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

To: Kerm Yerman who wrote (11651)	7/8/1998 2:54:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Sharon Energy Announces Status of Louisiana Well and Options Grant ENGLEWOOD, Colo., July 7 /PRNewswire/ -- Jack S. Steinhauser, the president and a director of Sharon Energy Ltd. (Vancouver/SHY) announces drilling operations on the Miami Corporation #1 well in Cameron Parish,Louisiana have reached a drilling depth of 17,328 feet according to reports provided by the operator Orbit Oil & Gas. Nocommercial shows of oil and gas have been encountered to this depth. Penetration of the main miogypsonoide objective, if present, is expected within the next two days. Mr. Steinhauser further announced that the Company has today granted stock options to directors to acquire up to 265,000common shares of the Company at a price of Cdn$0.37 per share for a period of five years. Sharon Energy Ltd. is an oil and gas exploration and production firm headquartered in Englewood, Colorado, with gasproperties in California, Illinois and Louisiana. The Company specializes in the application of advanced technology such as 3-Dseismic and horizontal drilling. The Company trades on the Vancouver Stock Exchange (''SHY''). The Vancouver StockExchange does not review and does not accept responsibility for the adequacy or accuracy of this news release.