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

To: SofaSpud who wrote (12798)	10/13/1998 8:36:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Dundee Petroleum Announces Production Increases CALGARY, Oct. 13 /CNW/ - Dundee Petroleum Corp. is pleased to report that the majority of its 36 shallow gas wells, drilled under the Company's previously announced Cessford area farmin, have been placed onstream commencing in late September. Production attributable to the Company's 30% working interest in the wells is currently averaging 1.1 Mmcf per day net to Dundee from the Milk River and Medicine Hat formations. With the Cessford natural gas wells now onstream, Dundee's total production level is approximately 290 BOE per day, a 68% increase from the first six months of this year. Total proved reserves added from the Cessford farmin transaction are estimated to be 4.5 Bcf net to Dundee, which includes a minimum of 39 additional drilling locations on the lands which the Company has earned. In order to secure a strong and reliable cash flow stream in the near term, the Company has contracted 40% of its Cessford gas for the winter contract at a price of $2.81/Mcf, and the Company is looking at further increasing its ratio of contracted gas at current favorable price levels. This activity at Cessford, coupled with Dundee's remaining inventory of solid drilling prospects, poises the Company to recognize substantial growth in the coming quarters.