BlackRock Ventures Achieves SAGD Production at Cold Lake Pilot Project.

TORONTO--(BUSINESS WIRE)--Nov. 10, 1997--BlackRock Ventures Inc. (TSE: BVI) has successfully achieved communication between the steam injector and producer wells of its Steam Assisted Gravity Drainage (SAGD) pair at the company's pilot project near Cold Lake, Alberta.

In the November 6-9 period, the well pair produced bitumen at the rate of approximately 300 barrels per day (bpd).

Communication, which implies the development of a steam chamber between the wells, is the most significant step in creating continuous SAGD production. To achieve communication, BlackRock initially circulated steam in both wells. Once communication occurred, steaming was terminated in the producer well.

Water and gas is separated from the produced bitumen at BlackRock's on-site facilities. The bitumen is then trucked to pipeline facilities at Hardisty, Alberta.

BlackRock Ventures will continue to focus on increasing output to meet its projected production of 600 barrels per day. In 1998, the company expects to add two more SAGD well pairs to test further production parameters such as optimal well spacing and expanded steam generation requirements. The expansion is expected to increase pilot production to 1,200 to 1,500 bpd.

CONTACT: BlackRock Ventures

Mr. Martti E. Kangas Director,

Investor Relations, 416/489-0022, ext. 227

E-mail: [e-mail]