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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU) -- Ignore unavailable to you. Want to Upgrade?

To: Jane Hafker who wrote (249)	7/30/1998 1:26:00 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 686

Optima Petroleum Merger Status/ New Production VANCOUVER, British Columbia--(BUSINESS WIRE)--July 28, 1998-- Optima Petroleum(NASDAQ:OPPCF) (TSE:OPP.) Optima Petroleum Corporation announces that the prospectus and proxy solicitation circular for the proposed merger between Optima Petroleum Corporation and American Explorer has been receipted by the Securities and Exchange Commission. This Information Circular has been mailed to registered shareholders for ratification at a Special Meeting of the Shareholders to be held Friday, August 21, 1998. The merged entities would continue under the new name of PetroQuest Energy Inc., a Delaware Corporation. Optima Petroleum Corporation and American Explorer announce that the Fleury #1 well, operated by KCS Resources Inc. has been completed. The well tested at the rate of 2.1 million cubic feet of natural gas per day and 70 barrels of condensate through a 9/64 inch choke. The flowing tubing pressure was 4,260 PSIG from perforations of 13,027' to 13,043' with no water produced. Production is anticipated to begin October 1, 1998. Optima Petroleum Corporation and American Explorer, Inc. jointly own 33.25 percent working interest before payout and 13.3 percent working interest after payout. Optima, with TMR Explorations, has also completed the J.W. Maddox #1 well, East Haynesville, Louisiana, in the Smackover Sand. Daily production, anticipated to commence prior to the end of August, 1998, is expected to approximate 750 thousand cubic feet of gas and 100 barrels of gas liquids. Optima has a 29 percent working interest in this well. At the Valentine project, LaFourche Parish, Louisiana, the 85.7 square mile 3-D seismic program has been shot and all field work completed. The operator of this project, American Explorer, anticipates receipt of the processed 3-D data set on or before November 1, 1998. Optima Petroleum Corporation trades publicly on the TSE (OPP) and on the NASDAQ National Market System (OPPCF). CONTACT: Optima Petroleum Corporation Robert L. Hodgkinson, 604/ 684-6886 or American Explorer Inc. Charles A. Goodson, 318/ 232-7028 KEYWORD: NEW YORK BW1205 JUL 28,1998 6:38 PACIFIC 09:38 EASTERN ***************************************************** Maybe somebody oughtta call Charlie G. at Amex. to see what he thinks about all this.