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

To: Herb Duncan who wrote (11582)	7/3/1998 3:15:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Petrolex update PETROLEX ENERGY CORPORATION - DELINEATION PROGRAM ON MARACAS PROJECT PROCEEDING; RESULTS OF 1998 ANNUAL GENERAL MEETING; UPDATE ON RUBIALES VANCOUVER, July 2 /CNW/ - Petrolex Energy Corporation Trading Symbol: PXV - TV Maracas Delineation Program --------------------------- Petrolex Energy Corporation (the ''Company''), in conjunction with its joint operating partners, has reached agreement on the details of the upcoming delineation program on the Maracas Association Contract Area. The Company holds a 15% interest in the Maracas project fully carried through to commerciality. The Company's joint venture partner Texican Oil plc is the Operator of the Maracas exploration project. At the Operating Committee meeting held recently in Paris, France, it was determined that two delineation wells, located approximately 1.5 kilometres to the southwest and northeast from the initial discovery Compae 1, be drilled to a total depth of +/- 3000 feet to delineate the La Luna gas reservoir. The first well will also penetrate the Maracas formation to determine if it is gas/oil productive. The La Luna gas productive interval will be completed through a 5-1/2'' liner. Based on a conservative assessment this drilling program is designed to delineate 80 to 100 BCF gas reserves utilizing three producers. Two tests have been run in separate intervals of the La Luna formation so far, yielding a stabilized flow rate after 12 hours of 4.7 million cubic feet per day of gas on a 5/8'' choke, and 3.9 million cubic feet per day of gas on a 3/4'' choke. Analysis of the test data indicates excellent permeability and an absolute open flow potential of over 35 million cubic feet of gas per day for the intervals tested. The spud date for the first well in the program is set for the first week of August 1998. Each well should take 24 to 35 days subject to the requirements of coring and testing programs. The second well of the two well program will be at either of two locations depending on whether gas/water contact is defined in the first well. Upon successful completion of the program the Maracas joint venture partners anticipate that a request for commerciality over the Maracas Association Contract Area may be submitted to Ecopetrol during the 1st quarter of 1999 with production beginning in the 4th quarter of 1999 for the La Luna gas reserves. Update on Rubiales ------------------ The Company is approaching completion of its development plans for the Rubiales oilfield and its 1.9 billion barrel (estimated 228,000,000 barrels recoverable in the 29% Core Area) reserve. Confirmation has been received from Oleoducto Central S.A. (''Ocensa''), the operators of the largest export pipeline in Colombia, allowing the Company to access up to 100,000 barrels per day (''bopd'') of the excess available capacity in the Ocensa line upon delivery by the Company of crude meeting the Ocensa pipeline specifications. In order to upgrade Rubiales crude to meet Ocensa specifications the Company has tapped the wealth of heavy oil upgrade technology resident in the Alberta oilpatch. A testing facility has been contacted and it is anticipated that the results of bench studies on the upgrade of Rubiales crude together with a full report will be available by the first half of August 1998. An international pipeline company currently operating in Colombia has submitted a proposal to build, own and operate a pipeline with capacity for up to 100,000 bopd connecting the Rubiales oilfield to the Ocensa line. Upon completion of the bench studies, applicable tariffs based on transportation of up to 100,000 bopd of upgraded Rubiales crude for both the Rubiales connecting line and the Ocensa line can be settled and the economics of the Rubiales field development project finalized. The 1998 Annual General Meeting ------------------------------- The 1998 Annual General Meeting (the ''AGM'') of the Company was held in Vancouver, B.C., on Friday, June 26, 1998. Following consultations with various shareholders of the Company, management considered it inappropriate to proceed with the proposed consolidation of the Company's shares at this particular time and withdrew the item from the AGM agenda. The Company is pleased to announce that at the AGM Mr. Stephen S. James, the Company's Senior Vice President and Corporate Counsel was elected to the Company's Board of Directors. On behalf of the Board of Directors PETROLEX ENERGY CORPORATION ---------------- Stephen S. James, Director The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Stephen S. James, Senior Vice President Corporate Counsel, Petrolex Energy Corporation, PO Box 49194, Suite 2614 - 1055 Dunsmuir Street, Vancouver, B.C., V7X 1L3, Tel (604) 689-4498, Fax (604) 684-4473, E-mail pxv@petrolex.com; Keith R. Fellowes, President & C.E.O., Petrolex Energy Corporation, Suite 1125 - 10777 Westheimer, Houston, Texas, 77042-3462 USA, Tel (713) 782-7799, Fax (713) 782-2626

To: Herb Duncan who wrote (11582)	7/3/1998 3:16:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Blue Range Sells Gas Plant BLUE RANGE RESOURCE CORPORATION ANNOUNCES SALE OF 52% INTEREST IN THE CLEAR HILLS GAS PLANT CALGARY, July 2 /CNW/ - Mr. J. Gordon Ironside, President Blue Range Resource Corporation (''Blue Range'') is pleased to announce that Blue Range has reached an agreement with ANG Gathering & Processing Ltd. (''AG&P'') to sell a 52% working interest in the Clear Hills Gas Plant and Gas Gathering System (the ''Facilities'') located in Northwest Alberta to AG&P. The purchase and sale of the Facilities will be effective April 1, 1998, with closing anticipated on or before July 31, 1998 (the ''Closing Date''). Total consideration for the sale, before adjustments, is $21 million cash. AG&P will assume operatorship of the Facilities on the Closing Date, including ongoing business development. As part of its management function, AG&P will seek new business opportunities for the Facilities, which may necessitate additional capital investment. Blue Range will continue to maintain a significant working interest in the Facilities and may elect to participate in such capital investments. Blue Range will dedicate its entire interest in the natural gas reserves and production in the vicinity of the Facilities for the life of the reserves. Blue Range is a natural gas exploration, development, production, and processing company based in Calgary, Alberta. The Company concentrates its activities on liquid-rich natural gas prospects in Central Alberta, Northwest Alberta and Northeast British Columbia. Blue Range common shares are listed for trading on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol BBR.A. AG&P is a Calgary-based corporation engaged in natural gas gathering, processing and transportation. It is an indirect, wholly-owned subsidiary of TransCanada PipeLines Limited, one of North America's leading energy services companies. TransCanada manages its asset base to provide integrated energy transmission, energy marketing and energy processing solutions to customers in North America, and, to an increasing degree, internationally. Common shares of TransCanada trade on the Toronto, Montreal, Winnipeg, Vancouver, Alberta and New York stock exchanges under the symbol TRP. THIS INFORMATION HAS NEITHER BEEN APPROVED NOR DISAPPROVED BY THE TORONTO AND ALBERTA STOCK EXCHANGES. -30- For further information: J. Gordon Ironside, President & CEO, or Douglas O. McNichol, Chief Operating Officer, (403) 231-6361