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

To: Kerm Yerman who wrote (11114)	6/9/1998 12:06:00 PM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

FIELD ACTIVITIES / GHP Exploration Announces Farm-In Agreement GHP EXPLORATION CORPORATION ENTERS SECOND EGYPTIAN CONCESSION Date: 6/8/98 7:07:42 AM Stock Symbol: GHPX.U GHP Exploration Corporation (CDN:GHPX.U) is pleased to announce the signing of a Farmout Agreement with Tanganyika Oil Company Ltd. and Dublin International Petroleum (Egypt) Limited ("Dublin") whereby the Company's wholly owned subsidiary, GHP Exploration (Egypt) Ltd. shall farm-in to the West Gharib Concession located in Egypt. Under the terms of the Farmout Agreement, GHP will earn a 30% working interest in the concession. The Company's interest is subject to ratification by the Egyptian government. In the unlikely event that such ratification does not occur, the Company's interest will be held in-trust for the benefit of the Company by Dublin. The initial exploration phase of the concession consists of three years and calls for the acquisition and processing of 300 line kilometers of 2-D seismic data, 50 square kilometers of 3-D seismic data and the drilling of three exploratory wells for a total minimum expenditure of $5 million. The exploration phase may be extended with similar commitments following the initial three year term. The West Gharib Concession consists of 2,530 square kilometers (630,000 acres) and is located onshore within the prolific Gulf of Suez basin. The area is proven to be productive with 10 fields located within (excised from the concession) or adjacent to the concession. The West Gharib block comprises the west flank of the Gulf of Suez basin for more than 120 kilometers. Nine structural leads and prospects have been identified to date. The primary petroleum trap styles consist of tilted extension fault blocks and sandstone drapes or carbonate buildups over highstanding rift blocks. Reservoirs occur at numerous levels from the Paleozoic sandstones of the Nubia formation to the Miocene-Belayim formation. The joint venture partners plan to acquire 3-D and 2-D seismic data over previously identified prospects and drill up to two exploratory wells during the fourth quarter of 1998. The Company is also pleased to announce that it has completed negotiations with Alliance Egyptian National Exploration Company (News-February 9, 1998) and has executed a Participation Agreement to earn a 25% working interest in the 4.5 million acre Central Sinai Concession in Egypt. Following the execution of the Farmout Agreement covering the West Gharib Concession, GHP has increased it's interests to approximately 5.1 million acres in Egypt (1.3 million net acres). Approximately 1.25 million acres (330,000 net acres) of which is located within the prolific Gulf of Suez basin. The Company has committed to drill a minimum of seven exploratory wells during the next three years on these two concessions. GHP engages in the exploration for and development and production of crude oil and natural gas in the United States and internationally with operations and interests in acreage in the Gulf of Mexico, West Texas, Egypt and in Tunisia. The Company currently has 18 million common shares outstanding. Upon conversion of the Special Warrants (News - March 2, 1998) into common shares and common share purchase warrants, the Company will have 21.8 million common shares outstanding.