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

To: Arnie who wrote (7511)	11/26/1997 10:10:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / WestCastle Energy Trusts Releases September 30, 1997 Results TSE SYMBOL: WCL.IR NOVEMBER 26, 1997 CALGARY, ALBERTA-- THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES WIRE SERVICES. The Board of Directors of WestCastle Energy Trust is pleased to announce the Trust's unaudited financial statements for the period from March 13, 1997 to September 30, 1997. Results for the period ended September 30, 1997 showed revenue from petroleum and natural gas sales (net of royalties) of $25.33 million. Cash available for distribution for the period was $12.6 million and distributions for the period were $0.62 per unit. Overall WestCastle received prices of $21.00 per BOE compared to an average of $20.32 in the forecast. Royalty rates and operating costs were in line with expectations resulting in a "field" netback (before general and administrative costs and financing charges) of $10.97 per BOE compared to $11.18 forecast. General and administrative costs have been reduced to $0.77 per BOE, $0.03 lower than forecast. Debt of approximately $36 million includes a small working capital float as well as $8.3 million of post closing property acquisitions. This debt increase led to interest costs per BOE of $0.59 versus the $0.51 forecast in the prospectus. As at September 30, 1997, the Trust was producing at the rate of approximately 7,350 BOE's per day, 55 percent of which is natural gas. Currently, we have contracts in place for approximately 50 percent of our natural gas production at a price of $1.83 per MCF for the period November 1, 1997 to march 31, 1998. This price is $0.13 per MCF higher than the forecast. WestCastle continues to look for suitable trust assets and although the market is very competitive, we are confident that recent additions to our technical staff provide us with the ability to be pro-active in addressing acquisitions and other opportunities which will benefit the Trust. Where investors are unable to get copies of the quarterly report due to the mail strike, the information is now available on the internet at www.sedar.com. WestCastle wishes to advise that it will shortly have its own web page available at www.westcastle.com. WestCastle Energy Trust is a Calgary-based closed-end investment trust which, through WestCastle Acquisition Corp., acquires and holds long life producing petroleum and natural gas properties. Trust units trade on the Toronto Stock Exchange under the symbol "WCL.IR".

To: Arnie who wrote (7511)	11/26/1997 10:14:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / Consumers Gas TransMaritime continues to pursue pipeline project TSE, ME, VSE SYMBOL: CGT.PR.G AND IPL ENERGY INC. TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF NOVEMBER 26, 1997 HALIFAX, NOVA SCOTIA--Today, the TransMaritime Pipeline Project (TMPP) announced it is pursuing its proposal to transport natural gas from the proposed offshore development near Sable Island to markets in the Maritimes, central Canada and the United States. The TMPP project provides greater and more affordable access than any alternative to Sable gas for customers in Nova Scotia, New Brunswick, Qu‚bec and Ontario. Consideration of the Canadian public interest is paramount since there will not be another opportunity to examine fairly and objectively the alternatives to ship Sable Island gas to markets. TransMaritime should be fully reviewed before any recommendation from the National Energy Board or approval from the Government of Canada is issued. Two of the project sponsors, Consumers Gas Energy and Gaz M‚tropolitain, have a direct interest in the markets to be served by the project. Accordingly, they have asked the Federal Court of Canada to review the report of the Joint Review Panel and the decision of the National Energy Board, both issued on October 27, 1997. The Federal Court challenge is focused on the Maritimes & Northeast (M&NPP) project as the onshore pipeline project. The TMPP partners fully support certification of the Sable Offshore Energy Project in order for it to start extracting gas at the turn of the century. The agreement that established the Joint Review Panel clearly set out that the panel is to consider alternatives to M&NPP as the onshore pipeline project. TransMaritime participated in the Joint Review Panel/NEB hearing process without being fully assessed. Not only does fairness in the process justify full consideration of the TMPP alternative, but also the public interest of Canada demands such full consideration. A comparative hearing of TMPP, which was filed with the National Energy Board in June and August 1997, is imperative. The TMPP proposes to build a pipeline through Nova Scotia and New Brunswick to connect with an extended trans-Canadian pipeline grid near the Qu‚bec/New Brunswick border. It maximizes short-term and long-term benefits for Canadians and has economic benefits that are far superior to those of the M&NPP. According to TMPP analysis, during construction alone, the project will create 4,600 more jobs in Canada than M&NPP and once the pipeline becomes operational, the Canadian economic benefits significantly exceed those provided by M&NPP. Because of TMPP's lower tolls and all-Canadian route, more local distribution will occur in Nova Scotia, New Brunswick and eastern Qu‚bec, thereby ensuring longer term economic benefits. It is estimated that this will result in a total energy savings of $950 million for Canadian customers, over 25 years; an economic benefit leading to the creation of approximately 2,400 permanent jobs, which will not occur otherwise. TMPP is sponsored by three partners: TransCanada PipeLines Limited, one of North America's leading transporters of natural gas; Consumers Gas Energy, the owner of Canada's largest distributor of natural gas and a subsidiary of IPL Energy, a North American leader in energy services and delivery; and Gaz M‚tropolitain and Company, Limited Partnership, one of the largest natural gas distributors in North America.

To: Arnie who wrote (7511)	11/26/1997 10:18:00 PM
From: Herb Duncan	Respond to of 15196

FINAMCING / Master Downhole Canada Increases Line of Credit ASE SYMBOL: MDH.A NOVEMBER 26, 1997 CALGARY, ALBERTA--The Company has increased its revolving line of credit with the Bank of Montreal from $ 500,000.00 to $ 5,000,000.00. The revolving line of credit has no effect on long term debt. The increase was made necessary due to the increased level of operations and the need to fund accounts receivable and inventories as a result of the acquisition of the business of Wenzel Downhole Tools Inc.

To: Arnie who wrote (7511)	11/26/1997 10:23:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Danoil Production Rises Significantly, Board Approves First Half 1998 Budget ASE SYMBOL: DAN.A NOVEMBER 26, 1997 CALGARY, ALBERTA--DANOIL ENERGY LTD. ("Danoil") is pleased to report that it will exit 1997 with production rates exceeding 4,000 barrels of oil equivalent per day (boepd), more than double the amount it produced in June of the same year. The production increases are largely the result of a drilling program at Dodsland (600 barrels of oil per day), recompletions and new wells at Tangleflags (475 barrels of oil per day) and the acquisition of Vintage Resource Corp. (900 boepd). At a meeting held yesterday, the Board of Directors of Danoil reviewed capital projects that totaled $30 million and approved the capital budget recommended by management of $10 million for the first six months of 1998. Ninety per cent of this budget is dedicated to Company owned and operated lands. The level of expenditures for the second half will be finalized at a later date and will, to varying degrees, be contingent on the first half drilling results and land and seismic acquisitions. It is currently estimated that some $14.5 million can be funded from 1998 cash flow. While Danoil's recent efforts have been directed towards acquisitions and identifying near term development projects, it intends to immediately increase its level of exploration activity. As an initial step, Steve Krystofiak has recently joined the Company as an exploration geologist. Mr. Krystofiak has over seventeen years experience with both major and large independent oil companies, as a geologist and a seismic interpreter. In addition, Danoil has entered into an exploration joint venture with a company that has a seasoned exploration team that will provide Danoil with access to Nisku and Leduc oil prospects in central Alberta.

To: Arnie who wrote (7511)	11/26/1997 10:25:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Tri-Ex Oil & Gas Ltd. Announces 3rd Quarter 1997 Financial and Operating Results TSE SYMBOL: TXG NOVEMBER 26, 1997 CALGARY, ALBERTA--Tri-Ex Oil & Gas Ltd. ("Tri-Ex") is pleased to announce our 3rd Quarter 1997 financial and operating results. /T/ HIGHLIGHTS Percent Nine months ended September 30 1997 1996 Change ------------------------------------------------------------- FINANCIAL Petroleum & natural gas revenue 5,755,316 3,717,158 55 Net earnings 408,938 287,693 42 Per share - basic 0.03 0.04 (25) - fully diluted 0.03 0.02 50 Funds flow from operations 3,480,879 2,296,898 52 Per share - basic 0.24 0.33 (27) - fully diluted 0.19 0.17 12 Capital expenditures (net) 4,697,471 3,495,799 34 SHARE CAPITAL Common shares outstanding 18,892,174 6,967,619 171 Warrants -- 6,000,000 (100) DRILLING ACTIVITY Gross wells 18 14 29 Net wells 12.4 8.3 49 Average working interest (percent) 69 59 17 PRODUCTION Natural gas mcf 1,608 44,540 (96) mcf/d 6 163 (96) Oil bbl 248,190 148,321 67 bbl/d 909 541 68 Barrels of oil equivalent boe 248,350 152,775 63 boe/day 910 558 63 /T/ The Corporation's growth continued through the third quarter of 1997, highlighted by a 63 percent increase in overall production over the same period in 1996. Oil production in the first nine months of 1997 increased 67 percent to average 909 bopd, up from 541 bopd for the corresponding period in 1996. This increase reflects the Corporation's higher working interest at Sounding Lake and the successful development drilling program undertaken on that property. Tri-Ex drilled 18 (12.4 net) wells during the first nine months of 1997 resulting in 12 (8.3 net) oil wells, 1 (.7 net) disposal well and 5 (3.4 net) dry and abandoned wells. Fueled by higher production levels, petroleum and natural gas revenues increased to $5,755,316 in the nine months ended September 30, 1997, a 55 percent increase over the $3,717,158 recorded in the same period in 1996. Crude oil prices averaged $22.97 for the first nine months of 1997 compared to $24.57 for the same period in 1996. Operating expenses for the nine months ended September 30, 1997 were $1,405,244, an increase of 66 percent over the $847,799 incurred during the same period in 1996. This increase is due to higher production levels. Operating costs per boe for the nine months ended September 30, 1997 rose slightly to $5.66 compared to $5.55 for the 1996 period. Funds from operations increased to $3,480,879 ($0.24 per share - basic) for the nine months ended September 30, 1997 from $2,296,898 ($0.33 per share - basic) for the nine months ended September 30, 1996 due to higher production levels. This resulted in a 42 percent increase in net earnings for the nine months ended September 30, 1997 to $408,938 ($0.03 per share - basic) from $287,693 ($0.04 per share - basic) for the nine months ended September 30, 1996. The net capital expenditure program for the nine months ended September 30, 1997 was $4,697,471, an increase of 34 percent from the $3,495,799 incurred in the nine months ended September 30, 1996. The 1997 capital expenditure program was funded from a combination of cash flow, asset dispositions and bank borrowings. On November 12, 1997, Tri-Ex signed a letter agreement with Real Resources Inc. ("Real"), whereby Real will be making a share exchange take-over bid for all the outstanding shares of Tri-Ex. The exchange ratio for the bid, which is calculated on a net asset value per company, is .87 of a Real share for each Tri-Ex share. The directors and senior management of Tri-Ex and related holding companies, signed lockup agreements for 31 percent of the Tri-Ex stock in support of this takeover for the following reasons: 1. The larger production and cash flow of the new company will make it more competitive and hasten growth; 2. The new company will have an expanded inventory of projects and a good balance between exploration and development; 3. The new company will have an asset base consisting mainly of medium to light gravity oil generating high netbacks and cash flow for future growth; and 4. The new company will have a strengthened and diversified management team with the talent and experience to achieve the goal of sustained economic growth. A take-over bid circular will be sent to all shareholders in early December, 1997 to better outline the transaction. Tri-Ex management and directors strongly support this transaction and hope the shareholders will support the deal.

To: Arnie who wrote (7511)	11/26/1997 10:30:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Eurogas Corporation Announces Nine Month Results TSE SYMBOL: EUG NOVEMBER 26, 1997 CALGARY, ALBERTA--Eurogas Corporation is pleased to present its financial results for the first nine months of 1997. Total revenues for the period were $3,518,681 compared to $2,104,778 over the corresponding period last year. Net cash flow from operations amounted to $919,707 compared to $16,349 for the corresponding period last year, while the net loss for the period amounted to $389,293 compared to $614,651. Production for the period was 1,209 BOED compared to 415 BOED for the corresponding period last year. The increases in production and cash flow were attributable to the acquisition from Centurion Energy International Inc., of its Canadian oil and gas properties, effective July 1, 1997. Eurogas Corporation is an independent oil and gas company engaged in the development of a major oil and gas field in Russia, exploration for oil and gas reserves in Tunisia, examining the feasibility of developing a major gas storage project in Spain and the exploration for and production of oil and gas in Canada. The company is listed on the Toronto Stock Exchange (TSE) under the symbol EUG.

To: Arnie who wrote (7511)	11/26/1997 10:35:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Ram Petroleums Limited Company Announcement TSE SYMBOL: RPL NOVEMBER 26, 1997 TORONTO, ONTARIO--Ram Petroleums Limited announces that at a special meeting of shareholders held November 24th its shareholders have approved the plan of reorganization of share capital and the change of the Company's registered office from London to Toronto, Ontario. Subject to regulatory approval, the Company will be exchanging each currently issued and outstanding Common Share for one Class A share and one redeemable Class B share of the Company. It is the intention of the Company to then immediately redeem all of the Class B shares through payment of two shares of Wollasco Minerals Inc., a wholly owned subsidiary of the Company. After these transactions a shareholder would hold one Class A share of Ram and two common Shares of Wollasco for each Common Share of Ram that had been held. The only class of shares of Ram outstanding will be Class A and Ram will have distributed all of its share ownership in Wollasco Minerals Inc. The Company has completed moving its drilling rig to the Airu-1 location and is in the process of rigging up. The Airu-1 well, the first exploratory well in Ram's 100 percent owned Rio Putumayo Association Contract, will spud in December. The Company's new registered office is at 347 Bay Street, Suite 1008, Toronto, Ontario M5H 2R7, e-mail rampet@msn.com. Ram has a web page at www.stockgroup.com/rpl.html which has extensive information relating to the Rio Putumayo project. Richard Opekar President

To: Arnie who wrote (7511)	11/26/1997 10:38:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / EnerVest FTS Limited Partnership Fund (1997) CALGARY, ALBERTA--EnerVest FTS Limited Partnership Fund (1997) (the "Partnership") announced today the final closing of its initial public offering. The closing was for 832 limited partnership units at $1,000 per unit for gross proceeds from the offering of $832,000. The aggregate gross proceeds raised by the Partnership to date are $23,134,000. The limited partnership units were offered for sale to the public in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and Quebec by a syndicate led by Research Capital Corporation and Midland Walwyn Capital Inc. and included RBC Dominion Securities Inc., CIBC Wood Gundy Securities Inc., Fortune Financial and DPM Securities Inc. The proceeds of the offering will be invested by the Partnership in flow-through shares of flow-through convertible securities of companies involved in oil and gas exploration and development in Canada. The Partnership's investment objective is for its Limited Partners to obtain benefits from certain tax deductions and to achieve capital appreciation through investment in a portfolio of equity or equity-linked securities with companies involved in oil and gas exploration and development in Canada. The Partnership's investment portfolio will be actively managed by Morrison Williams Investment Management Ltd. to obtain this objective.

To: Arnie who wrote (7511)	11/26/1997 10:44:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Meridian and Industry Partners Complete a New Well at Paddle River, Alberta ASE, VSE SYMBOL: MDG NOVEMBER 26, 1997 CALGARY, ALBERTA--Meridian Energy Corporation and Belfast Petroleum Inc., as operator, have successfully completed a new well at 15-32- 55-7 W5M in the Paddle River area of central Alberta. The well will be placed on continuous production in the near future. Meridian and partners to date, have acquired a total of five contiguous sections of land in the area. The Company expects further development drilling will take place this winter. Because of ongoing developments in the area, further details regarding this property will be released in the future. Fred Thompson, President Fred Thompson, the President and a Director of the Company, has prepared this News Release on behalf of the Company.