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Cool Chips Press Release Dated December 18, 1997

Borealis Awarded Second Thermionic Patent

December 18, 1997

Borealis Technical Limited, a subsidiary of Borealis Exploration Limited (NASD:BOREF, CDN:BSXC) announced today Patent 5,699,668 covering multiple electrostatic heat pumps has received notice of allowance for issuance December 23rd 1997 from the USPTO.

This is the second patent the company has been issued relating to its thermionic emission technologies for cooling and power generation.

"With two issued patents and many applications pending, we are building a dominant position in this exciting new field" said Isaiah Cox, Borealis Technical COO. "Establishing our ownership of this technology will assist us in our efforts to attract strong corporate partners."

Borealis Technical Limited is a wholly-owned subsidiary of Borealis Exploration Limited, a Canadian company quoted for trade over-the-counter in Toronto, Canada, and throughout Canada via the Canadian Dealer's Network CANOTC, under the symbol BSXC. Borealis Exploration Limited stock may also be traded in the USA under the symbol BOREF. There are 4,869,879 shares outstanding.

Borealis Technical and Landis & Gyr have agreed the following statement:

Borealis also announces that Landis & Gyr (Europe) Corp., a member of the Electrowatt Group, has finished its due diligence activities concerning Borealis Refrigeration and Borealis Power Technologies under a Letter of Intent dated 7th August 1997.

Electrowatt has decided not to enter into a co-operation with Borealis Technical at this stage. Electrowatt would like to see the next phase of research successfully completed, at which time they "would be keen to discuss how we could move towards a closer relationship."

Borealis Technical remains friendly with Electrowatt and they remain bound by the Non-Disclosure agreements as Borealis drives for commercial development of the Borealis Refrigeration and Power Manufacturing Technologies.

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