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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC. -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (154)	5/26/1999 10:13:00 PM
From: CIMA	Respond to of 277

And the stock goes up? Attention Business Editors: PanCanadian announces results of Shoal Point well CALGARY, May 26 /CNW/ - PanCanadian Petroleum Limited and its partners have completed the drilling and testing of their exploration well at Shoal Point, on the Port au Port Peninsula in western Newfoundland. The well was drilled to a total depth of 3,035 metres, encountering one zone of potential interest. A drill stem test of the zone flowed salt water. No significant hydrocarbons were encountered. PanCanadian and its partners will abandon the well and reclaim the site. ''While we had high hopes for this well, it has obviously fallen short of our expectations,'' said Gerry Macey, PanCanadian's Executive Vice President Exploration. ''The results of this and previous wells along Newfoundland's west coast indicate the high-risk nature of exploration in this frontier region.'' PanCanadian will evaluate the data obtained from the Shoal Point well before deciding upon future exploration plans for the area. PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas and natural gas liquids. Its extensive exploration and production activities stretch from coast to coast in Canada and include a variety of international interests in the Gulf of Mexico, the United Kingdom, Australia, Africa and Venezuela. PanCanadian Petroleum Limited Gerry Macey Executive Vice President Exploration PanCanadian Petroleum Limited Shares Listed - Symbol: PCP Alberta Stock Exchange Toronto Stock Exchange Montreal Exchange -30- For further information: Alan Boras, Corporate Communications, (403) 716-4040 or Carolyn Armitage, Investor Relations, (403) 290-2931, Web site: www.pancanadian.ca PANCANADIAN PETROLEUM LIMITED has 67 releases in this database.