Canadian 88 Energy Corp. Kicks-Off $150 Million Rocky Mountain Exploration Program.

CALGARY, Alberta--(BUSINESS WIRE)--Aug. 27, 1997--Canadian 88 Energy Corp. of Calgary, Alberta, Canada, (TSE;ASE EEE ) announced in Calgary today that it is preparing to kick-off expenditure related to its $150 million Rocky Mountain Exploration (RMX) Program.

The Company said in Calgary today funding for the three year program is being provided $50 million by Canadian 88, $50 million by 27 financial institutions participating as joint venture partners and $50 million committed by Western Geophysical Company of Houston, Texas as part of a recently announced $75 million joint venture between Canadian 88 and Western Geophysical Company which is the largest 3-D seismic joint venture of its kind in Canada.

"The RMX program provides Canadian 88 with one of the best "warchests" for finding large reserve accumulations in Western Canada. Expenditure under the $150 million program is initially being focused on wildcat drilling along the foothills corridor of Alberta where Canadian 88 has led the industry as the most active driller over the last 24 months," Canadian 88 President Greg Noval said. Canadian 88 currently has seven drilling rigs working along the corridor and initial drilling by RMX is expected to commence within the next 30 days.

Canadian 88 Energy Corp. (EEE) is an independent public oil and gas Company with head offices in Calgary, Alberta, Canada.

Western Geophysical Company is the world's largest geophysical contractor headquartered in Houston, Texas. Canadian 88 and Western recently completed the shooting of the largest 3-D seismic program ever shot in Canada (400 square miles).

The information contained herein has neither been approved nor disapproved by the Toronto and Alberta stock exchanges.

CONTACT: Canadian 88 Energy Corp.

Greg Noval, 403/ 974-8800

403/ 974-8811 (FAX)