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AABBAX TO DRILL DEEP WILDCAT WELL AT TARSANDS EXPLORATION; RIGHTS ON 2.3 MILLION ACRES SECURED

 CALGARY, Alberta, Nov. 8 /PRNewswire/ -- Aabbax International Financial Corp. (Vancouver: AXF) (Aabbax) has entered into an agreement with Archean Corp. and Industrial Coal and Minerals Ltd. for the drilling of a deep exploratory wildcat well. Aabbax also acquired the option to earn up to 45 licenses comprising 32 sections each in a 2.3 million-acre parcel of land in Northern Alberta.
 The agreement calls for Aabbax to fund 100 percent of drilling costs for an 8,500 feet exploratory well with spudding to commence no later than Jan. 31, 1994. Drilling costs are estimated to be approximately $2.3 million (Cdn). The location for the well was established from a 2D Telemetry Seismic program and a drilling license has been issued.
 Additionally, Aabbax has agreed to contract and pay for up to $450,000 (Cdn) in additional seismic programs for the delineation of possible subsequent drill sites. The seismic work is to be completed on or before Feb. 15, 1994.
 By drilling the well, Aabbax will earn a 100 percent interest net of Crown Royalties and a 5 percent to 10 percent sliding royalty on oil and 15 percent royalty on gas to Archean and Industrial for the first and all subsequent wells funded by Aabbax.
 Results from the first test will provide additional information that will determine if the company will proceed with additional drilling programs.
 Aabbax is aware that a third party has filed a Statement of Claims against Archean challenging its authority to enter into the agreement. Aabbax believes that the claim is without merit.
 The agreement is subject to VSE approval.
 Aabbax International Financial Corp.
 Per: Lawrence G. Ryckman
 President & Director
 The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
 -0- 11/8/93
 /CONTACT: Maurice Strul, 403-234-7157/
 (AXF.)


CO: Aabbax International Financial Corp. ST: Alberta IN: OIL SU:

MF-JB -- LA048 -- 1960 11/08/93 18:09 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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