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Microcap & Penny Stocks : Kismet Energy (KISS) is taking off on PennyStock Picks! -- Ignore unavailable to you. Want to Upgrade?

To: on parole who wrote (82)	8/19/1999 9:16:00 AM
From: bcjt	Read Replies (1) \| Respond to of 138

NEWS Thursday August 19, 7:01 am Eastern Time Company Press Release Kismet Energy Corporation -- Status of Midway Peak Prospect in Kern County -- California's San Joaquin Valley EDMONTON, Alberta--August 19, 1999--Kismet Energy Corporation (the ``Company') has a 20% working interest in the Midway Peak Prospect, which is adjacent to Midway Sunset Field in California's San Joaquin Valley. The San Joaquin Valley is one of the most prolific oil and gas producing regions in the U.S. accounting for over 60% of California's annual production of about 400 million barrels of oil equivalent per year. An independent engineering report conducted by Dale Hankins estimates the Midway Peak Prospect could contain reserves of up to 9 trillion cubic feet of gas and 240 million barrels of oil in the Point of Rocks sands if the structure contains hydrocarbons to 18,000 feet. In addition, 59 million barrels of oil and 71 billion cubic feet of gas could be recoverable from Temblor formation, McDonald shales and Cree sands. Our main targets are Point of Rocks sands, Temblor formation (as in Bellevue No 1 blow-out well), McDonald shales and Cree sands formation. Chevron made a giant discovery in Point of Rocks sands at Mckittrick which is only 8 miles north of Midway Peak Prospect. Berkley Petroleum, Hilton Petroleum, Elk point Resources and partners are drilling Bellevue well in a nearby field targeting Temblor sands as well. From the recent Bellevue #1 blowout, it is evident that California's San Joaquin Valley has phenomenal potential of hydrocarbon reserves at depth. A New York Stock Exchange-listed energy company is the operator and our joint venture partner. They have 70% working interest in the Midway Peak Prospect. The operator is currently examining the data from the Cree Fee 1A well in detail before they drill next well on the 9,000 acres which are under lease in Kern County, California. The Company Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California. Kismet Energy Corporation has a 20% working interest in the Midway Peak Prospect with the operator, an NYSE-listed energy company. Further information can be obtained from our website: www.kismetenergy.com. This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. While the Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking statements include federal and state regulatory actions and developments, the timing and extent of changes in commodity prices and the timing and extent of success in discovering, developing and producing or acquiring oil and gas reserves. KISMET ENERGY CORPORATION Rakesh Dhir -------------------------------------------------------------------------------- Contact: Kismet Energy Corp. Rakesh Dhir, 888/722-1295 www.kismetenergy.com bcjt