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Gold/Mining/Energy : The 1999 SI $1.00 & Under Canadian Stock Market Contes -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (464)	4/4/1999 3:52:00 PM
From: Dave V	Read Replies (1) \| Respond to of 740

Not that I am counting my chickens before I hatch them but what does the year-end grand winner get. One of those fictitious T-shrits <g>

To: Buckey who wrote (464)	4/4/1999 5:18:00 PM
From: just starting	Respond to of 740

OK...I'll try SGMS. I would like to trade A.CYF for O.SGMS. thanks

To: Buckey who wrote (464)	4/5/1999 5:29:00 PM
From: CIMA	Read Replies (2) \| Respond to of 740

Company Press Release Pan Ocean to Farm-In on Mobil Canada West Newfoundland Acreage VANCOUVER, BRITISH COLUMBIA--R. CONSTANTINE GREY, President of Pan Ocean Explorations Inc., (POE:VSE) is pleased to announce that today the company has reached a farm-in agreement with Mobil Canada. The agreement pertains to oil exploration on two prope rties onshore in western Newfoundland, referred to as the York Harbour Project, and involves a land package totalling 75,448 gross hectares (186,357 acres). Under the terms of the agreement, Pan Ocean will earn a 60 percent working interest in Exploration Permit 96-113, which comprises 37,950 hectares (93,736 acres) on the south side of the Bay of Islands, western Newfoundland. Pan Ocean will earn its intere st by drilling an 8000' (2440 metres) continuous-core, slim-hole well to test objectives within the Ordovician carbonate platform succession. This well is planned to commence in the late spring or early summer 1999 and is estimated to cost approximately C$1million. In addition, the company will have the option, exercisable within 60 days of the rig release of the York Harbour well, to earn a 10 percent interest in Exploration Permit 96-116, which comprises a further 37,498 hectares (92,620 acres) north of the York Harbour Project. The company must acquire 50 km of seismic data on this permit to earn this interest. As well, if within 90 days of seismic completion, the company elects to drill an 8000' slim-hole well on the permit, the interest can be increased to 60 percent. West Newfoundland has recently been the focus of renewed petroleum exploration as several major companies have returned to explore in the area. Recent increases in the spot price of crude oil and announced OPEC cut backs have added to the prospective nat ure of the project. The PanCanadian Petroleum Shoal Point, K-39 well was spudded in early February 1999. This well is planned to drill to a minimum depth of 2700 metres at a cost of approximately C$10 million. According to the most recent depth informati on available, the well is estimated to have reached a depth of 2175 metres. Other partners in the well include Hunt Oil Company, Encal Energy Ltd. [NYSE:ECA - news], and Mobil Canada. The well is being deviated from land to test carbonate platform reservoirs within a larg e structure underneath Port au Port Bay. Although petroleum has long been known to be present in the area from surface seeps and very shallow production wells, the modern phase of exploration in western Newfoundland commenced late in the 1980's. The exploration efforts have been aided by the ac quisition of modern, detailed seismic data. Four deep wells drilled in the immediate vicinity of the Port au Port Peninsula between 1994 and 1996 resulted in 1 discovery and 3 dry holes. Although the initial Port au Port number 1 well flowed light oil from 2 zones at a rate totalling over 3200 BPD , the commerciality of the discovery awaits further delineation. Most significantly, this well established the presence of an active petroleum system and hence the viability of the play. These four wells provided valuable information to set the stage for a second round of exploration by PanCanadian and partners in the Port au Port Bay area, culminating in the acquisition of an onshore-offshore transition zone seismic survey and drilling of the K-39 well, currently in progress. Pan Ocean's farm-in lands lie approximately 50 km north east of, and along the same favourable geological trend as the PanCanadian Petroleum Shoal Point K-39 well. The slim-hole test well will be drilled approximately 20 km west of Corner Brook, along an existing road access. Sourcing, trapping and reservoir conditions in the Bay of Islands area are believed to be as favourable to those of the Port au Port area. Hunt Oil Company has stated publicly that the Shoal Point structure could contain over 100 million barrels of oil. Petroleum exploration in west Newfoundland is exciting because it provides a combination of west Texas, Ellenburger - type carbonate reservoirs and structural configurations analogous to the foothills of Alberta. Both these prolific oil-producing areas a re rich in petroleum, and the latter contains fields, such as Turner Valley, with recoverable reserves in excess of 100 million barrels of oil equivalent. Furthermore, the farm-in lands lie within the thickness accumulation of the Humber Arm Allochthon, a geological unit stretching some 200 km along the west coast of Newfoundland which contains the important rich source rocks and stratigraphic traps essent ial for accumulations of hydrocarbon reservoirs. Pan Ocean management is convinced that the York Harbour Project is strategically and geologically located within the centre of the core area of this western Newfoundland play. In addition, Newfoundland's fiscal terms for petroleum exploitation are extre mely favourable and are comparable to those of Alberta. These factors have contributed to management's decision to aggressively position Pan Ocean as a key player in this oil exploration project. On behalf of the Board of Directors R. Constantine Grey, President For a map of Pan Ocean's York Harbour Project, please call the company at the number below. ------------------------------------------------------------------------ Contact: Corporate Concepts Inc. (604) 685-2286 or Toll Free: 1-800-361-8333 Email: corp@portal.ca Website: www.pocean.com