Carmanah Completes first sale of Camar Crude.

CALGARY, Alberta--(BUSINESS WIRE)--March 3, 1995--CARMANAH RESOURCES LTD (Alberta Stock Exchange:CKM) CARMANAH RESOURCES LTD. announced today the completion of its first sale of crude oil produced from the Camar field, which is located in the Java Sea, offshore Indonesia.

A total of 50,000 barrels was sold to Sinochem International Oil (Hong Kong) Co., Ltd. at a price of U.S. $18.30 (approximately Cdn. $25.62) per barrel. The oil was transferred to the purchaser's tanker from the Camar Ayu, the storage and accommodation tanker under contract to the participants in the Bawean Production Sharing Contract ("PSC") within which the Camar field is located. Carmanah's wholly-owned subsidiary, GFB Resources (Java) Limited, is the operator of and holds an 84% interest in the PSC and Camar field.

The lifting was curtailed by adverse weather conditions. As a consequence, approximately 36,000 barrels of oil were retained in the Camar Ayu until the next lifting, likely to occur in approximately 30 days time. Production at Camar is in the range of 2,500-2,700 barrels of oil per day, and is expected to increase during March with the installation of artificial lift in one of the wells (CN-2) on the northern lobe of the Camar field. Accordingly, it is anticipated in the excess of 100,000 barrels will be available for disposition in early April.

The sale represents Carmanah's initial revenue from its Indonesian operations. With current production in excess of 2,800 BOPD in Canada and Indonesia, the Company is now positioned to expand its activity both domestically and in Indonesia, where it operates three contract areas. In addition to planned field activity at Camar, Carmanah will soon commence drilling at the Pendalian-2 location on the Kampar Kanan PSC onshore central Sumatra. This delineation well offsets a 700 BOPD discovery acquired by Carmanah in 1994. Additionally, field work in the Babat/Kukui region of southern Sumatra will be underway shortly, with a view to initiating a drilling program later this year. In Canada, the company recently drilled two successful oil wells in the Unwin region of west central Saskatchewan. The wells have been placed on production at an initial rate of 50 BOPD and additional drilling is under consideration.

CONTACT: Mr. R.A. Gusella, Chairman

or

Mr. A.F. Badwi, President

CARMANAH RESOURCES LTD.

[phone]

[phone] (FAX)

or

Mr. G.L. Fletcher, President

GFB RESOURCES (JAVA) LIMITED

011-62-21-798-0568

011-62-21-799-3201 (FAX)