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

To: Arnie who wrote (9583)	3/18/1998 2:00:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Alma Oil & Gas Reports On Drilling Activity In Alberta ALMA OIL & GAS LTD. DRILLS GAS WELLS IN LOMOND - LONG COULEE AREAS OF ALBERTA CALGARY, March 17 /CNW/ - Alma Oil & Gas Ltd. announces that subsequent to raising $1,638,380 from a Private Placement of Flow-Through Special Warrants, it has drilled two gas wells. The wells were drilled in the Lomond and Long Coulee areas of Southern Alberta, and resulted in the drilling of a development well, and a new pool discovery. Alma, as operator of the project, has a 50% working interest in both wells. The Company has interests ranging from 45% to 100% in 13 gross sections of land in the area. Preliminary production tests indicate that the wells are capable of producing at a combined rate of 3,000mcf/d of gas. With 13 gross sections of land in the area, and an extensive seismic database, additional locations have been confirmed by seismic. The Company plans to drill a development well, offsetting the new pool discovery as soon as possible, subject to rig availability. Pipeline and facilities construction will commence after spring break-up, with an expected on production date of May, 1998. Alma Oil & Gas Ltd. also reports that during the fiscal year ending December 31, 1997, proved reserves increased 73%, and that the Company replaced production 3.4 times. Average finding costs for 1997 were $6.16 per BOE. Alma Oil & Gas Ltd. participated in drilling 5 gross wells (3,5 net wells) in 1997 resulting in three gas wells (2,0 net), one oil well (0,5 net) and one (1,0 net) dry hole. It is anticipated that Alma will participate in 8 gross wells during 1998.