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

To: SofaSpud who wrote (11316)	6/19/1998 3:57:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / K2 Energy Corp. Announces Joint Venture Agreement K2 SIGNS U.S. PARTNER CALGARY, June 17 /CNW/ - K2 Energy Corp. announces that it has entered into a joint venture arrangement with Miller Exploration Company under which the two companies have agreed to participate on a 50:50 basis in (a) the rights presently held by K2 to approximately 290,000 acres of exploration lands located on the Blackfeet Indian Reservation in northern Montana and (b) an additional 314,000 acres of adjacent exploration lands located on the Reservation in which K2 presently holds the right to select a partner to participate. The arrangement is subject to ratification by the Blackfeet Indian Tribe and the signing of an oil and gas exploration and development agreement between Miller and the Blackfeet Indian Tribe for the additional partner lands. Miller Exploration Company is a U.S. public oil and gas exploration and production company based in Traverse City, Michigan, with offices in Houston, Texas, as well as Columbia and Jackson, Mississippi. Miller is the successor to the independent oil and gas business first established in Michigan by members of the Miller family in 1925. Jim Livingstone, President and CEO of K2, says, ''Miller is an experienced deep drilling company whose strategy of growth-through-exploration is exactly the kind of partner K2 was seeking. Miller's experience in the application of 2-D and 3-D seismic operations, along with their deep drilling experience in the Mississippi Salt Basin, the Michigan Basin and the onshore Gulf Coast region of Texas and Louisiana bring tremendous expertise and experience to K2 and its Montana exploration play.'' Current plans for the joint venture include a seismic survey to be carried out this fall, followed by a three well exploration program in the first quarter of 1999. Over the next five years, the companies expect to jointly drill up to 30 wells on their exploration lands.