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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (15125)2/2/1999 9:35:00 PM
From: Herb Duncan  Read Replies (3) of 15196
 
FIELD ACTIVITIES / Berkley Expands EP Efforts in California

ASE, TSE SYMBOL: BKP

FEBRUARY 2, 1999

CALGARY, ALBERTA--Berkley Petroleum Corp. is pleased to announce
that it is significantly expanding its exploration and development
efforts in the San Joaquin Basin in California. Berkley has
entered into a joint venture with Armstrong Resources LLC in the
greater San Joaquin Basin outside of the existing East Lost Hills,
joint venture area. Berkley will operate three earning wells and
earn 75 percent of Armstrong's land interest in the Basin outside
of the original joint venture area. The initial three wells are
testing seismically defined, deep, Temblor prospects with
comparable reserve targets to the original East Lost Hills
structure. The land base also includes several other deep
prospects that will be jointly pursued after the initial earning
phase. During the earning phase, Berkley will also assume the
Armstrong Resources LLC 17.50 percent carried interest at East
Lost Hills bringing the company's total working interest to 33.50
percent. Berkley's current capital interest at East Lost Hills
will remain at 21.3 percent through the drilling of the relief and
replacement wells.

Berkley Petroleum Corp. is a Canadian company engaged in
exploration, development and production of natural gas and crude
oil. Berkley's common shares are listed on the Toronto and
Alberta stock exchanges under the trading symbol "BKP".

Berkley Petroleum's News Releases for the past 14 months can be
accessed electronically through Canadian Corporate News website at
cdn-news.com

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