotiations and attempt to acquire those properties that will most benefit the company and our shareholders.
CONTACT: Mountain Energy Inc.
713/334-4111
Fax: 713/334-4666
09:30 EDT JUNE 24, 1998
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