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Gold/Mining/Energy : CVL Resources (CVL:VSE)

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To: RMF who wrote (155)	2/28/1999 9:03:00 AM
From: Taylorm.	Read Replies (1) of 196

February 26, 1999 Trading Symbol: CVL (VSE) NEWS RELEASE DRILL RIG MOBILIZED FOR GRANDIS NO. 1 WELL Mr. Ian Rozier, President, is pleased to report that Energy Equity Corporation (“EEC”), CVL's joint venture partner and operator on the Cypress Block in ATP 549-P, has informed the Company that the mobilization of the drill rig to the Grandis No. 1 Well will commence today. The Grandis No. 1 Well will be the third gas well to be drilled in a three well program in the 750 square kilometer Cypress Block located in Queensland, Australia in which the Company has a 40% interest. The Company will announce the actual spud date once confirmed. The drilling of the Grandis No. 1 Well is anticipated to take approximately 24 days to complete. CVL Resources Ltd. has 37 million shares issued and outstanding and over $8 million in the treasury. -30- For further technical information contact: Ian Rozier For further corporate information contact: Barbara Dunfield Telephone: (604) 685-6851 Facsimile: (604) 685-6493 www.cvlresources.com

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