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STAMPEDER CLOSES ALLHEART ACQUISITION ANNOUNCES 18 WELL INFILL DRILLING PROGRAM

STAMPEDER CLOSES ALLHEART ACQUISITION ANNOUNCES 18 WELL INFILL DRILLING
 PROGRAM
 CALGARY, Oct. 1 /CNW/ - Larry Shaw, Chairman of the Board of Directors, of STAMPEDER EXPLORATION LTD. ("STAMPEDER") is pleased to announce that STAMPEDER closed its purchase of all of the shares of ALLHEART RESOURCES INC. ("ALLHEART") and 327106 ALBERTA INC. and related assets of LINRAY ENERGY INC. for $12 million dollars on October 1, 1992.
 Shaw said he was delighted that STAMPEDER had successfully raised $2 million dollars through a private placement of 5,000,000 common shares at an issue price of $0.40 per share. He indicated that the private placement was oversubscribed, an indication of the growing support for STAMPEDER in the investment community.
 The balance of the purchase price has been financed by a loan from a Canadian Chartered bank.
 Shaw also announced that STAMPEDER shall commence an 18 well infill drilling program on October 5, 1992. He indicated that the successful wells would be tied into existing facilities in late October and provide immediate cash flow to the Company. He also noted that the wells are royalty free in their first year of production and are expected to payout in one year.
 The ALLHEART purchase has provided STAMPEDER with some further 70 low risk, reduced spacing infill drilling locations.
 The producing properties of ALLHEART are expected to generate approximately $4.0 million in net cash flow for 1992, based on prevailing oil and gas prices and production levels.
 ALLHEART owns an average of 87 percent of certain oil and gas producing properties located mainly in the Smiley, Kerrobert, and Eureka fields of West Central Saskatchewan. Current net production is averaging 1052 bbls of oil equivalent per day. Net daily oil production of ALLHEART presently averages 859 bbls of oil per day, 1.67 mmcf of gas per day and 49 bbls of natural gas liquids per day. The proven producing oil and gas reserves of ALLHEART are estimated to be 4.36 million bbls of oil, 3.66 bcf gas and 82,000 bbls of natural gas liquids. Included in the acquisition is ALLHEART'S undeveloped acreage and shut-in gas reserves.
 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
 For further information: Larry Shaw or; Bill Dickson, Stampeder Exploration Ltd., (403) 265-4224
 (SDX.)
 -0- 10/01/92


CO: STAMPEDER EXPLORATION LTD. ST: -- c0185 -- X059 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
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