KERM'S KORNER Message Board

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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (11550)	6/30/1998 5:17:00 PM
From: Herb Duncan	Read Replies (1) of 15196

CORP / Cabre and Naftex Transaction Fails to Close TSE SYMBOL: CBE JUNE 30, 1998 CALGARY, ALBERTA--Cabre Exploration Ltd. ("Cabre") and Naftex Energy Corporation ("Naftex") had proposed to combine their respective 50 percent interests in the West Esh El Mallaha concession of Egypt whereby Cabre would become a 50 percent shareholder of Naftex by June 30, 1998. The parties have been unable to resolve certain issues and the transaction as proposed will not close. Alternatives to the proposal are being considered. The previously announced 2-D and 3-D seismic program is over one-half completed and a Sante Fe drilling rig has been contracted for a four-well drilling program expected to commence in July.

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