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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (15035)	1/27/1999 3:57:00 AM
From: Kerm Yerman	Read Replies (1) of 15196

FIELD ACTIVITIES / Sharpe Resources Plans to Acquire Gulf Coast Production Assets HOUSTON, TEXAS--SHARPE RESOURCES CORPORATION has entered into a letter of intent agreement with one company and expects to complete additional agreements very soon to acquire between 40 percent to 100 percent interest in Gulf Coast oil and gas production and exploration in Texas, Louisiana, and Mississippi which will add approximately 18.6 MMCF of additional daily production for the company. These acquisitions should result in about a 150 percent increase in production from the current 12.2 MMCFPD for a total daily production of approximately 30 MMCFPD and about 150 BOPD. The current monthly revenue should increase from approximately U.S.$600,000/month to about U.S.$1,800,000/month. Additionally, these projects will bring the company's total proved reserves to approximately 50 BCFE (a 3 fold increase) as well as add major upside potential on the order of 200+ BCFE for the U.S. projects if future drilling programs are successful. The acquisitions and capital expenditures are expected to cost between U.S.$10-12 MM and will be financed through bank debt and equity with closings during late February and March, 1999, subject to regulatory approval.

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