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SERENPET SUCCESSFULLY EXPLORING AND DEVELOPING GRANDE PRAIRIE AREA

 CALGARY, Alberta, Nov. 18 /PRNewswire/ -- Serenpet Inc. today reported on recent exploration and development successes in the Grande Prairie area of Alberta. This is one aspect of the company's expansion of operations throughout Saskatchewan, Alberta and British Columbia.
 At Kakut, where the company operates and holds a 60 percent working interest, a New Pool Wildcat drilled in January encountered gas with a follow up outpost well discovering a significant underlying oil leg. The oil reservoir has subsequently been developed with two additional follow up wells, one of which was a short leg horizontal. One other development oil well was drilled in the original Kakut pool. The three vertical wells are producing at a combined rate of 280 barrels per day. The horizontal well has been production tested at a restricted rate of 375 Bopd and is expected to produce at 190-375 Bopd. Serenpet anticipates total production of over 1,000 Bopd from Kakut or 600 Bopd net to the company, including production from the additional horizontal. The Wildcat gas well, which tested at 7.7 MMcfd, will be placed on production after the underlying oil leg has been depleted.
 Solution gas from the Kakut pool is being sold as a result of the recent construction of gas processing facilities. Shallow gas zones are being developed to maximize gas sales from the area. At this time, natural gas production from Kakut is 2.0 MMcfd (1.2 MMcfd net).
 At Bear Canyon, the company commenced gas sales of 1.2 MMcfd from a recently tied-in, 100 percent working interest Cadomin gas well. A second well is being completed and evaluated.
 At Grande Prairie, Serenpet as operator recently completed a 50 percent working interest discovery well that encountered gas in the Montney formation and further developed reserves in the Halfway formation. The two zones flow tested at maximum rates of 3.0 MMcfd and 6.3 MMcfd, respectively. The new well and an existing Halfway gas well are scheduled to commence production in February 1994. Initial rates will be restricted by facilities constraints.
 At Dimsdale, a 20 percent Serenpet interest New Pool Wildcat discovered gas in the Halfway formation. The well will be completed immediately and a follow up 50 percent working interest outpost well will be drilled by the company in early December.
 Current net production from all Grande Prairie properties is 8 MMcfd of gas and 475 barrels of oil per day. Serenpet's net production from all five core operating areas is 28 MMcfd and 3,300 Bopd.
 To date in 1993 Serenpet has participated in the drilling of 30 wells, of which 16 were oil wells, five were gas wells and nine were dry and abandoned holes. Of the nine wells in Grande Prairie, four were oil, four were gas and one was dry and abandoned.
 Current shares outstanding: 12,085,162
 -0- 11/18/93
 /CONTACT: Alan W. Tambosso, VP-Exploration, of Serenpet, 403-231-3000; or Grant Howard or Kim Prentice of STRATCOM, 403-221-0915/
 (SPY. SRI)


CO: Serenpet Inc. ST: Alberta IN: OIL SU: ECO

JL -- LA031 -- 6128 11/18/93 14:42 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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