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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (11506)6/29/1998 2:02:00 PM
From: SofaSpud  Read Replies (2) of 15196
 
FIELD ACTIVITIES / Tethys announces two wells

TETHYS ANNOUNCES TWO SUCCESSFUL OIL WELLS

CALGARY, June 29 /CNW/ - Tethys Energy Inc. today announced the
completion of two light oil wells currently producing 675 barrels of oil per
day net to the Company.
The 12-32-76-22 W5M well is a light oil discovery in the Girouxville area
of Northwestern Alberta. Tethys has a 50% working interest in the well that
was drilled in June. The well is currently flowing clean oil at a restricted
rate of 150 barrels per day with a tubing wellhead flowing pressure of 960
pounds per square inch.
The second well is 100% working interest horizontal well that was drilled
in the Griffin area of Southeast Saskatchewan. This well is currently
producing 600 barrels per day of light oil.
Randell Pardy, President and Chief Executive Officer of Tethys stated:
''I am extremely pleased with this success. Tethys has found two new oil
pools and has had 100% drilling success on the Girouxville exploration play.
Tethys has interests in 24 sections of land surrounding these discoveries.''
Tethys is currently drilling a four well program in the Cynthia/Carrot
Creek area of west-central Alberta that is targeting natural gas.
Tethys Energy Inc. is a Calgary based oil and gas exploration and
production company whose common shares trade on the Toronto Stock Exchange
under the symbol TET.

-30-
For further information: Randell B. Pardy, President and Chief
Executive Officer, (403) 294-3553; David Eastham, Vice-President, Chief
Financial Officer and Secretary, (403) 294-3556
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