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Gold/Mining/Energy : KERM'S KORNER
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To: Herb Duncan who wrote (11593)7/7/1998 3:51:00 PM
From: Kerm Yerman   of 15196
 
MERGERS - ACQUISITIONS / Renaissance Energy Updates Pinnacle
Resources Takeover

RENAISSANCE ENERGY LTD.
TSE, ME SYMBOL: RES
JULY 6, 1998

CALGARY, ALBERTA--Renaissance Energy Ltd. ("Renaissance")
announces that approximately 38.7 million common shares of
Pinnacle Resources Ltd. ("Pinnacle") or approximately 95 percent
of the issued and outstanding common shares of Pinnacle have been
tendered to Renaissance's offer to purchase all of the issued and
outstanding common shares of Pinnacle, dated June 12, 1998, all of
which will be taken up and paid for today. Renaissance also
announces that it intends to acquire all the remaining outstanding
common shares of Pinnacle pursuant to the compulsory acquisition
provisions of the Business Corporations Act (Alberta).

Renaissance's business is the acquisition of petroleum and natural
gas rights and the exploration and development, production and
marketing of crude oil and natural gas.

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