CANADIAN 88 ANNOUNCES THIRD SIGNIFICANT GAS DISCOVERY IN WEST CENTRAL ALBERTA.

CALGARY, ALBERTA--(BUSINESS WIRE)--AUGUST 14, 1995--CANADIAN 88 ENERGY (Alberta Stock Exchange: EEE ) Canadian 88 Energy Corp. of Calgary announced today it's third significant gas discovery in the Olds/Crossfield area of west central Alberta.

The company indicated in Calgary today that Canadian 88's 100% working interest 9-34-30-29-W4 well has encountered recoverable gas reserves estimated to be in excess of 15 billion cubic feet from the Wabamum (Devonian/D-1) Formation at a depth of approximated 2500 meters. The well is located 2 miles north of Canadian 88's initial 100% discovery well in the area located at 9-22-30-29 W4 and is located 2 miles south of Canadian 88's recently announced 100% 10 Bcf discovery located at 4-12-31-29 W4M. The company estimates that the discovery successfully delineates an additional 15 to 20 adjacent undrilled sections owned 100% by Canadian 88 for development drilling in the Wabamum Formation in the immediate area. Recoverable natural gas reserves in the play typically average in excess of 10 billion cubic feet per section. The discovery offsets a recent acquisition made by Canadian 88 Energy Corp. and shall be tied-in to Canadian 88's new gas gathering system and gas plant in the area by the end of September 1995.

Canadian 88 Energy Corp. is an independent exploration and production company with shares listed for trading on the Toronto and Alberta Stock Exchanges under the symbol EEE. -0- The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock Exchanges.

CONTACT: Greg Noval

President & CEO 

Canadian 88 Energy Corp.

700, 400 - 3rd Avenue SW

Calgary, Alberta

T2P 4H2

[phone]

[phone] (FAX) REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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