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BETA WELL SERVICE ANNOUNCES TEMPORARY SUSPENSION OF CONTRACT FOR FOUR RIGS

 LOS ANGELES, Sept. 21 /PRNewswire/ -- Beta Well Service announced today that its contractor Calgary Overseas Development has recently suspended operations affecting the contract for 268 wells utilizing four service rigs in the Chernogor region of Siberia to await fulfillment of contract obligations. Of the 268 wells under contract, 185 wells remain to be serviced. Calgary Overseas is currently negotiating to resume the contract. Beta Well is utilizing this down time to perform maintenance and winterizing of the rigs.
 This suspension of field activities does not impact the balance of the 886 wells and six other service rigs working in the Kogalym Region of Siberia. Approximately 293 wells remain to be serviced. Full collection of invoices pertaining to both the Chernogor and Kogalym Operations are current within the terms of the contracts. Beta believes that the current contract difficulty will be resolved to the satisfaction of all parties.
 However, in the event the circumstances which have caused the temporary suspension are not resolved, Beta is confident that it will be able to redeploy the four rigs to other Russian operations. Beta is currently in negotiations on three additional projects in several Soviet Republics. Progress will be reported as contracts are signed.
 Beta does not believe this current situation will materially impact the company.
 -0- 9/21/93
 /CONTACT: G. Barry Padley, CFO, Beta Well Service (Calgary), 403-290-0585/


CO: Beta Well Service ST: California IN: OIL SU: CON

JB-EH -- LA019 -- 4264 09/21/93 15:03 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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