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

To: Kerm Yerman who wrote (11657)	7/9/1998 5:13:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Southern Reef Ventures & Clearwood Resources To Joint Venture In Ontario SOUTHERN REEF VENTURES INC. ENTERS INTO AGREEMENT WITH CLEARWOOD RESOURCES INC. Date: 7/8/98 3:10:34 PM Stock Symbol: REEF "Southern Reef Ventures Inc. ("Southern Reef") announces that it has entered into an agreement with Clearwood Resources Inc. to participate in the development of oil and gas properties in the Township of Gosfield South, County of Essex in the Province of Ontario. Southern Reef will pay 20% of the drilling costs to earn a 15% working interest in drilling the first development well in Gosfield Township, Essex County. The proposed well location and surrounding area is central to major ordovician pools and located in prime pre-existing structure. This proposed well is offsetting a good producer drilled by Clearwood in 1996 which initially produced approximately 75 bopd and now is averaging production of 28 bopd. Clearwood Resources Ltd. explained that it is anticipated that similar results could be achieved in drilling this proposed well due to the look-alike anomalies these locations exhibit. Drilling has commenced and the target depth is approximately 800 metres. Southern Reef has been participating in the drilling and acquisition of wells in Tennessee and Kentucky. The three Mill Heirs gas wells are shut-in and Management is presently negotiating for the sale of these wells. In addition Southern Reef owns 100% interest subject to landowners royalties of 12 1/2 % in three marginal producing gas wells in Scott County Tennessee. Also Southern Reef has a net revenue interest of 75% in two oil wells in Kentucky. These oil wells are presently being re-worked and expected to come on stream early fall. Management is enthusiastic with regard to this new participation agreement with Clearwood Resources Inc. and future drilling in Gosfield Township of Southwestern Ontario.