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GARNET REPORTS DRILLING AND PRODUCTION RESULTS IN COLOMBIA AND PAKISTAN

GARNET REPORTS DRILLING AND PRODUCTION RESULTS IN COLOMBIA AND PAKISTAN
 HOUSTON, June 5 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) announced today the status of wells drilled in Colombia and Pakistan.
 Garnet reported that the Victoria No. 1, an exploratory well approximately one mile east of its Mary No. 1 oil discovery and three miles south of the Miraflor No. 1 discovery in the Putumayo region of Colombia, has reached total depth of 9,690 feet and that production casing is being set. Garnet stated that it is encouraged by the thickness of the sands encountered, by oil shows in the drill cuttings and by its initial examination of the electric logs but stressed that no definitive conclusions could be drawn prior to completion of testing on the well. A schedule for testing the well will be decided after discussion with partners. The drilling rig will be moved from the Victoria No. 1 to drill the Mary No. 2, a delineation well one-half mile west of the Mary No. 1. The Mary No. 2 is expected to commence drilling in late June or early July.
 The company also said that production operations from the Toroyaco and Linda fields in Colombia are proceeding as expected. Oil production in May from the two fields totaled 66,000 barrels, averaging more than 3,500 barrels per day after commencement of full production in mid-May. Garnet's share of the production is 20.8 percent, and it also receives an additional 20.8 percent prior to recovery of certain exploration costs paid on behalf of Ecopetrol, the Colombian national oil company.
 Garnet also announced that it is plugging and abandoning the Ahmadpur No. 1 exploratory well on its Bahawalpur block in east central Pakistan after reaching total depth of 8,630 feet.
 Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary Argosy Energy International.
 -0- 6/5/92
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet/
 (GARN) CO: Garnet Resources Corporation ST: Texas IN: OIL SU: DSC


CK-GK -- NY028 -- 7444 06/05/92 12:15 EDT
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Publication:PR Newswire
Date:Jun 5, 1992
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