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Gold/Mining/Energy : CWI can west exploration Inc -- Ignore unavailable to you. Want to Upgrade?

To: Linden who wrote (57)	7/28/1999 1:56:00 PM
From: Steven Haas	Respond to of 69

The rig is being set up and I believe a spud date should be soon.

To: Linden who wrote (57)	7/29/1999 7:09:00 PM
From: Steven Haas	Read Replies (2) \| Respond to of 69

CAN WEST SPUDS FIRST WELL IN COLOMBIA Found this in my mail box CAN WEST SPUDS FIRST WELL IN COLOMBIA July 30, 1999 Trading Symbol: CWI The Company is pleased to announce that drilling operations for the much anticipated Venadillo-1 exploratory well, the Company's first well on the Lagunillas block in the Middle Magdalena Valley, Colombia are expected to commence on Saturday July 31. The Company has been notified by Pride Drilling Services that as of July 29, 1999, 100% of the rig was at the drill site and that 70% of rig up had been completed. The Company owns a 100% working interest in, and is the operator of the well. The Venadillo-1 well is a relatively low risk test of shallow Tertiary sandstone reservoirs that produce oil in several nearby oil fields. The well will reach a total vertical depth of 3,500 feet and take 10-14 days to complete. Ecopetrol, the Colombian National Oil Company, has classified the Venadillo-1 well as an A-1 type exploratory well defined as "a well drilled to extend a partially developed oil field." This designation was made on the basis of the proximity of the Venadillo-1 to a well drilled by the previous operators of the block. The Halcon-1, drilled in 1994, discovered 50 feet of oil-saturated sandstone in the Doima formation. However, during the drilling and completion operations of this well, the formation was severely damaged. For the Venadillo-1 well, the Company is implementing a state-of-the-art drilling and completion program designed specifically to avoid formation damage and allow unobstructed production of the reservoir. According to Leigh Lyons, President, "When the Company's obtained the rights to the Lagunillas block in 1997, they knew that they had pulled off a coup. Not only did they recognize the tremendous potential for discovering huge new oil fields on the block, such as the nearby Emerald Mountain discovery, but they also felt strongly that the Halcon-1 well had already discovered an oil field in 1994. The Halcon-1 well had very good oil and gas shows to the surface and the well log appears to indicate that a pool of oil had been encountered. TheVenadillo-1 well is being drilled to prove it." The Lagunillas block is located in the Middle Magdalena valley, one of the most recognized oil producing areas in the world. It is home to some of the largest Latin American oil and gas discoveries in the 90's, most recently Seven Sea's huge Emerald Mountain discovery located adjacent to the Lagunillas block. Can West Exploration Inc. is a public company engaged in the exploration for oil and gas, primarily in Latin America. The strategic direction of the Company is to increase share value by discovering and developing new oil and gas field through the application of cutting-edge geophysical and geological technology. ON BEHALF OF THE BOARD OF DIRECTORS OF CAN WEST EXPLORATION INC. Chris Wright Director