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To: Buckey who wrote (662)	9/8/1999 2:38:00 PM
From: Pete	Read Replies (1) \| Respond to of 893

KISS is getting active again- Here is news: ____________________ Kismet Energy Corporation Makes A Significant New Natural Gas Discovery At Lake Wells Prospect In The Arkoma Basin, Oklahoma With Energas Corp. BAKERSFIELD, Cali.--(BUSINESS WIRE)--Aug. 31, 1999--Kismet Energy Corporation (the ``Company') makes a significant new natural gas discovery at Lake Wells Prospect in the Arkoma Basin, Oklahoma with Energas Corp. Kismet Energy has a 70% working interest in the Lake Wells Prospect which lies in the giant Kinta Field area. The first well, John Wells no. 1, was drilled to a total depth of 5,300 feet with significant natural gas pay having been encountered in the multiple zones. Major zones encountered were Spiro A, Spiro B, Cromwell, Hunton and Viola. The JV partners perforated only the Spiro A zone and tested on a 22/64 inch choke flowing 1,513,000 cubic feet of gas per day. There are four additional prospective zones remaining in the well which have not been perforated as yet. The Spiro A zone in this well is anticipated to be placed on production before the end of September, 1999 at expected initial rates of over 1 million cubic feet of gas per day. Reserves associated with this prospect are expected to be over 20 bcf . With the commercial success of the first well in hand, the JV partners have acquired additional land in the area surrounding discovery of John Wells no. 1 well. The Company Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California. Further information can be obtained from the company's 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. For further information, please contact company officials @ 1-888-722-1295. For investor relations, contact Marie Antoinette Shields @ 1-604-605-3102. Contact: Kismet Energy Corporation Rakesh Dhir, 888/722-1295 www.kismetenergy.com