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GARNET REPORTS COLOMBIA DRILLING RESULTS; SECOND PERMIT IN FRANCE

 GARNET REPORTS COLOMBIA DRILLING RESULTS; SECOND PERMIT IN FRANCE
 HOUSTON, Feb. 3 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) announced that it is plugging and abandoning its Florida No. 1 exploratory well in the Putumayo region of Colombia. The well, drilled to a depth of 9,210 feet, encountered numerous sand intervals which proved to be non-productive after testing.
 Garnet said that it will move the drilling rig to a new exploratory location for the Victoria No. 1 well which will be approximately one mile east of its earlier Mary No. 1 oil discovery and three miles south of the Miraflor No. 1 discovery. The Victoria No. 1 well is expected to commence drilling in late February.
 In other news, Garnet reported that it has been issued the 107,000 acre Nimes exploration permit in southern France. Garnet owns 100 percent interest in the permit, which will have an initial term of four years. The new permit, located near the city of Nimes and 60 miles northwest of Marsellies, is Garnet's second exploration permit in France; the previously announced 132,000 acre Toury permit is located 40 miles southwest of Paris.
 Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary Argosy Energy International.
 -0- 2/3/92
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet Resources/
 (GARN) CO: Garnet Resources Corporation ST: Texas IN: OIL SU: DSC


JT-OS -- NY069 -- 6218 02/03/92 13:01 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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