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LOUMIC RESOURCES REPORTS SUCCESSFUL KICKOFF PHASE OF RE-ENTRY OPERATION ON SAMEDAN TOWSLEY NO. 1 WELL

LOUMIC RESOURCES REPORTS SUCCESSFUL KICKOFF PHASE OF RE-ENTRY OPERATION
 ON SAMEDAN TOWSLEY NO. 1 WELL
 WEST VANCOUVER, British Columbia, April 6 /PRNewswire/ -- The following comments may be attributed to Harry Z. Bristman, secretary, board of directors, Loumic Resources Ltd.:
 Loumic Resources Ltd. (Vancouver: LOO) reported that the "kickoff" phase of the re-entry operation on the Samedan Towsley No. 1 well was accomplished successfully. Directional drilling of the new hole has commenced with the well currently drilling in the upper Topanga Formation at a depth of 10,485 feet. Penetration rate in the original wellbore averaged 100 feet per day.
 The Samedan Towsley No. 1 well is being drilled on the Pico Anticline to evaluate the hydrocarbon potential of the primary objective, the Sespe Formation, and secondary objective in the overlying Topanga Formation. The original wellbore encountered numerous oil shows in the Topanga Formation beginning at a depth of 12,000 feet. The new wellbore will drill into structure at a different angle than the original well and should intersect oil-bearing zones 400-500 feet higher on the structure.
 The Pico Anticline, site of the first commercial oil well in California, is a large structural feature located in the Ventura Basin, a few miles north of Los Angeles. Loumic participates for a 20-percent working interest in the Pico Anticline Project.
 The Vancouver Stock Exchange has neither approved nor disapproved of the contained herein.
 -0- 4/6/92
 /NOTE: Following is a fact sheet on the Pico Anticline Project:
 LOUMIC RESOURCES LTD.
 PICO ANTICLINE PROJECT FACT SHEET
 -- Loumic Resources Ltd. is a publicly traded company on the Vancouver Stock Exchange with 3.8 million shares outstanding (fully diluted).
 -- The Pico Anticline Project is a partnership in which Loumic Resources holds a 20-percent working interest and a 13.2-percent net revenue interest.
 -- Samedan Oil Corp., the exploration arm of Noble Affiliates Inc., is a joint-venture partner and the operator.
 -- The land (5,400 acres) is leased or farmed out from Chevron (U.S.A.), and covers virtually all of the anticline.
 -- The Pico Anticline is a seven-mile-long geological feature believed to have been formed by an oil deposit. It is located 20 miles northeast of Los Angeles, in the Ventura Basin.
 -- The anticline is estimated to contain recoverable reserves of over 625 mbbls, or 3.6 trillion cubic feet of gas.
 -- The estimated dryhole cost is US $3.5 million, with US $750,000 to US $1 million budgeted for completion.
 -- The estimated payout, contingent upon the successful outcome of exploration and all projected estimates met, will be 200 to 1.
 THE RISK FACTORS
 It is well-known that any project of this nature does carry a significant degree of risk. This having been said, there are a number of factors that are responsible for the confidence that Loumic Resources has in this venture. They are as follows:
 -- The Pico Anticline is located in an area (the Ventura Basin) that is one of the main oil-producing areas of California. Within the area, more than 50 producing fields have accounted for the development of over 2 bbbls of recoverable oil reserves.
 -- The original Celeron/Chevron well (the Towsley No. 1 well) encountered numerous zones of oil staining. Celeron (1987) have indicated that a sustained flow of about 10 bbbls per day of 28 degrees to 30 degrees API gravity oil was encountered in the well.
 -- There was a half-mile deviation in the wellbore and so Celeron/Chevron did not actually reach their target.
 CONTACT: Jill Griffiths of J. Griffiths & Associates, 604-736-5792, for Loumic Resources Ltd./
 (LOO.) CO: Loumic Resources Ltd. ST: California IN: OIL SU:


SM-ML -- DE016 -- 5432 04/06/92 14:27 EDT
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Date:Apr 6, 1992
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