CANADIAN ROXY IN NEW ALBERTA OIL DISCOVERY
<Canadian Roxy Petroleum Ltd>
said a new oil discovery in the Peerless Lake area of
north-central Alberta is capable of flowing at over 1,000
barrels of oil a day from a lower zone and more than 1,500
barrels a day from a separate upper zone.
    Canadian Roxy has a 35 pct interest in the five-year
royalty free well, known as the Canadian Roxy et Al Trout
A14-8-89-3 W5M. Texaco Canada Inc holds 25 pct, MLC Oil and Gas
Ltd 15 pct, Northstar Energy Corp 13.5 pct and Tricentrol Oils
Ltd 11.5 pct.
    Canadian Roxy said drilling has started on a follow-up
exploratory well about one mile northwest of the discovery
well.
    The company said it holds a net 6,500 acres in the vicinity
of the discovery and a seismic program is underway to evaluate
further drilling opportunities.
 Reuter
