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

To: Arnie who wrote (8705)	1/28/1998 3:34:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Firstland Energy Limited - Exploration Update ASE SYMBOL: FLD JANUARY 28, 1998 CALGARY, ALBERTA--Industry partners have cased a 2,550 meter test on Company Lands in the Wembley area of northwest Alberta as a potential gaswell. The well was drilled as part of an option farmout agreement on a 4,480 acre tract of land owned 50 percent by FIRSTLAND. FIRSTLAND will have an overriding royalty in the well convertible to a 20 percent working interest after payout and a 20 percent working interest in the 1,920 acre tract earned by the well. The industry partner holds a continuing option to drill up to 2 more wells to reduce FIRSTLAND's interest to a 25 percent working interest in the remaining 2,560 acres in the tract. FIRSTLAND also has the right to elect to participate as to a 20 percent working interest in an earlier 2,600 meter test completed as a potential gaswell and various P&NG rights acquired within the area of mutual interest according to the drilling option agreement. At Chinchaga, FIRSTLAND holds a 15 percent non-convertible royalty in a 900 meter Debolt test completed as a potential gaswell on a 1,280 acre tract while at Hotchkiss a 792 meter Debolt test was cased as a potential gaswell and subsequently abandoned. Further drilling on Company lands at Cranberry is underway, a well at Trout is anticipated to commence shortly. Also in the Chinchaga/Halverson region of northwestern Alberta, where FIRSTLAND is involved in a major joint venture, partners have recently completed a seismic programme and hold an option to drill up to 2 deep Slave Point tests.