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February 5, 2001______________________________________

Update of Oil and Gas Operations

Bard Ventures Ltd. (the "Company") is pleased to provide this update of operations from southeast Alberta. The 9-22 gas well has continued to produce at a rate between 200 mcf and 300 mcf per day. Due to the very high gas prices received this winter the well is generating significantly higher cash flow than was originally predicted in late 1999. Monthly cash flow to the company has been as high as $20,000. The operator is carefully monitoring the well to maximize both the daily rate the ultimate natural gas recovery. The 10-23 well, which was drilled to test for both oil and gas potential remains suspended pending equipment acquisition and further engineering analysis.

The Company continues to evaluate new oil and gas projects in Alberta and elsewhere and intends to pursue a new project when a suitable opportunity is identified. The cash flow from the 9-22 well will provide the working capital necessary to identify and initiate additional projects.

On behalf of:


"Eugene Beukman"

Eugene Beukman