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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (13463)	11/12/1998 9:38:00 PM
From: Kerm Yerman	Read Replies (1) of 15196

RESERVE REPORT / Petrolex Energy Corporation announces 58% increase in proven reserves VANCOUVER, Nov. 12 /CNW/ - Petrolex Energy Corporation Trading Symbol: PXV - TV Petrolex Energy Corporation (the ''Company'') is pleased to announce that independent Reservoir Engineers, Ryder Scott Company of Houston have recently completed a revised evaluation of the recoverable reserves in the Company's 100% owned Rubiales Oilfield. This evaluation takes into account the long term production profiles of the wells that were put on production at Rubiales prior to the field being shut-in as a consequence of the kidnapping of 2 field staff in September last year by local guerillas. The estimated proven recoverable (1P) reserves in the Rubiales Oilfield has been increased from approximately 134 million barrels of oil to approximately 211 million barrels of oil. This represents an increase of some 58% in the proven reserves as stated in the October 1996 Ryder Scott Report prepared in conjunction with the listing of the Company on the Toronto Stock Exchange in March 1997.

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