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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (3848)7/2/1997 5:33:00 PM
From: Kerm Yerman   of 15196
 
PROPERTY ACQUISITION / DRAIG RESOURCES LTD. ACQUIRES PROPERTIES

ASE SYMBOL: DRG

JULY 2, 1997

Draig Resources - Corporate Update

CALGARY, ALBERTA--The Board of Directors of Draig Resources Ltd.
is pleased to announce that the company has had offers accepted
for the purchase of two producing properties located in East
Central Alberta, for $2,750,000. The properties consist of 8
producing wells (net production of 1,400 mcf/d), 33 sections of
land, a gas plant and the associated gathering system. The
potential exists to complete and tie-in existing wells in the
area. The purchase has an effective date of July 1, 1997 and is
scheduled to close by July 31, 1997.
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