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

To: Kerm Yerman who wrote (12450)	9/23/1998 9:40:00 PM
From: Kerm Yerman	Read Replies (5) \| Respond to of 15196

FIELD ACTIVITIES / Kismet Energy Drilling Update KISMET ENERGY CORPORATION REPORTS ON DRILLING PROGRESS ON JV WITH NYSE-LISTED PARTNER; DRILLING IS NOW TO A DEPTH OF 14,920 FT. ON WAYTO LICENSED TOTAL DEPTH OF 18,000 FT. AT PHELPS ANTICLINE PROSPECT Date: 9/23/98 11:03:20 AM Stock Symbol: KISS The JV Partners getting ready to Drill Additional Major Well within 40 days. Kismet Energy Corporation (the "Company") is pleased to announce that the drilling to deepen the Cree Fee 1A well on the Phelps Anticline Prospect is progressing well and has reached a depth of 14,920 feet. The first well is a re-entry of the Cree Fee 1A well being deepened to test the Point of Rocks sands. The top of Point of Rocks formation is expected to be reached at about 15,500 ft. The drilling rig Nabors #498 on the site has the capability of drilling up to 25,000 ft. Target depth of 18,000 feet is expected to be reached within 40 days. Kismet Energy Corporation also announces that the joint venture partners have licensed a second well, Cree Fee 1-30, located approximately 4,500 feet northwest from the present well location. For this well, the lease is ready, waiting for the rig, and JV partners plan to start drilling within 40 days. Both Cree Fee 1A and Cree Fee 1-30 wells are being drilled in the San Joaquin Valley, which is one of the most prolific oil and gas producing regions in the U.S. accounting for over 60% of California's annual production of about 400 million barrels of oil equivalent per year. An independent engineering report conducted by Dale Hankins estimates the Phelps Anticline Prospect could contain reserves of up to 9 trillion cubic feet of gas and 240 million barrels of oil in the Point of Rocks sands if the structure contains hydrocarbons to 18,000 ft. The Company Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California. Kismet Energy Corporation has a 20% working interest in this project with the operator, an NYSE-listed energy company. Further information can be obtained from the company's website: kismetenergy.com This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. While the Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially. Important factors that could cause actual results to differ materially from those in the forward- looking statements include federal and state regulatory actions and developments, the timing and extent of changes in commodity prices and the timing and extent of success in discovering, developing and producing or acquiring oil and gas reserves. For further information, please contact company officials @ 1-888- 722-1295