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

To: Arnie who wrote (9291)	2/27/1998 2:01:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Inter-Tech Drilling Solutions Update INTER-TECH DRILLING SOLUTIONS LTD. TSE SYMBOL: IDL FEBRUARY 26, 1998 Inter-Tech Announces: Success and Extension CALGARY, ALBERTA--Inter-Tech Drilling Solutions Ltd. (IDL.TSE) is pleased to announce that its contract amount in the Gulf of Mexico has been expanded an additional 25 percent. The original contract was to provide offshore underbalanced drilling services in the Gulf of Mexico for a period of one year. This current extension will expand both the time period and the total amount of the contract. Inter-Tech provides its proprietary rotating blowout preventer (RBOP (TM)), technicians, and flow control equipment for this underbalanced offshore project in the Gulf of Mexico. Inter-Tech further announces that it has completed the first well of an underbalanced multi-well project in Colombia for its client, Harken Energy Corporation (Amex: HEC) ("Harken"). In Harken's press release of February 11, 1998 Harken announced that its Catalina #1 well is the first horizontal well bore drilled in a vertically fractured reservoir utilizing underbalanced technology in Colombia. Harken further announced that this well had stabilized production rates of 9,680 BOEPD. Inter-Tech provides its RBOP (TM), flow control equipment, nitrogen generation systems, engineering services, site engineers and technicians to Harken for this project. Inter-Tech's president, Richard Seto, stated that he is excited about the success of Harken's Catalina #1 well and its current results hold promise that there could be an expansion of underbalanced drilling activity in this area which could lead to more work for the company's RBOP (TM) and other underbalanced drilling services. Inter-Tech Drilling Solutions Ltd. is an oilfield technology and services company that specializes in adding value to oil and gas companies through safe underbalanced drilling. This is completed by using the company's proven and reliable rotary RBOP (TM), its engineering services and surface equipment. Inter-Tech shares trade on The Toronto Stock Exchange under the symbol: IDL.