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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (7364)	11/22/1997 3:24:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Canadian Fracmaster Shareholder Rights Plan CALGARY, Nov. 21 /CNW/ - The Board of Directors of Canadian Fracmaster Ltd. announces that they have approved a Shareholder Protection Rights Plan that will be implemented upon receipt of all necessary regulatory approvals. The prime objective of the Shareholder Rights Plan is to ensure that the directors and shareholders would have sufficient time to properly consider any proposed take-over bid for the corporation and to allow enough time for competing bids to emerge. It is not the intention of the Shareholder Rights Plan to prevent all take-over bids. Those that meet certain requirements intended to protect the interests of shareholders are considered under the Shareholder Rights Plan to be ''Permitted Bids''. Upon receipt of all required regulatory approvals for the Shareholder Rights Plan, rights will be issued and attached to all common shares of the Corporation. In the event of a take-over bid that does not meet the Permitted Bid requirements, or, if any party acquires more than 20% of the common shares of the Corporation, those rights will entitle all other shareholders to purchase additional common shares at a substantial discount to the market value of such shares. The Corporation is not currently aware of any proposed take-over bids for the securities of the Corporation. Copies of the proposed Shareholder Rights Plan can be obtained by contacting the Corporation following all regulatory approvals. Canadian Fracmaster Ltd. is an international oil and gas service and production company listed on the Toronto, Montreal and Alberta Stock Exchanges and trades under the symbol ''CFC''.

To: Kerm Yerman who wrote (7364)	11/22/1997 3:43:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Torino Oil & Gas TORINO - TRAVERS PROSPECT DISCOVERY CALGARY, Nov. 21 /CNW/ - Torino Oil & Gas Limited is pleased to announce that the Operator of the Travers 11-14 well has cased the well for production after drill stem testing it as a potential oilwell. Travers is directly south of our core area, Long Coulee. In addition a second well producing gas from a shallower zone on the same prospect has now been placed on production.

To: Kerm Yerman who wrote (7364)	11/22/1997 4:05:00 AM
From: Kerm Yerman	Respond to of 15196

MEDIA / Alberta Expected To Keep Diverting Its Oil Off IPL Friday November 21, 7:06 pm Eastern Time CALGARY, Nov 21 (Reuters) - The government of Alberta will keep diverting its own crude oil off IPL Energy Inc's Interprovincial Pipe Line to help stem effects of tight pipeline space until there is no longer a need, an IPL spokesman said on Friday. ''There's no sunset date on it. It's enforced now until such time as it is deemed to be unnecessary,'' IPL's Alan Roth said of Alberta's West Coast Initiative. Alberta, which sells about 141,000 barrels of its own oil on the open market, moves volumes into BC Gas Inc's Trans Mountain Pipe Line to Vancouver from Edmonton under the policy. IPL announced apportionment figures for its pipelines on Friday ranging from 24 to 41 percent, numbers suggesting the government would continue make use of the initiative. The policy, used extensively during times of high apportionment on IPL's system to the U.S. Midwest until earlier this year, was revived in November when shipper nominations to the pipeline began to exceed capacity again. In Alberta, oil producers pay the government a share of output as a royalty payment instead of cash. Since a privatization last year, three companies -- Gulf Canada Resources Ltd, PanCanadian Petroleum Ltd and Canpet Energy Group Inc -- have been responsible for marketing the volumes. Gulf, which administers the West Coast Initiative, declined comment on how much royalty oil it sells on average, although industry sources speculated the volume to be about 80,000 barrels a day. The amount of royalty oil used under the initiative, however, varies depending on available pipeline space on Trans Mountain and refiner demand on the U.S. West Coast, sources said. Apportionment on IPL has been rising since September as Canadian production and inventories have been on the upswing. December apportionment -- or the amount of oil expected to move on the system subtracted from shipper nominations -- of light crude oil on IPL's Line 2 to the U.S. Midwest skyrocketed to 41 percent on Friday from 24 percent in November. Shippers said they expected the vast majority of the increase to be made up of overnominations, called ''air barrels'' by the Canadian industry. MEDIA (2) IPL apportionment surges for light crude CALGARY, Nov 21 (Reuters) - Restrictions surged for December on nominated volumes of light crude oil to flow on IPL Energy Inc Interprovincial Pipe Line to the U.S. Midwest from Canada, IPL said on Friday. IPL said apportionment on Line 2, which carries mostly light crude oil to Superior, Wisconsin from Edmonton Alberta, was set at 41 percent for December, an increase from 24 percent in November. Apportionment is the volume of oil expected to flow on the pipeline system subtracted from shipper nominations. Nominations to ship crude oil have have increased steadily since September, despite the Alberta government's move two month ago to revive its West Coast Initiative, in which oil the province takes in as royalty payments is diverted from IPL into the Trans Mountain Pipe Line to Vancouver from Edmonton. IPL said December apportionment on Lines 3 and 13, which carry mostly heavy crude, was set at 24 percent, unchanged from November. Apportionment on heavies was near most traders' expectations, although none of several marketers contacted by Reuters earlier on Friday expressed expectations of restrictions of today's magnitude for light crudes. The pipeline company also said on Friday it set December apportionment on Line 1, the petroleum products and natural gas liquids pipeline, at 14 percent, down from 19 percent in November.