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GARNET REPORTS EXPLORATORY RESULTS AND COMMENCES DEVELOPMENT PROGRAM

 HOUSTON, March 26 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) reported that its Victoria No. 1 exploratory well, on its Santana acreage block in southern Colombia, will be plugged and abandoned. Tests of four prospective zones between 8,970 feet and 9,460 feet all produced water and no oil. The company's drilling results on the block now total seven producers and two dry holes. Preparations are under way to drill at least two more exploratory wells on the block in 1993. The first will be the Miraflor North No. 1, located two miles north of the Miraflor No. 1 discovery, which will start by early May.
 Garnet also announced that it has commenced the first well of a planned eight-well development drilling program on the same Santana acreage. The first well in this program, the Toroyaco No. 3, was started on March 14 and is presently drilling below 1,000 feet toward an expected total depth of 9,500 feet. The location has been prepared for the Linda No. 3 well and the company said it will follow those initial wells immediately with one more development well in each of these fields. By year end 1993, production from the Toroyaco and Linda fields is expected to climb from a present rate of 3,000 barrels of oil per day to more than 8,000 barrels per day. Subject to government approval, two development wells will also be drilled in each of the Mary and Miraflor fields. The eight-well development program is expected to be completed by mid-1994.
 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- 3/26/93
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet Resources Corporation/
 (GARN)


CO: Garnet Resources Corporation ST: Texas IN: OIL SU: DSC

AH -- NY045 -- 0175 03/26/93 16:48 EST
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Publication:PR Newswire
Date:Mar 26, 1993
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