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Microcap & Penny Stocks : Kismet Energy (KISS) is taking off on PennyStock Picks! -- Ignore unavailable to you. Want to Upgrade?

To: buzz who wrote (57)	2/17/1999 10:52:00 PM
From: RSkarsten	Read Replies (1) \| Respond to of 138

NEWS OUT Wednesday February 17, 11:34 am Eastern Time Company Press Release Kismet Energy Corporation Makes Announcement BAKERSFIELD, Calif.--(BUSINESS WIRE)--Feb. 17, 1999-- Kismet Energy Corporation is pleased to report that the operator has cased and cemented the Cree Fee 1A well and have started to perforate and test the first three zones between 15,610ft. - 14,675ft. Kismet Energy Corporation (the ''Company'') is pleased to report that the operator evaluated a complete set of logs and decided to case and cement the Cree Fee 1A well. The service rig has been moved to the well location to conduct completion work. The operator has started to perforate and test the first three zones between 15,610 ft.- 14,675 ft. A total of ten zones have been identified which will be worked on in three phases starting from the bottom one first. Within next 45 days, we expect flow results from these three zones. Due to additional costs incurred at the Cree Fee 1A well, the previously announced financing has been doubled to two million units and some accredited investors have shown interest to subscribe for it as and when required. These financings are necessary and will ensure fulfillment of our working interest obligations. After completion of this well, the JV partners are planning to drill a second well, Cree Fee 1-30, at a location already prepared, 4500 feet northwest of this well. 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. 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: www.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. KISMET ENERGY CORPORATION Rakesh Dhir Richard Churchill 4200 Truxtun Avenue, Suite 300, Bakersfield, CA 93309 Toll Free: 1-888-722-1295 WEBSITE: www.kismetenergy.com