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

To: Herb Duncan who wrote (11328)	6/19/1998 3:33:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Jerez Energy Executes Letter of Intent for Texas Gas Prospects JEREZ ENERGY INTERNATIONAL INC. ASE SYMBOL: JRZ NASDAQ SYMBOL: JRZIF JUNE 17, 1998 CALGARY, ALBERTA--Jerez Energy International Inc. is pleased to announce that it has entered into a Letter of Intent to acquire a 10 percent working interest in a high potential reef prospect with potential recovery in excess of one trillion cubic feet of natural gas. The prospect is located in a southeastern Texas area known for multi-zone gas prospects. Texas also offers a stable market and excellent prices for natural gas. Drilling on the prospect is expected to begin in the Fall of 1998. The Company has also agreed to participate with a 6.25 percent working interest in a joint venture land acquisition program in southeastern Texas. Joint venture participants will pursue the acquisition of a variety of reef and other natural gas prospects. Jerez Energy International Inc. has the option to increase its interest through a negotiated farm in for an additional 6.25 percent. The acquisitions are subject to completion of satisfactory participation agreements. Meanwhile, the Company continues to monitor the ongoing changes in the Nigerian government after the recent death of General Sani Abacha, Head of State. Jerez requires government consent for a light oil farmout agreement signed in February of 1997 prior to the development of the Ogbelle and Omerelu fields in the prolific Port Harcourt area of Nigeria. This Press Release contains certain "forward looking statements". Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results performance or achievements of the Corporation to be different from any future results, performance or achievement expressed or implied by such forward looking statements. In particular, there is no assurance satisfactory participation agreements will be executed or that any future drilling will result in commercially productive discoveries.