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Gold/Mining/Energy : The New Osprey Limited -- Ignore unavailable to you. Want to Upgrade?

To: Big Shorty who wrote (251)	2/1/2002 12:01:01 PM
From: decky	Respond to of 338

Home Client Services Media Investors Webcasting Français Printer version NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE FOR: OSPREY ENERGY LTD. CDNX SYMBOL: OEL.CX FEBRUARY 1, 2002 - 11:38 EST Osprey Spuds Well In Jenner Property In Southern Alberta BRIDGEWATER, NOVA SCOTIA--Osprey Energy (CDNX: OEL.CX) is pleased to report that another well has been spudded on the Jenner property in southern Alberta in which Osprey holds a 5% working interest with Conoco. There are currently 10 producing oil and gas wells on the property. The Company is also granting 600,000 corporate stock options, exercisable for 24 Months, at $.55 per share. The Company is finalizing a schedule for remedial work which is projected to substantially increase production on two of its three Louisiana properties. Work is expected to begin this month on several wells with significant known reserves in the BVR Project. One of them, the Crosby 36A, produced at a rate of more than 800 barrels of oil equivalent per day when tested last year. Remedial work is also continuing in the Bayou Choctaw Field where success to date has helped to increase company production to over 200 barrels of oil equivalent per day. /T/ ON BEHALF OF THE BOARD OF DIRECTORS OF OSPREY ENERGY LTD. "R. Gary Malone" President /T/ "This release was prepared by management who take full responsibility for its contents. The CDNX neither approves nor disapproves of this news release". WARNING: The Company relies on litigation protection for "forward-looking" statements. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Osprey Energy Ltd., Bridgewater R. Gary Malone (902) 543-5666 TOLL FREE: (866) 238-1185 E-mail oel@ospreyenergy.com www.ospreyenergy.com This site and the contents therein ©2001 CCN Newswire