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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Arnie who wrote (7447)	11/26/1997 3:44:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Range Petroleum Update RANGE JOINT VENTURES WITH SUNCOR AT STURGEON LAKE, TALON AT PROGRESS AND LEASES ADDITIONAL LANDS IN ROCANVILLE Nov. 25 Range Petroleum Corporation VSE: 'RAN' Sturgeon Lake, Alberta Range Petroleum Corporation and its partners have entered into a ''Land Interest Swap and Participation Agreement'' with Suncor Energy Inc. in the Sturgeon Lake area. Range and Suncor now each hold 38.25% W.I. in the Devonian test currently drilling (Range et al Sturls 5-35-70-24 W5M) and hold 24.25% W.L. and 61.75% W.I. respectively in the Suncor play to the north. Range will continue to operate the 5-35 well and Suncor will operate the northern play. The Company is pleased with this arrangement as it has retained an appropriate interest in the current test (5-35) and dealt into an adjacent, but separate Devonian play of similar size and quality. Depth of the current driller (Range et al Sturls 5-35-70-24 W5M) is 2,310m. The Company is preparing to run intermediate casing towards the end of the week. Total depth of 3,886m should be achieved by mid December. Rocanville, Saskatchewan Range has granted and assigned (3) three year leases on 3,388 net acres of title lands to CML Resources Ltd. an agent believed to be acting on behalf of Renaissance Energy. The Company has levied a 17.5% Lessor Royalty against these lands and received a bonus of $143,520.00. Collectively Range now has 5,312 net acres leased to CML Resources Ltd. Progress, Alberta The Company has entered into a ''Joint Venture Agreement'' with Talon Petroleums Ltd. where Range as operator, on or before February 15, 1998, will commence a test well in the NW1/4 of Sec 29, Twp 78, Rge 9, W6M. Total depth of this test is 2,215m, of which 500m will be drilled horizontally into the Charlie Lake formation. Range is preparing to spud this well on or about December 7, 1997. Upon incurring $300,000 in drilling and completion costs, the Company will earn a 50% W.I. all of the Talon lands (1,920 acres) and existing production of 48 bbls/day. Cost to completion, net to Range is $669,500. In addition to the earned lands, Range and Talon continue to successfully negotiate the purchase of surrounding acreage.