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

To: Kerm Yerman who wrote (11187)	6/12/1998 5:47:00 PM
From: SofaSpud	Read Replies (3) \| Respond to of 15196

FIELD ACTIVITIES / Greentree Gas & Oil GREENTREE GAS & OIL LTD. ANNOUNCES DRILLING SUCCESS TORONTO, June 11 /CNW/ - Greentree Gas & Oil Ltd. is pleased to report the successful completion of GGOL No. 1, the first of the Company's proposed eight well program for 1998, in Norfolk County, southwestern Ontario. GGOL No. 1 had an initial open flow of 280,000 cubic feet natural gas per day and a shut-in pressure of 650 psi. The test results are preliminary at this stage and the well will undergo performance testing following stimulation. The gas-bearing zone requires stimulation to optimize the productive capability of the well. The results although preliminary are indicative of a very significant producer. Wells in the area with similar natural production have flowed well in excess of one million cubic feet per day following stimulation. The Company anticipates the new discovery will substantially increase current production of approximately 425,000 cubic feet per day. The new well will be producing into the sales line before month's end. Greentree commenced drilling its second location, GGOL No. 3, and is on track of completing its drilling program by year-end. Greentree will host its annual meeting at the Best Western Lamplighter Inn, Cambridge Room, 591 Wellington Road South, London, Ontario on June 16th at 3:00 PM and interested parties are welcome to attend. Greentree Gas & Oil Ltd. trades on the Canadian Dealing Network under the symbol ''GGOL'' and is a producer and explorer of natural gas in Ontario. The Company currently produces from 66 wells through a pipeline infrastructure of approximately 50 miles in length. THE CANADIAN DEALING NETWORK HAS NEITHER APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- For further information: Patrick O'Meara, President; Duncan Hamilton, M.Sc., P.Geol., Executive Vice-President Exploration, (519) 681-9355, Fax: (519) 681-3887, E mail: greentree.gas@sympatico.ca