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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (13912)11/30/1998 11:28:00 AM
From: Kerm Yerman  Read Replies (27) of 15196
 
FIELD ACTIVITIES / RIO Nevada Energy - Joint Venture Agreements,
Drilling Plans and Proposed Financing Update

CALGARY, ALBERTA--RIO Nevada is pleased to advise that the
Corporation has successfully fulfilled its earning obligations
under a Farmout and Participation Agreement to drill, evaluate and
earn an interest in four project areas located in the Kaybob Area
of Northwestern Alberta. The Corporation has earned varied
working interests in a total of 28 gross (7,168 hectares) sections
of land resulting in one new pool producing oil discovery well,
one standing cased oil/gas well and two abandoned wells. The
operator has indicated that plans are under way to drill a
development well offsetting the oil discovery in addition to the
completion and production testing on the standing cased oil/gas
well over this winter season.

The Corporation has also signed a Joint Venture Agreement with an
industry partner to jointly participate with RIO Nevada in
exploration and development activities in the Kaybob area of
Northwestern Alberta. The agreement requires our industry partner
to expend a total of $1.4 million of capital requirements in the
various project areas.

The Corporation has elected to participate in an exploratory test
well to evaluate the light oil potential of the Dina Formation at
the Neutral Hills project area located in Eastern Alberta. This
prospect was financed through a Farmout Agreement with an industry
partner. The test well is scheduled to be drilled and evaluated
prior to the end of 1998.

The Corporation has filed a Flow-Through Equity Offering
Memorandum to sell up to 3,000,000 Units consisting of one
flow-through common share and one-quarter common share purchase
warrant priced at $0.25 per Unit. The warrants are exercisable
one year from the date of issue of the warrant upon payment of
$0.40 for each whole warrant exercised. The use of proceeds for
this $750,000 private placement will be on development drilling
projects identified by the Corporation.

RIO Nevada is a balanced and strategically positioned exploration
and development corporation poised to maximize asset purchases
through opportunistic property acquisitions. The Corporation
remains committed to attaining growth and profitability by design.

RIO Nevada Energy Inc.'s common shares trade on the Alberta Stock
Exchange under the symbol "RN".

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