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

To: Rick W. who wrote (4780)	3/5/1998 11:36:00 AM
From: workingclassman9	Respond to of 24921

I mentioned to readers on this Thread to watch OHO.V when it was 79 cents.Look today and see what I was talking about."The proof is in the pudding"You can get more of these tips when you Subscribe to the GMT NEWSLETTER at gmt98@yahoo.com READ ON ÿCanadian Company Press Releaseÿ OHOÿÿ1998-03-05 ÿÿ(provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Ohio Resources Drilling Updates CALGARY, ALBERTA--OHIO RESOURCES CORPORATION ("Ohio") is pleased to announce the three following drilling successes: At Midwinter, B.C., Ohio farmed out to Pan East Petroleum Corp. for 4 horizontal wells. Three of these wells will be completed by March 31st. Ohio's after payout interest will be 25 percent and a royalty interest before payout. The first horizontal well was reported by Pan East to have flow tested at rates of 17 mmcf/d. This well is presently being tied in to the existing pipeline system. Commercial production is expected by March 15th at a rate between 5-6 mmcf per day. Both of the remaining horizontal wells in this season's program have spudded. At Turin, Alberta, Ohio (50 percent) participated in a well which tested gas at 1.50 mmcf/d. This well will be tied in during early March to better gauge available rates. This is the first of several drilling opportunities on a 14 square mile 3-D seismic program conducted in November 1997. In central Alberta, Ohio (20 percent) participated in an earning well which tested gas and liquids at 1.45 mmcf/d. This well is to be tied in during April. Using conservative production rates, the results to date from this winter's drilling program will increase Ohio's production base by greater than 50 percent. Once production rates stabilize for these 3 wells and the balance of this season's drilling program (3 to 5 wells) is completed a further update will be issued. Ohio is a junior gas producer with a growing production base. Ohio has no debt and sufficient cash and cash flow to fully develop current opportunities. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Ohio Resources Corporation Mr. Donald Foulkes President (403) 262-8833 (403) 262-8834 (FAX) ohiores.com or Ohio Resources Corporation Mr. Jim Reid CFO (416) 861-1609 (416) 862-9063 (FAX) (888) 711-1072 The Vancouver Stock Exchange has neither approved nor disapproved t