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

To: Arnie who wrote (9584)	3/18/1998 1:44:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Pan-Global Enterprises to participate In Alberta Gas Wells PAN-GLOBAL ENTERPRISES INC. ANNOUNCES PARTICIPATION IN TWO GAS WELLS VANCOUVER, March 17 /CNW/ - Pan-Global Enterprises Inc. VSE SYMBOL - ''PGE'' Arn Schoch, President of Pan-Global Enterprises Inc. is pleased to announce the Company's participation in the drilling of two gas wells in the Lomond and Long Coulee areas of Southern Alberta that result in a developmental well and a new pool discovery. The Company, as a 20% working interest participant in this project, will have a Before Pay Out (BPO) interest of 18% and an After Pay Out (APO) interest of 16%. The Company has earned the right to participate in a surrounding 13 section (8,320 acres) Area of Mutual Interest (AMI) with this operating group of oil and gas exploration companies. Preliminary production tests indicate that the wells are capable of producing at a combined rate of 3,000 mcf/d of sweet gas with some liquids production. The extensive seismic data base has confirmed additional locations, and a development well has been surveyed and will be drilled right after temporary road bans have been lifted. Pipeline and facilities construction will commence at the same time, with production expected by June 1, 1998. Farm-in terms have also been negotiated with two separate companies within contiguous 20 section (12,800 acres) AMI, just to the north of the previously mentioned block. An extensive seismic data base has confirmed 2 immediate locations, with 3-5 potential development locations. Drilling will start in April, subject to rig availability. In addition, the Company is currently evaluating a variety of domestic and international situations offering both exploration and development potential.