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

To: SofaSpud who wrote (11568)	7/2/1998 2:40:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Black Sea Court Date Adjourned BLACK SEA ENERGY LTD. - RE RUSSIAN UPDATE CALGARY, July 2 /CNW/ - Further to the Company's Press Release of June 26, 1998 with respect to proceedings filed in the Arbitration Court of the Tyumen Region of Russia, the proceedings were adjourned by the Court until July 6, 1998. -30- For further information: Barry Harrison, President, (403) 269-2871, Email: headoffice@blacksea.ca

To: SofaSpud who wrote (11568)	7/2/1998 2:45:00 PM
From: SofaSpud	Respond to of 15196

PROPERTY ACQUISITION / BriAlto BRIALTO ENERGY CORPORATION AND EDEN EXPLORATION LTD. CALGARY, July 2 /CNW/ - BriAlto Energy Corporation has purchased a 20% working interest in 195 bopd, two capped gas wells which tested 4 mmcf/d each and 8,640 gross acres of land in Virginia Hills, Alberta, from a major energy company for $600,000 ($2.69/boe proved). The effective date of the acquisition is June 1, 1998 and closing is in mid July. The properties have proved reserves, net to BriAlto, of 138.9 mstb oil and 840 mmcf gas. BriAlto, together with Progress Energy Ltd., its 80% partner, plan to drill at least two development oil wells on these lands in 1998. In addition to the acquisition, BriAlto together with Progress farmed in on 13,760 gross acres of exploration lands in Virginia Hills from the same company. BriAlto has committed to participate for a 20% interest in two wells to be drilled on these lands prior to April 1999. BriAlto is currently producing 250 bopd. The Company has $1.5 million in cash with no debt and has allocated $3.25 million for investment in 1998. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Alan R. Tolg, President, BriAlto Energy Corporation, (403) 216-2288, Fax: (403) 264-9299