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Area Drilling

April 19, 1999

Petrolera Argentina San Jorge gauged two exploratory wells 3-4 km north and northeast of Loma Negra field in the Neuquen basin. Anticlinal Viejo 1 flowed 1,856 b/d of 31° gravity oil, natural, from Jurassic Punta Rosada perforations at 7,897-7,917 ft and 264 b/d of 41° gravity oil from Jurassic Lajas perforations at 8,800-8,846 ft. Cerro Solo X-1 flowed 574 b/d of 26° gravity oil, natural, from Lajas perforations at 8,719-8,829 ft. The company expects substantially higher rates

Argentina

Petrolera Argentina San Jorge gauged two exploratory wells 3-4 km north and northeast of Loma Negra field in the Neuquen basin.

Anticlinal Viejo 1 flowed 1,856 b/d of 31° gravity oil, natural, from Jurassic Punta Rosada perforations at 7,897-7,917 ft and 264 b/d of 41° gravity oil from Jurassic Lajas perforations at 8,800-8,846 ft.

Cerro Solo X-1 flowed 574 b/d of 26° gravity oil, natural, from Lajas perforations at 8,719-8,829 ft. The company expects substantially higher rates once artificial lift equipment is in place.

About a month earlier, Anticlinal de Maria X-1 tested 3,050 b/d of oil. San Jorge discovered Loma Negra field in 1997.

Interests in the Rio Negro Norte block are PASJ 37.5%, YPF SA 35%, International Finance Corp. 15%, and Metro Holding SA 12.5%.

Maryland

Fox Oil & Gas Inc., Washington, Pa., staked an exploratory test in Allegany County.

The 1 Barton, Lonaconing quad, is projected to 10,000 ft or Devonian Oriskany.

The location is southwest of Fox's 1 Curry, Cumberland quad, a 1995 discovery on which information has not been released, Petroleum Information/Dwights LLC reported. TD at that well, 10,376 ft, is the state's second deepest.