Premier Increases Stake in UK Field

Premier has entered into an agreement to purchase an additional 5% interest in the Kyle field in the North Sea for a purchase price of 3.4 million subject to DTI approval. This acquisition will increase Premier's working interest in the field to 40%. The effective date of the transaction is 1 January 2002 with completion expected in June.

Together with the other Kyle partners, Premier has commenced the drilling of a fourth development well into the field. This well is scheduled to be completed, connected and on production by August. The Kyle joint venture after the purchase of additional equity comprises: Canadian Natural Resources Ltd. as operator with45.71%; Premier Pict Petroleum Ltd. with 40.00%; Bow Valley Energy Ltd. with 14.29%.

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