Computalog announces letter of intent with Norjet Geotechnologies and its shareholders to acquire 100 percent of the shares of Norjet.

CALGARY, Canada--(BUSINESS WIRE)--Jan. 11, 1996--Computalog Ltd. of Calgary announced that it has entered into a Letter of Intent with Norjet Geotechnologies Inc. and its shareholders, to acquire 100% of the shares of Norjet for a consideration consisting of 1.425 million shares of Computalog and approximately $800,000 cash, to be paid out of Computalog's working capital.

The closing of the transaction is subject to definitive documentation, due diligence reviews and receipt of any required regulatory approvals and is anticipated to occur prior to the end of February 1996. Norjet is a privately held corporation whose principal business is well logging in the provinces of Alberta, British Columbia and Saskatchewan. Norjet, which has 170 employees and operates 28 logging units, had 1995 revenues of approximately $27 million. On closing, Doug Robinson, the President and Chief Executive Officer of Norjet, will become the President and Chief Executive Officer of Computalog. In commenting on the transaction, Ted Hanlon, Chairman of Computalog Ltd., stated that "this transaction reaffirms Computalog's dedication to the Canadian market and reflects Computalog's optimism as to the future of such market".

Computalog provides wellbore knowledge and solutions through its electric wireline and directional drilling services and products. These services and products enable oil and gas producers to manage risk and maximize production. The Company's common shares trade on the Toronto Stock Exchange (symbol CGH) and NASDAQ National Market (symbol CLTDF).

CONTACT: Computalog Ltd., Calgary

Ted Hanlon, Chairman, 403/265-6060

Len Cornez, Vice President and CFO, 403/265-6060