Source Energy Corp. Announces New Board Members.

SALT LAKE CITY--(BUSINESS WIRE)--Aug. 14, 1997--Source Energy Corp. (OTC-BB:SXXC) announced Thursday its board of directors has been realigned with the resignation of Kathleen L. Morrison and Craig Carpenter, and the appointment of new members Pierre Benichou, Rod Brandstedter, Tom Elliott and John DeVault.

Pierre Benichou -- Benichou is senior vice president of C.G.G., a major geophysical company (France) with operations in developed and emerging nations. Benichou brings the company insight as to operations and opportunities in developing nations, along with considerable expertise in chemistry and engineering. He holds earned degrees from Institut National des Sciences Appliquees, Lyon, France, in chemistry and geology, and is Assistant Professor of Chemistry, University of Rabat, Morocco.

Rodney K. Brandstedter -- Brandstedter is a member of the Advisory Board of First National Bank of New England, serves on the board of Amalgamated Industries of Wallingford, and was a member of the transition team of Governor Rowland (Connecticut). During his extensive career Brandstedter has held board and executive level financial and operating positions with National Airlines, the Air Transport Association, Berkshire Corp., Economy Electric, Fish Enterprises, Message Center USA and the Protein Group. He is a principal of a group of Mayflower Agencies on the Eastern Seaboard, with combined volume and sales placing them in the Top 10 of the Mayflower System. Brandstedter holds an M.B.A. (1970) and B.A. (International Business) (1966) from American University.

Tom S. Elliott -- Elliott is a Professional Petroleum Engineer (Colorado School of Mines, 1966). He has held executive and officer positions with public and private organizations active in oil and gas exploration, production and refining including Sovereign Energy, GHR Energy, Galaxy Oil, and King Resources. Elliott has completed numerous exploration and production projects domestically and internationally, and has extensive operating experience in a wide range of environments. Elliott brings extensive engineering and managerial expertise to the company.

John L. DeVault -- DeVault is a practicing geophysicist. During his 35 years of experience, DeVault has worked for several major firms, and continues to provide consulting geology and geophysical services to major international firms and independent explorationists, both domestically and internationally, including Amoco, 3D Geo, Japanese GeoScience, Scientrex, Occidental and ARCO. DeVault, a graduate of Culver Military Academy, holds earned degrees from Case Institute of Technology and MacMurray College in chemistry and mathematics, respectively.

Source Energy Corp. is a provider of proprietary processing plants and technologies for refining of crude oil and processing of natural gas. The marketing emphasis of the company regards opportunities within the emerging and developing nations where hydrocarbon resources are discovered, but traditional industry infrastructures have not yet been established.

CONTACT: Continental Capital & Equity Corp.

Pat Shane, Investor Relations 

407/875-1110, Fax [phone]