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

To: Kerm Yerman who wrote (13259)	11/5/1998 1:47:00 PM
From: Kerm Yerman	Read Replies (8) \| Respond to of 15196

FIELD ACTIVITIES / Sharon Energy Announces Commencement of Illinois Drilling Operations and Closing of Private Placement ENGLEWOOD, Colo., Nov. 4 - Jack S. Steinhauser, the president and a director of Sharon Energy Ltd. (Vancouver: SHY) ("the Company") announces that the Company has commenced drilling operations on the W.I. Maddock 1-D well in the Centaurus Project located at the Elbridge Field, Edgar County, Illinois. The Maddock well will be drilled to a total depth of 2,200 feet to evaluate the presence of gas in the Devonian Geneva Dolomite formation. Additional potential exists for horizontal exploitation of the Mississippian McClosky formation at 900 feet. Results are expected from the Maddock well by mid-November. The Company also reports the completion of a private placement of 1,400,000 units at a price of $0.15 per unit (the "Private Placement") for proceeds of $210,000. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant. One whole warrant will be exercisable to purchase one additional common share at a price of $0.20 per share at any time on or before May 4, 1999. The hold period for these securities expires on January 30, 1999. Humboldt Capital Corporation ("Humboldt"), reports that it subscribed for 800,000 common shares and warrants to acquire up to 400,000 common shares (together, the "Securities") in the Private Placement. As a result, Humboldt currently owns, directly or indirectly, 2,550,000 common shares of the Company, which represents approximately 22.6% of the issued and outstanding common shares of the Company. In addition, Humboldt currently owns share purchase warrants exercisable to acquire up to 880,000 common shares. Humboldt also reports that it purchased the Securities for investment purposes, there are no persons or companies acting jointly or in concert with it in connection with the acquisition of the Securities and that it has no present intention to purchase any additional securities of the Company. The Company is an oil and gas exploration and production firm headquartered in Englewood, Colorado, with oil and gas properties in California, Colorado, Illinois and Louisiana. The Company specializes in the application of advanced technology such as 3-D seismic and horizontal drilling. The Company trades on the Vancouver Stock Exchange ("SHY").