Gemini Announces Budget, Updates Development Drilling

Apr 20, 2001, 01:00 ET from Gemini Energy Corp.

    VANCOUVER, British Columbia, April 20 /PRNewswire Interactive News
 Release/ -- Donald Sharpe, President of Gemini Energy Corp. (CDNX: GNI)
 announced today that the Board of Gemini has approved a Capital Expenditure
 budget for 2001 of U.S. $7.1 million, which is the estimated cost of
 participating in 8 wells currently planned by operating partners Ultra
 Petroleum and Anschutz Exploration.  The capital will be supplied by the
 recently announced debt financing with Canaccord Capital, by the exercise of
 outstanding warrants and by cash flow from current and future wells.
     "This is a big year for Gemini Energy," said Mr. Sharpe.  "We currently
 have two producing wells.  The 8 wells planned are 40 and 80 acre stepouts to
 successful wells.  By the end of the third quarter, we expect to have ten
 wells with working interests ranging from 23.1% to 42.5%, with an average
 working interest of 33.7%.  We estimate that these wells will increase proved
 reserves net to our working interest from 9.2 to more than 40 bcfe, with a
 PV10 value at current gas pricing of more than U.S. $60 million.  Beyond that,
 we expect to be drilling more wells at Warbonnet over the fall and winter,
 which will further increase our year end reserves."
     Of the two wells currently operating at the Warbonnet property, production
 casing is being run at the WB 5-23 to a total depth of 12,985 feet after
 review of the logs. The WB 8-26 is drilling ahead at a depth of 11,252 feet to
 a planned total depth of 13,500 feet.
     "From what we've seen so far, the WB 5-23 looks very similar to the WB
 15-23, which independent engineering firm Netherland, Sewell estimates has
 recoverable reserves of 4.75 bcf," said Don Sharpe.  "The well provides
 further confirmation that the Warbonnet property is located in a 'sweet spot'
 on the Pinedale anticline."
     Gemini Energy is an oil and gas exploration and development company
 focused on expanding its reserves by drilling at its Pinedale anticline
 properties in southwest Wyoming.
     For further information contact Brad Carr at 604-669-1400 or visit the
 company web site at www.GeminiEnergy.com.
     Certain statements including future drilling programs, future reserves and
 other information included herein constitute "forward-looking statements"
 within the meaning of applicable laws or regulatory policies.  Such
 forward-looking statements involve known and unknown risks, uncertainties and
 other factors which may cause the actual results, performance or achievements
 described herein to be materially different from any future results or
 achievements expressed or implied by such forward-looking statements.
     The Canadian Venture Exchange has not reviewed and is not responsible for
 the contents of this news release.
 
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SOURCE Gemini Energy Corp.
    VANCOUVER, British Columbia, April 20 /PRNewswire Interactive News
 Release/ -- Donald Sharpe, President of Gemini Energy Corp. (CDNX: GNI)
 announced today that the Board of Gemini has approved a Capital Expenditure
 budget for 2001 of U.S. $7.1 million, which is the estimated cost of
 participating in 8 wells currently planned by operating partners Ultra
 Petroleum and Anschutz Exploration.  The capital will be supplied by the
 recently announced debt financing with Canaccord Capital, by the exercise of
 outstanding warrants and by cash flow from current and future wells.
     "This is a big year for Gemini Energy," said Mr. Sharpe.  "We currently
 have two producing wells.  The 8 wells planned are 40 and 80 acre stepouts to
 successful wells.  By the end of the third quarter, we expect to have ten
 wells with working interests ranging from 23.1% to 42.5%, with an average
 working interest of 33.7%.  We estimate that these wells will increase proved
 reserves net to our working interest from 9.2 to more than 40 bcfe, with a
 PV10 value at current gas pricing of more than U.S. $60 million.  Beyond that,
 we expect to be drilling more wells at Warbonnet over the fall and winter,
 which will further increase our year end reserves."
     Of the two wells currently operating at the Warbonnet property, production
 casing is being run at the WB 5-23 to a total depth of 12,985 feet after
 review of the logs. The WB 8-26 is drilling ahead at a depth of 11,252 feet to
 a planned total depth of 13,500 feet.
     "From what we've seen so far, the WB 5-23 looks very similar to the WB
 15-23, which independent engineering firm Netherland, Sewell estimates has
 recoverable reserves of 4.75 bcf," said Don Sharpe.  "The well provides
 further confirmation that the Warbonnet property is located in a 'sweet spot'
 on the Pinedale anticline."
     Gemini Energy is an oil and gas exploration and development company
 focused on expanding its reserves by drilling at its Pinedale anticline
 properties in southwest Wyoming.
     For further information contact Brad Carr at 604-669-1400 or visit the
 company web site at www.GeminiEnergy.com.
     Certain statements including future drilling programs, future reserves and
 other information included herein constitute "forward-looking statements"
 within the meaning of applicable laws or regulatory policies.  Such
 forward-looking statements involve known and unknown risks, uncertainties and
 other factors which may cause the actual results, performance or achievements
 described herein to be materially different from any future results or
 achievements expressed or implied by such forward-looking statements.
     The Canadian Venture Exchange has not reviewed and is not responsible for
 the contents of this news release.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X57549121
 
 SOURCE  Gemini Energy Corp.