GHP Exploration to Explore Southern Tunisia.

HOUSTON--(BUSINESS WIRE)--Nov. 02, 1998--GHP Exploration Corporation (TSE:GHP.U) is pleased to announce that they have been awarded a seismic option permit on the El Hamra Concession in southern Tunisia.

The concession covers 4,455 square kilometers (approximately 1.1 million acres) in southwestern Tunisia along the Algerian border.

Geologically, the concession is located along the northern portion of the Ghadames Basin that extends from Algeria, across Tunisia and into Libya. The basin contains numerous large fields in Algeria and Tunisia such as the giant El Borma oil field located 50 kilometers south of the El Hamra concession. Numerous new discoveries have been made across the border into Algeria with some single well rates in excess of 22,000 barrels of oil per day and 105 million cubic feet of gas per day which provides evidence of the excellent petroleum system working in the area. The primary reservoirs are middle Triassic sandstones trapped on low relief fault closures. The oil quality is excellent with API gravities in the 43 to 53 degree range with little to no sulfur.

The El Hamra concession remains largely unexplored, with only 2,520 kilometers of 2-D seismic recorded and two wells drilled in the last 30 years. No drilling or seismic activity has occurred on the block in the last 17 years.

The seismic option is for a term of two years and consists of a work program of reprocessing 2,000 kilometers of existing seismic data, interpretation of existing gravity and aero-magnetic data and the acquisition of 100 kilometers of new seismic. The gross minimum expenditure required is U.S. $900,000. GHP has 33-1/3% working interest with the operator, Eurogas Corporation, representing the remaining interest.

Following the initial two-year seismic option period, the partnership may convert the seismic option area into an exploration concession for an additional four-year period. The minimum work program for the exploration concession consists of one exploratory well and acquiring 100 kilometers of new seismic for a gross estimated expenditure of U.S. $3 million.

Additionally, the Company's Winfield Ranch 17 #1-E well on its South Fort Stockton prospect in Pecos County, Texas (News - February 23, 1998) is progressing on prognosis and is currently drilling at a depth of 24,360 feet. The well is planned for a total depth of 26,000 feet in the Ellenburger formation.

The exploratory well on Vermilion Block 368 (News - July 30, 1998) failed to encounter commercial pay sands and will be plugged and abandoned.

GHP engages in the exploration for and development and production of crude oil and natural gas in the United States and Internationally with operations and interests in acreage in the Gulf of Mexico, West Texas, Egypt and in Tunisia. The Company currently has 21.8 million common shares outstanding.

Note to Editors: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.