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

To: Kerm Yerman who wrote (11529)	6/30/1998 5:32:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

FIELD ACTIVITIES / GHP Exploration Announces Third Gulf of Mexico Discovery HOUSTON--(BUSINESS WIRE)--June 29, 1998--GHP Exploration Corporation (CDN:GHPX.U) announced today that the initial exploratory well on the West Delta block 61 prospect (News-May 13, 1998) has reached total depth and seven inch production casing has been set. GHP has a 10% working interest in the discovery. The well was directionally drilled to a total measured depth of 16,175 feet (13,440 feet true vertical depth) in the Miocene formation. Based on log and sidewall core evaluation, multiple potential pay zones totaling in excess of 300 net feet of pay (true vertical thickness) were encountered below 7,500 feet. The well is currently being prepared for testing to determine hydrocarbon type in the lower zones and to assist in the design of the production facilities. The need for one or more development wells will be assessed following the results of the well test. First production is expected in late 1998. The Company also announced that the Winfield Ranch 17 #1-E well on its South Fort Stockton prospect in Pecos County, Texas, (News-February 23, 1998) is progressing on prognosis and is currently drilling at a depth of 19,500 feet. This well is planned for a total depth of 26,000 feet in the Ellenburger formation. 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 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.