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

To: Herb Duncan who wrote (10859)	5/25/1998 12:57:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / PanCanadian and Avalanche AVALANCHE ENTERS MULTI-WELL DEVELOPMENT AGREEMENT WITH PANCANADIAN CALGARY, May 25 /CNW/ - Avalanche Energy Limited (Avalanche) announced today that it has entered into a multi-well gas development agreement with PanCanadian Petroleum Limited (''PanCanadian'') in the Entice area located 40 kilometres northeast of Calgary. The agreement allows Avalanche the opportunity to earn rights in up to 138 sections of contiguous acreage by completing numerous existing wells and drilling a significant number of development wells. Larry Evans, Avalanche President and Chief Executive Officer said, ''With Avalanche's Bearpaw and Belly River Formation expertise and access to 90,000 acres (35,880 hectares) of undeveloped land, this is an ideal opportunity to accelerate Avalanche's growth.'' Avalanche is a distributing non-listed company founded in December 1997, which raised more than $10,000,000 via private placements. The company has successfully drilled 6 (5.2 net) oil wells to date resulting in 250 bopd of net production and has a further 20 development oil wells identified for the remainder of 1998. Avalanche plans to complete/drill in excess of 40 gas wells including the Entice project, in 1998. In addition to an aggressive drilling program, Avalanche is also exploring a number of corporate and property acquisition opportunities. -30- For further information: Larry G. Evans, President and Chief Executive Officer, Avalanche Energy Limited, (403) 781-2480, Fax: (403) 237-0471; Alan Boras, Corporate Communications, PanCanadian Petroleum Limited, (403) 716-4040

To: Herb Duncan who wrote (10859)	5/25/1998 1:04:00 PM
From: SofaSpud	Respond to of 15196

PROPERTY ACQUISITIONS / Bow Valley Energy BOW VALLEY ANNOUNCES SIGNING OF PL090 ACQUISITION CALGARY, May 25 /CNW/ - Bow Valley Energy Ltd. is pleased to announce the signing of an agreement to acquire from Brabant Petroleum Limited (a wholly owned indirect subsidiary of Noble Affiliates Inc.) its 16 2/3% equity interest in the UK onshore license PLO90. The agreement, subject to UK government approval, also recommends Bow Valley assume the operator role currently held by Brabant. In addition to the exploration potential remaining on PL090, the acquisitions provides Bow Valley with a significant regional database. The acquisition complements Bow Valley's onshore position, established with the award, as operator, of three adjoining blocks immediately to the west of PL090, in partnership with Sterling Resources ((UK) Limited and Egdon Resources (UK) Limited. Bow Valley was formed in 1996 to operate as an international oil and gas acquisition, development and production company headquartered in Calgary, Alberta. Bow Valley has interests in the United Kingdom (both onshore and offshore) and has signed a service contract to develop the Balal oilfield located offshore Iran in the Persian Gulf. Bow Valley trades on the Toronto Stock Exchange under the symbol BVX. -30- For further information: Walter DeBoni, President & Chief Executive Officer; or Dinesh Dattani, Vice President, Finance & Chief Financial Officer, (403) 232-0292, Fax: (403) 232-8920