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Gold/Mining/Energy : KERM'S KORNER

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To: SofaSpud who wrote (13211)	11/4/1998 1:52:00 AM
From: Kerm Yerman	Read Replies (2) of 15196

JCP - MAJOR TRANSACTION / Grace Resources Inc. Closes Major Transaction CALGARY, Nov. 3 /CNW/ - GRACE RESOURCES INC. (''GRI'') a junior oil and gas company is pleased to announce that it has closed its previously announced transaction to purchase oil and gas assets from an Alberta based oil and gas company for $300,000 cash and 1,600,000 common shares of Grace Resources Inc. Grace's production is now 100 barrels of oil equivalent per day split equally between oil and gas. Grace Resources Inc. (''GRI'') is a publicly traded company on The Alberta Stock Exchange. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

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