VANCOUVER, June 8 /CNW Telbec/ - Exxel Energy Corp. (TSX-V: EXX) (the
"Company") is pleased to provide an update on its recent lease acquisition
activities in the Columbia River Basin Project and its current operations in
the Piceance Basin Project.
Columbia River Basin, Washington
--------------------------------
The Company, through its wholly owned subsidiary Exxel Energy (USA) Inc.
("Exxel"), recently acquired oil and gas mineral rights to approximately
125,400 acres in the Columbia River Basin. The acquisition increases Exxel's
total leasehold position in the Columbia River Basin to over 290,400 acres.
The leasehold interests are undeveloped and Exxel's working interest is
100 percent.
Piceance Basin, Colorado
------------------------
The Exxel/Dolphin joint venture ("JV") has acquired additional leasehold
interests in the Rifle Creek development project area increasing the total JV
acreage to over 6,100 net acres. Exxel's ownership interest in the Rifle Creek
development project is 75% or approximately 4,600 net acres.
The Exxel/Dolphin joint venture first operated well, the Biscuit Ranch
10-31d, was drilled to a total depth of 9,250 feet, logged and production
casing set with well completion activities underway. The JV's second operated
well, the Mulvihill 15-32d, has been drilled to a total depth of 10,006 feet,
logged and production casing set with completion activities to commence in due
course. Drilling has recently commenced on the JV's third operated well the
Purkey Ranch 13-31b. Exxel owns a 75% working interest in each of the JV
operated wells.
For further information concerning this announcement, please contact Neil
Murray-Lyon or Christine Stewart of Renmark Financial Communications Inc. at
(514) 939-3989.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
