Canadian 88 Energy Corp. and Prize Energy Inc. Commence Completion on Wyoming Foothills Natural Gas Discovery.

CALGARY, Alberta--(BUSINESS WIRE)--June 22, 1999--

Canadian 88 Energy Corp. (AMEX:EEE) (TSE:EEE.) (ASE:EEE.) and Prize Energy Inc. (ASE:PZI) of Calgary, Alberta, Canada announced today that they have commenced completion operations on their No. 1-10P Windy Point Federal Exploration Unit deep foothills discovery well in Western Wyoming.

The Companies said in Calgary today that perforation operations have been successfully completed on their Windy Point natural gas discovery well in the overthrust belt of Wyoming and that a well stimulation treatment will be performed on the well later this week with well flow testing to follow immediately thereafter.

The Windy Point well is one of the first deep exploration wells to be drilled in southwest Wyoming in the last 10 years and was directionally drilled to a total depth of 14,483 feet into the Mississippian aged Mission Canyon formation on the Windy Point Federal Unit in the Overthrust Belt of Wyoming's Green River Basin.

The Windy Point Federal Exploration Unit comprises some 7,029 gross acres in the Foothills Overthrust Belt in Lincoln County, Wyo. The acreage is located approximately 35 miles north of Evanston, Wyo., in a prolific oil and gas producing area.

Canadian 88's prospect is the result of the Company targetting a large seismically defined satellite feature adjacent to the giant Whitney Canyon/Carter Creek Field, located approximately four miles southeast of the Windy Point Federal Unit boundaries which has estimated natural gas reserves of 5.3 Tcf and 115 mmbbls of liquids.

The discovery well was directionally drilled re-entering an existing well from a surface location in NESW of Section 10, T19N-R120W at a cost of approximately US$3.2 million with Canadian 88 Energy (U.S.A.) Inc. paying 85 percent of the costs to earn 75 percent in the prospect and Prize Energy (U.S.A.) Inc. paying 15 percent of costs to earn 12.5 percent in the prospect. Redwood Energy Ltd. (VSE:RWD.) and Legacy Energy Corporation, a private Denver company have carried interests of 10.15635 percent and 2.34365 percent, respectively, in the test well.

Canadian 88 Energy Corp. (AMEX:EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges.

The information contained herein has neither been approved nor disapproved by the Toronto, Alberta or American Stock Exchange.