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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: HAZ who wrote (4156)	11/17/1997 11:53:00 AM
From: David	Read Replies (1) \| Respond to of 24920

Velvet Exploration News : VELVET EXPLORATION CO. LTD. Suite 1000 - 400 5th Avenue Calgary, Alberta T2P 0L6 Tel: (403) 265 - 0088 Investor Relations: (604) 689 - 5659 Website:http://www.velvetvlv.com NEWS RELEASE November 17, 1997 VSE: Trading Symbol: VLV VELVET RECEIVES ERMINESKIN PERMIT The Company is pleased to announce that it has successfully concluded negotiations with Indian Oil and Gas Canada "IOGC" and the Ermineskin Nation and has received an Exploration Permit covering the forty square mile Ermineskin Reserve near Hobbema, Alberta. This completes the Company's 90-mile contiguous land block adjacent to the Samson Cree Reserve. Velvet Exploration will begin a 50-mile, $3.25 million 3-D seismic Program over the Ermineskin Reserve immediately. As Part of the Ermineskin Permit, the Company will pay the Ermineskin Nation $775 thousand and has committed to drill four wells within one year of completion of processing the Ermineskin 3-D seismic Data. The Company has also completed the drilling of its second exploratory well on the Samson Cree Reserve at 10-15-44-24W4. The 10-15 well, which was included in the recent Joint Venture with Inuvialuit Energy Inc., "IEI" has been cased as a successful well. Based upon drilling observations and Log interpretation, the Company believes the well to have potential in both the Ellerslie Formation and the deeper Devonian Formations. The well will be completed and production tested in the next two weeks. Under the terms of the Joint Venture with IEI, Velvet will not bear any costs associated with the drilling or completion of the 10-15 well, and retains a 40% working interest. Velvet Exploration Co. Ltd. Per: Signed: "Ken S. Woolner" President & CEO The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.