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

To: Kerm Yerman who wrote (7521)	11/27/1997 2:46:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Niko Resources reports 1st 6 months results Niko Resources Ltd. (ASE - NKO) announced its financial results for the three and six months ended September 30, 1997. During the three months ended September 30, 1997 revenue increased to $847,000 compared to $267,000 in 1996. Cash flow from operations rose to $344,000 or $0.017 per share compared to $12,000 or $ 0.001 per share in 1996. The Company earned $155,000 or $0.008 per share compared to a loss of $11,000 or $0.0007 per share in 1996. For the six months ended September 30, 1997 revenue was $1,446,000 compared to $569,000 in 1996. Cash flow from operations rose 900% to $596,000 or $0.029 per share compared to $60,000 or $ 0.005 per share in 1996. Net income was $262,000 or $0.013 per share compared to net income of $10,000 or $0.008 per share in 1996. The improved financial results are due to increased gas production in India. The Company produced 1.6 MMCF per day of gas and 73 barrels of oil per day (BOPD) in the quarter compared to 0.25 MMCF per day and 66 BOPD in the prior year's quarter. For the six months production rose to 1.39 MMCF per day of gas and 66 BOPD compared to 0.29 MMCF per day and 59 BOPD in 1996. Gross production from the Hazira field in India is currently 8.4 MMCF per day or 2.8 MMCF per day to Niko's account. Due to the current postal dispute Niko Resources will have 2nd quarterly reports available for pick up, at their offices or available for delivery, at no cost, to all shareholders who so request. Niko will issue these reports, to all shareholders, upon resolution of the postal issue. November 27, 1997 For further information please contact: Niko Resources Ltd. (403) 262-1020 Edward Sampson, Executive Chairman or Paul Wright, Vice President Finance.

To: Kerm Yerman who wrote (7521)	11/27/1997 2:52:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Wild Horse Resources reports 1st 9 months results & updates Financial results to September 30, 1997 and Activity Update ----------------------------------------------------------- Wild Horse Resources Ltd. (the Corporation) is pleased to announce that Arcan Energy S.A. (Wholly owned subsidiary of Neuquina Resources ltd.) is moving a service rig on to the Medianera Concession to commence Phase I of their plan to develop this Concession. The first step of Phase I will be to stimulate Well 2001, put it back on production and the reactivation of a further 6 wells commencing with Wells 1027 and 1009. Neuquina is a private Calgary based Oil and Gas company whose management has extensive experience operating internationally. Neuquina has agreed to spend $5 million to earn a 50% interest in the Medianera Concession. Due to the postal strike the Corporations' 9 month unaudited financial statements are included in this release. Shareholders may contact Douglas Amy, a director of Wild Horse at (403)262-9299 in order to request a printed copy of these financial statements, and upon such request, the Corporation shall deliver the financial statements to the security holder promptly and without cost to any location or fax number specified by the security holder. An electronic version of the financial statements are also available without charge via the Internet at the SEDAR website (www.Sedar.com). FOR FURTHER INFORMATION PLEASE CONTACT MR.DOUGLAS AMY, DIRECTOR AT (403) 262-9299. BALANCE SHEET As at September 30, 1997 and 1996 --------------------------------- (unaudited) ASSETS 1997 1996 ---- ---- Current: Cash and term deposits $69,516 $532,643 Accounts receivable 390,811 34,435 ------- -------- 460,327 567,078 ------- -------- Property Plant and Equipment Oil and Gas 2,958,748 474,849 Mining 336,918 120,579 Automotive and office equipment 43,895 2,287 ------ ----- 3,339,561 597,715 --------- ------- $3,799,888 $1,164,793 ========== ========== LIABILITIES Current: Accounts Payable $106,154 $137,792 -------- -------- Convertible Debenture 500,000 ------- Deferred Share Subscriptions 265,000 ------- Loans Payable to Shareholders 100,000 ------- 206,154 902,792 ------- ------- SHAREHOLDERS EQUITY Share Capital Issued Common Shares 4,129,440 638,840 Deficit (535,706) (376,839) --------- --------- 3,593,734 262,001 --------- ------- $3,799,888 $1,164,793 ========== ========== STATEMENT OF INCOME AND DEFICIT For the Nine Months Ending September 30, 1997 and 1996 (unaudited) 1997 1996 ---- ---- EXPENSES General and administrative $128,638 $74,584 Other income 19,219 4,160 ------ ----- NET LOSS FOR PERIOD 109,419 70,424 DEFICIT,BEG OF PERIOD 426,287 306,415 ------- ------- DEFICIT,END OF PERIOD $535,706 $376,839 ======== ======== LOSS PER SHARE 009 013 === === COMMON SHARES OUTSTANDING 12,796,667 5,378,333 ========== ========== STATEMENT OF CHANGE IN FINANCIAL POSITION For the Nine Months Ending September 30, 1997 and 1996 (unaudited) 1997 1996 ---- ---- OPERATING ACTIVITIES Net loss for the period ($109,419) (70,424) Increase in non-cash working capital (539,891) 100,453 --------- ------- (649,310) 30,039 --------- ------ FINANCIAL ACTIVITIES Net proceeds on issue of common shares 742,190 278,037 Loan from shareholders 100,000 Deferred share subscriptions 265,000 Convertible Debenture 500,000 ------- 842,190 1,043,037 ------- --------- INVESTING ACTIVITIES Expenditure -Oil property (1,932,254) (474,849) -Mining property (32,189) (217,731) -fixed assets (40,469) -------- (2,004,912) (692,580) ----------- --------- Increase(Decrease) in cash for period (1,812,032) 380,486 Cash at Beginning of Period 1,881,548 152,157 --------- ------- Cash at End of Period $69,516 $532,643 ======== ========

To: Kerm Yerman who wrote (7521)	11/27/1997 2:53:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Ironwood Petroleum reports 1st 9 months results Ironwood Petroleum Ltd. is pleased to report its results for the nine month period ended September 30, 1997. HIGHLIGHTS NINE MONTHS ENDED SEPTEMBER 30 ---------------------------------------------------------------------- ($ thousands, except as noted) 1997 1996 ---------------------------------------------------------------------- REVENUE, NET OF ROYALTIES 1,415,571 1,345,783 CASH FLOW 837,370 824,450 PER COMMON SHARE .09 .11 WEIGHTED AVG SHARES OUTSTANDING 9,483,758 7,435,983 AVERAGE DAILY PRODUCTION(BOE/D) 266 299 CAPITAL EXPENDITURES (NET) 1,883,676 1,303,414 BANK DEBT nil nil AVERAGE PRICE/BOE ($) 20.97 18.09 OPERATING COST/BOE ($) 4.59 3.57 ----------------------------------------------------------------------- Of the $1,883,676 invested in new oil and gas projects, $1,499,518 was spent in the last portion of the third quarter. This includes the 50 BOE/D acquisition at Phoenix and the land acquisition and subsequent drilling at Beaverdam. The two potential oil wells at Beaverdam are currently being completed and may set up six additional locations on 40 acre spacing. Three wells immediately offsetting the Beaverdam acreage are currently producing at a combined rate of 322 BOE/D. At this time these two new projects have contributed little to the Company's cash flow. Current production is 300 BOE/day, and the Company remains debt free with an unused bank line of $1.8 million. Third quarter reports will be mailed upon resumption of postal services. Shareholders requiring financial statements, may request them by telephone (403) 299-1285 or fax (403) 299-1289.

To: Kerm Yerman who wrote (7521)	11/27/1997 2:55:00 PM
From: Arnie	Respond to of 15196

CORP. / Findore Minerals adds to Board of Directors Mr. James Lee, President of Findore Minerals Inc, (FNDR-OTC; FINIF-BB) is pleased to announce the appointment of Robert A. Donaldson Q.C. to its Board of Directors. Mr. Donaldson, a partner in the law firm Heenan Blakie, has some 30 years of experience practicing in the area of financial institutions regulation, banking law, securities law and general corporate commercial law. His practice currently involves acting on public and private financing, takeover bids, mergers and acquisitions and advising on corporate governance issues, He also has considerable expertise in the areas of foreign investment review, biotechnology and director's and officer's liability. Mr. Donaldson teaches corporate governance, as an adjunct professor, at the University of Western Ontario Law School, He has taught corporate finance and securities regulation as a special lecturer at Osgoode Hall Law School. He has chaired or participated in many financial institutions, banking, foreign investment and securities law conferences and written numerous articles on related topics. He is the contributing editor on securities law for Legal Alert, a monthly publication and is currently authoring a book on corporate governance, to be published in 1998. Mr. Donaldson's presence on the Board provides Findore with considerable experience and adds tremendously to its ability to fulfil its mandate. Findore is privileged to include W. Donaldson on its Board. Joining, Mr. Don Taylor, who brings energy industry expertise to the table and Michael Spengemann who provides financial acumen and investment management experience, Mr. Donaldson adds legal expertise and access to the investment community. With offices in Toronto and Houston, Findore, soon to be renamed Cantex Energy Inc., is involved in a Joint Venture oil and gas development, exploration and production venture, on-shore in the Texas/Louisiana Gulf Coast area. For further information, please contact Mr. James Lee, President, or Mr. Colin Halanen, Investor Relations Representative at Findore, at (416) 363-1570 or visit Findore's website at web.licity.com Total shares issued and outstanding: 9,956,194

To: Kerm Yerman who wrote (7521)	11/27/1997 2:57:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Calahoo Petroleum reports 1st 9 months results - Completed corporate and property acquisitions totaling $41 million - Cash flow of $4 million up 67%; on target to reach $7 million or 20 cents per share - Current production at 2,800 boepd, forecast on target to exit at 3,400 boepd - $40 million budget (50+ net wells) planned for 1998 Calahoo Petroleum Ltd. is pleased to report its financial and operating results for the nine months ended September 30, 1997. The third quarter of 1997 marks the highest quarterly growth in Calahoo's history. The corporate acquisition of Riata Resources Ltd. and the acquisition of the Haro / Boyer gas field in northwest Alberta dramatically increased the size of the Company both operationally and financially. Gross oil and gas sales improved 67% to $8.0 million for the nine months ended September 30, 1997, compared to $4.8 million for the same period in 1996. Cash flow from operations increased 67% to $4.0 million (14 cents per share) compared to $2.4 million (12 cents per share) in 1996. Net income increased by 39% to $.7 million (2 cents per share from $.5 million (3 cents per share) recorded in 1996. The positive financial results are due primarily to increased natural gas volumes along with stronger gas prices. Production for the nine months averaged 623 bbls/d of oil and liquids and 7,175 mcf/d of natural gas. Total production of 1,340 BOEPD represents a 60% increase over 1996. Oil and NGL prices of $26.15 per barrel were comparable to 1996 third quarter prices. Gas prices increased from $1.17 per mcf in 1996 to $1.58 per mcf for the same period in 1997. For the nine months ended September 30, 1997, Calahoo has drilled or participated in the drilling of 15 wells (10.8 net) resulting in 6 oil wells (4.8 net), 3 gas wells (2.4 net) and 6 D & A's (3.6 net) for an overall net success rate of 67%. Capital expenditures to date total $50.4 million compared to $3.9 million in the same period in 1996. The acquisition of Riata and Haro / Boyer comprise $40.7 million of the total with $5.0 million spent on drilling and completions and $3.1 million on land and seismic. Calahoo Petroleum Ltd. is an oil and gas company based in Calgary, Alberta. The common shares of the corporation are listed on The Alberta Stock Exchange under the symbol "CLX". The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. Due to the postal strike, third quarter reports are available upon request and will be delivered at no cost to the shareholder. Upon resumption of mail service, third quarter reports will be mailed out to all parties who have indicated that they wish to be included on our supplementary mailing list. For further information, please contact Michael O'Hara, President, or Pat Oliver, Controller, Suite 400, 407 - 2nd Street S.W. Calgary, Alberta T2P 2Y3 (403) 237-8688. Nine Months Ended September 30, 1997 1997 1996 % CHANGE ($ THOUSANDS, EXCEPT PER SHARE DATA) FINANCIAL HIGHLIGHTS -------------------- Gross Revenue 8,018 4,790 67 Cash Flow From Operations 4,011 2,402 67 Per Share ($) 0.14 0.12 17 Net Income After Tax 705 506 39 Per Share ($) 0.02 0.03 (33) Total Assets 74,664 17,667 323 Long Term Debt 10,075 6,314 60 Shareholders' Equity 33,680 9,853 242 Capital Expenditures 50,438 3,879 1200 Common Shares Outstanding At September 30 Basic (Thousands) 40,681 22,783 79 Fully Diluted (Thousands) 78,636 26,573 196 Average Weighted Shares Outstanding At Sept 30 (Thousands) 29,662 20,239 47 OPERATIONS ---------- Production and Prices (average) Crude Oil and HGL Production (BBLS/D) 623 532 17 Average Combined Price ($/BBL) 26.15 26.51 (1) Natural Gas Production (MCF/D) 7,175 3,034 136 Average Price ($MCF/D) 1.58 1.17 35 Average Production BOEPD 1,340 835 60

To: Kerm Yerman who wrote (7521)	11/27/1997 2:58:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Rally Energy announces Joint Venture Agreement Rally Energy Corp., ("Rally"), (CDN: RALY) is pleased to announce it has entered into a joint venture agreement with Glacier Ridge Resources Ltd., ("Glacier") a private Alberta corporation, whereby Rally has the right to participate up to a 37.5% working interest in all current and future prospects generated by Glacier. Glacier's present portfolio of prospective Alberta based oil and gas properties, includes 33 sections (8,500 hectares) of PNG leases and in excess of 300 kilometres of seismic data. For the purposes of the joint venture, Glacier will act as operator and agrees to provide management services for the day to day operations. Glacier's senior management team of two Geologists, one Engineer and one Landman represent collectively, over 60 years oil and gas experience and have been successful explorationists with junior, intermediate and senior companies. Mr. Terry Dublonko has resigned as a Director of the Company. It is expected that these new opportunities will further enhance Rally's existing oil and gas development in Western Canada. Several completed wells await tie-in to production facilities and additional targets are expected to be drilled within the first quarter of 1998. The continuing development of Rally's Southwestern Ontario oil and gas prospects has resulted in three producing oil wells, two of which have recently been placed on production. One gas well has been drilled and is expected to be completed with pipeline tie-in by mid January 1998. Additional seismically defined Trenton targets have been identified and the drilling of one of these targets is forecast to commence by mid December 1997. Number of shares issued: 10,458,640 For further information please contact Sandra J. Hall, (416) 364-1698

To: Kerm Yerman who wrote (7521)	11/27/1997 3:02:00 PM
From: Arnie	Respond to of 15196

TAKEOVER / Sunoma Energy offers to acquire Orbit Oil & Gas All-cash offer of $1.70 per share represents significant premium CALGARY, Nov. 27 /CNW/ - Calgary-based Sunoma Energy Corp. (''Sunoma'') today announced that it intends to make an all-cash offer to purchase all of the outstanding common shares of Orbit Oil & Gas Ltd. (''Orbit'') (TSE: ORB), a Calgary-based junior oil and gas exploration and production company, at a price of $1.70 per share. The offer of $1.70 per share represents a 47 percent premium to Orbit's closing price of $1.16 on Monday, November 24, 1997, a 23 percent premium to its highest price during the past 52 weeks, and a 13 percent premium to its highest price during the past three years. Mr. Rick MacDermott, President and Chief Executive Officer of Sunoma, said, ''This initiative is part of our strategic evolution as an exploration and production company with a growing financial and operating presence in the marketplace. We are approximately the same size on a production basis and, like Orbit, are focused primarily on natural gas. Our respective projects are operationally similar in many respects, so we have a good sense of how the companies will function when their operations are combined. This transaction will also bring greater financial resources to bear on the combined asset base while reducing our overhead costs. ''Orbit shareholders have an unprecedented opportunity to realize the value of their investment now, at a significant premium and in cash. We believe this price is more than fair and reasonable, and we are willing to let Orbit's shareholders evaluate our offer on its merits. We expect Orbit to do the same by waiving its shareholders' rights plan. ''This offer should be evaluated in the context of Orbit's performance during the last three years. During the three years ended November 24, 1997, Orbit shareholders experienced a 7 percent decline in the value of their shares, while the Oil and Gas Producers Index grew by some 41 percent. During the three years ended December 31, 1996, the compound annual growth rate in Orbit's cash flow per share measured negative 4.1 percent. Based on Orbit's own estimate of its 1997 cash flow per share, as contained in Orbit's press release dated November 26, 1997, cash flow growth since 1993 has been nil.'' Sunoma intends to immediately request a shareholder list from Orbit. Sunoma anticipates making the offer by mid-December and that the offer would expire mid-January, 1998 (35 days later). The offer is fully financed and is conditional on the deposit of not less than 50.1 percent of Orbit's shares (on a diluted basis) other than the 6.9 percent of shares (on a diluted basis) currently held by Sunoma. The offer is also subject to other conditions customary in these types of transactions. In addition, Orbit must waive the application of its shareholders' rights plan in order to enable the holders of Orbit shares to accept Sunoma's offer. After the acquisition of all of the common shares (on a diluted basis) of Orbit, Sunoma intends to cause Orbit to redeem its outstanding Series 2 and Series 3 Class A Preferred Shares at a redemption price of $10.00 per share. Sunoma is a private energy company engaged in the exploration and production of natural gas, primarily in the Peace River arch area of the province of Alberta. The company is known for its prudent growth through acquisitions of Sunalta Energy Inc. and Paloma Petroleum Ltd. in 1996, its ability to identify and to realize value in its asset base, and for the calibre of its management team. Goepel Shields & Partners Inc. and The Chase Manhattan Bank have been retained as financial advisors to Sunoma for purposes of this transaction. Due to the current mail disruption in Canada, shareholders will be able to obtain copies of bid documents by requesting same at the offices of Goepel Shields and Partners Inc. at Calgary (403-297-0434). For further information: Mr. Rick MacDermott, President and Chief Executive Officer, Sunoma Energy Corp., (403) 262-5553

To: Kerm Yerman who wrote (7521)	11/27/1997 3:05:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Anadime Corp. to list on the Toronto Stock Exchange CALGARY, Nov. 27 /CNW/ - Anadime Corporation (TSE/ASE: AEM) today announced it will commence trading on The Toronto Stock Exchange on Friday, November 28th. ''A Toronto Stock Exchange listing should attract a broader base of institutional investors to the company, as well as encourage liquidity in the stock. This will be positive for all investors, both retail and institutional,'' said Owen Pinnell, President and Chief Executive Officer of Anadime. ''We hope that the resulting increase in exposure and coverage will increase customer and investor confidence, allowing the company to continue its aggressive growth strategy. Being part of Canada's leading exchange is a milestone for Anadime and demonstrates to our shareholders and supporters that the company delivers on its commitments and forecasts.'' Anadime also reports that construction at Elk Point and Cold Lake is on schedule and that the two new processing plants will commence operating on January 15 and May 1, 1998, respectively. The first of the MCS Technologies centrifuges that form the core of both plants' heavy slop oil processing section will be delivered in the next ten days. Additional units will follow in the new year. Based in Calgary, Anadime Corporation provides oilfield processing and disposal services to the petroleum industry in Western Canada. The company is traded on the TSE/ASE under the symbol AEM. For further information: Owen Pinnell or Gloria Wong, Anadime Corporation (403) 777-4310, E-mail: pinnello@anadime.com, Website: anadime.com

To: Kerm Yerman who wrote (7521)	11/27/1997 3:08:00 PM
From: Arnie	Respond to of 15196

PIPELINES / KOch Pipelines closes initial IPO CALGARY, Nov. 27 /CNW/ - Calgary-based Koch Oil Co. Ltd. and Koch Pipelines Canada, L.P., jointly announced that the partnership has today closed its initial public offering of 37,500,000 Class A limited partnership units at a price of $10 per unit. The units were offered on an instalment basis: $6 at the time of purchase and $4 one year following the original purchase. The units, initially represented by instalment receipts, now trade on The Toronto Stock exchange under the symbol ''KPC.IR''. On closing, the partnership acquired Koch's wholly-owned and operated Canadian pipelines (Bow River, Koch Alberta, Koch Valley, and Mid-Saskatchewan) from Koch Pipelines Canada Ltd., the general partner of the partnership. Public unitholders now own approximately 51 percent with Koch Pipelines Canada Ltd. owning approximately 49 percent of the partnership. The assets required by the partnership constitute one of the largest crude oil feeder pipeline businesses in Canada, consisting of 2,400 miles of pipeline. In 1996, these systems transported 303,000 barrels per day of crude oil, generating revenues of $79.4 million and operating cash flow of $57.7 million. The units were offered for sale to the public in Canada by an underwriting syndicate led by RBC Dominion Securities Inc. Koch (pronounced ''coke'') Oil Co. Ltd. is a wholly-owned subsidiary of Koch Industries, Inc., which, through its subsidiaries, owns and operates one of North America's largest liquids pipeline businesses, and is ranked by Forbes Magazine as the second largest privately held company (by revenue) in the United States. Koch Industries, through its subsidiaries, is involved in virtually all phases of the oil and gas industry, as well as chemicals, chemical technology products, asphalt products, energy services, minerals, capital services and agriculture. Koch commenced business in Canada in 1959, and since that time has grown to become the largest exporter and one of the largest refiners of Canadian crude oil. In addition to its crude oil marketing and pipeline businesses, Koch is engaged in oil and gas exploration and production, natural gas marketing, capital services and crude oil trucking in western Canada. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES IN ANY JURISDICTION. THE LIMITED PARTNERSHIP UNITS OFFERED WILL NOT BE AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES. For further information: Geoff Pradella, Manager, Government and Public Affairs, Koch Oil Co. Ltd., (403) 298-2763

To: Kerm Yerman who wrote (7521)	11/27/1997 3:10:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Comstate Resources reports 1st 9 months results CALGARY, Nov. 27 /CNW/ - The Company is pleased to report its consolidated operating and financial results for the nine months ended September 30, 1997. HIGHLIGHTS 1997 1996 Change % ----------------------------------------------------------------------- Net Revenue - Oil and Gas $ 7,152,700 $ 5,925,900 21 - Minerals $ 719,400 $ 1,107,600 (35) Cash flow from operations after current taxes $ 6,186,400 $ 5,905,000 5 Net earnings $ 1,914,100 $ 4,639,100 (59) Cash flow per share $ 0.29 $ 0.27 7 Net earnings per share $ 0.09 $ 0.21 (60) Bank debt $ 1,897,700 $ 5,307,500 (64) Oil - barrels per day 1,224 1,197 2 - average price ($/Bbl) $ 26.85 $ 24.49 10 Liquids - barrels per day 198 199 (1) - average price ($/Bbl) $ 19.97 $ 16.97 18 Gas - MCF per day 5,064 4,989 2 - average price ($/MCF) $ 1.86 $ 1.40 33 Average price per BOE $ 23.98 $ 21.59 11 OPERATIONS AND FINANCIAL As outlined above, the Company continued to generate positive results in most operational and financial categories during the third quarter of 1997. Production on a barrels of oil equivalent (BOE) basis increased from 1,895 BOE per day in 1996 to 1,928 BOE per day in 1997. Exit production for the month of September was 2,058 BOE per day. Net earnings decreased to $1,194,100 ($0.09 per share) in 1997 compared to $4,639,100 ($0.21 per share) for the comparable period in 1996. The decrease is mainly attributable to an accounting gain of $3,065,600 in 1996 on the deemed disposition of an interest in Comaplex Minerals Corp. (Comaplex) resulting from a private placement of Comaplex treasury shares. If you exclude this deemed gain, our net earnings increased by 7 percent in 1997 compared to 1996. We anticipate that production, cash flow and profit will increase during the fourth quarter of 1997. These expected increases are projected to come from higher production volumes. The Company continues to evaluate property acquistions on an ongoing basis. MINERALS Comstate continues to hold 14,092,000 shares (51 percent of the issued shares) of Comaplex Minerals Corp. (Comaplex). Comaplex is a junior minerals company (trades on the Toronto Stock Exchange - symbol CMF) that has varying interests in 30 precious and base metal properties in Canada. Comaplex is a well-financed company, having working capital of $6.6 million, investments in other TSE listed companies of approximately $4.5 million, and annual cash flow of $1.5 to $2 million. These assets should provide adequate funds for our projected minerals exploration programs for a five to seven year period. SUMMARY AND OUTLOOK The Company is optimistic with regard to its future. We continue to increase our oil and gas reserves by participating in properties that have long life reserves that will provide cash flow for many years into the future. Our investment in Comaplex also has the potential for substantial appreciation in the future. We have a very strong balance sheet that provides us with the ability to participate in future asset growth. For further information: Comstate Resources Ltd, (403) 237-8868, Fax: (403) 265-7488

To: Kerm Yerman who wrote (7521)	11/27/1997 3:13:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Dundee Petroleum reports 1st 9 months results CALGARY, Nov. 27 /CNW/ - The third quarter of 1997 was another period of tremendous growth for Dundee Petroleum. Two major acquisitions, including the purchase of Kenesen Resources Ltd., a private company, resulted in Dundee nearly doubling its reserve and production base at a cost of approximately $4.50 per BOE of proved reserves. During the first nine months of 1997, production averaged 175 BOE per day, a 290% increase from the same period of 1996. Production for the third quarter alone averaged 240 BOE per day, an increase of 45% from the 165 BOE per day produced in the second quarter of this year. Production for the nine months consisted of 70% oil and 30% natural gas. Oil production was derived primarily from the Company's Arcola, Bellshill, Killam and Service properties. Natural gas production was attributable to the Company's shallow gas properties located in the border area of southwestern Saskatchewan and southeastern Alberta. Revenues (net of royalties) for the first nine months of 1997 were $925,886, an increase of 343% from the same period of 1996. Average sales price for the period was $23.52 per barrel of oil equivalent, with an average netback of $14.50 per BOE. Cash flow from operations was $545,173 or $.0600 per share, up 1073% or $499,113 from the comparative 1996 period. Net income was $388,446 or $.0421 per share, up $378,591 from the comparative 1996 period. With production averaging 240 BOE/day in the third quarter of 1997, Dundee had cash flow of $262,324 for the three months or $.025 per share, for an annualized cash flow of $.10 per share. The Company had capital expenditures of $3,284,410 during the period ended September 30, 1997 as compared to $758,409 in the previous year. The 1997 expenditures include: drilling and completion - $689,410 property acquisitions - $595,000 and purchase of subsidiary (Kenesen) - $2,000,000. The Company is budgeting capital expenditures on drilling and completions of approximately $2,000,000 for fiscal 1998. The majority of this amount is earmarked for Dundee's properties in southeast Saskatchewan, including its newly acquired operated properties at Glen Ewen, Oungre and Lost Horse Hill. During the first nine months of 1997, Dundee participated in the drilling of 3 (net 0.4375) wells on its Arcola property and 30 (net 0.90) wells on its Hatton property. The Hatton wells were drilled in August and were part of a development drilling program which is expected to increase production twofold. Due to regulatory constraints associated with multi-zonal spacing units, it is anticipated that these new wells will not be placed on production until early 1998. At September 30, 1997 Dundee had 11,156,134 common shares issued and outstanding, and a total market capitalization of $4.5 million. SUMMARY OF OPERATIONS NINE MONTHS ENDED SEPTEMBER, 30, 1997 Production Oil & Gas Cash Flow Net Earnings Year (BOE/day) Revenue Cash Flow Per share Net Earnings Per Share ------------------------------------------------------------------------- Third Quarter 1996 45 $ 47,691 $ 7,794 $.0013 ($7,776) ($.0013) 1997 240 $414,921 $262,324 $.0250 $174,173 $.0166 Fiscal YTD 1996 45 $209,157 $ 46,460 $.0083 $ 9,855 $.0018 1997 175 $925,886 $545,173 $.0600 $388,446 $.0421 Copies of the Quarterly Report are available at the offices of the Company and will be mailed to shareholders upon resumption of regular mail delivery. For further information: Michael J. Kryczka, President or Hugh M. Thomson, Vice-President, Finance, (403) 233-2969

To: Kerm Yerman who wrote (7521)	11/27/1997 3:16:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Startech Energy to delay Mailing of Financials CALGARY, Nov. 27 /CNW/ - Startech Energy Inc. will not be mailing its interim financial statements to its shareholders until normal mail service resumes. Shareholders may contact Cami McLeod at (403) 231-2301 to make alternative arrangements to receive a copy of the interim financial statements. Shareholders are reminded that the interim financial statements are available on the internet at www.sedar.com. For further information: Mr. Paul Colborne, President and CEO, Startech Energy Inc., (403) 231-2300, Fax: (403) 262-2980

To: Kerm Yerman who wrote (7521)	11/27/1997 3:19:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Pengrowth Gas Corp & Energy Trust announce Appointment CALGARY, Nov. 27 /CNW/ - Pengrowth Gas Corporation (''Pengrowth''), administrator of Pengrowth Energy Trust (''EnergyTrust''), is pleased to announce the appointment of Mr. Henry D. McKinnon, B.Sc., P. Eng., to the position of Operations Manager, Pengrowth Gas Corporation. Mr. McKinnon will be responsible for coordinating the transfer of operations at Judy Creek during the transition of operatorship from Imperial Oil Resources to Pengrowth Gas Corporation, effective April 15, 1998. He will serve as Calgary head office liaison to field operations while overseeing all aspects of the Judy Creek operation. Mr. McKinnon brings to Pengrowth 20 years of experience in the Canadian oil industry having recently worked with the Pembina Corporation as Manager, Productions Operations and previously with Texaco Canada and Anadarko Petroleum in their field operations. Pengrowth welcomes Mr. McKinnon's leadership, team building and operations management abilities as his contribution to the ongoing growth and success of Pengrowth Energy Trust. Pengrowth is also pleased to announce the official appointment of Mr. Hal Hanrieder as General Manager, Judy Creek Operations, effective April 16, 1998. Mr. Hanrieder brings to Pengrowth over 30 years of experience in operations and supervisory positions with Imperial Oil Limited and has been Area Manager for the Judy Creek operations for the last two years. He will continue to provide management and guidance onsite at the Judy Creek oil and gas production facilities, where his extensive knowledge and effective communication skills will contribute substantially to the smooth transition of operations from Imperial to Pengrowth. For further information: Pengrowth Gas Corporation, James S. Kinnear, President, Jan Young, Investor Relations, Calgary, (403) 233-0224, Fax: (403) 265-6251, Toll-free 1-800-223-4122; Sally Elliott, Investor Relations, Toronto, (416) 362-1748, Fax: (416) 362-8191, E-mail: pengrowth@pengrowth.com, Website: pengrowth.com

To: Kerm Yerman who wrote (7521)	11/27/1997 3:23:00 PM
From: Arnie	Respond to of 15196

PIPELINES / BC Gas announces new C.E.O. VANCOUVER, Nov. 27 /CNW/ - Ronald L. Cliff, Chairman BC Gas Inc., is pleased to announce the appointment of John M. Reid as President & C.E.O. of the Company and its wholly owned subsidiary BC Gas Utility Ltd. effective November 27, 1997. Mr. Reid was elected, at the same time, a director of BC Gas Inc., BC Gas Utility Ltd., and Trans Mountain Pipe Line Company Ltd. Mr. Reid has served as Executive Vice President and Chief Financial Officer of the Company since May 1995. Prior to joining BC Gas, he worked with Scott Paper Limited in a number of senior financial positions and latterly was President and Chief Executive Officer. This appointment is the result of a thorough executive search process conducted following the resignation of Stephen Bellringer, the Company's previous chief executive officer, in mid-September. Mr. Cliff observed that the Board had reviewed a strong field of internal and external candidates. ''The fact that John Reid was the final selection of the Board is a reflection on the succession planning process that has been underway at BC Gas in recent years. John has played a major role in the financial re-structuring of the Company and his previous experience in the competitive consumers goods field will serve us well as our business meets the challenges of an increasingly competitive business environment.'' For further information: Cam Avery, Director Public Affairs, phone (604) 443-6603

To: Kerm Yerman who wrote (7521)	11/27/1997 3:27:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Kelman Tech reports 1st 9 months results CALGARY, Nov. 27 /CNW/ - Kelman Technologies Inc., a leading provider of seismic electronic data processing and data storage and retrieval services, announces the second consecutive quarter of record financial results for the three months ending October 31, 1997. << FINANCIAL HIGHLIGHTS (results shown are for continuing operations) (000's except per share) for three months for nine months ending October 31 ending October 31 ----------------- ----------------- 1997 1996 1997 1996 $ 5,237 $ 2,776 Revenue $14,048 $ 9,282 $ 1,540 $ 240 Earnings $ 4,010 $ 2,043 Earnings per share $ 0.04 $ 0.01 - Basic $ 0.12 $ 0.07 $ 0.03 $ 0.00 - Fully diluted $ 0.08 $ 0.04 $ 2,349 $ 900 Cash Flow $ 6,238 $ 3,790 Cash Flow per share $ 0.06 $ 0.03 - Basic $ 0.18 $ 0.13 $ 0.05 $ 0.02 - Fully diluted $ 0.12 $ 0.07 >> Revenues from continuing operations at $5,237,000 in the third quarter exceeded the prior year by 89%. The successful completion of the 3-D marine seismic processing project offshore Eastern Canada contributed $1,666,000 to the increase. U.S. processing increased by $372,000 recognizing the successful penetration of the market from the Houston base. During the third quarter a separate seismic data archival centre was established to position the Company for the projected growth in the data management and storage market segment. Earnings from continuing operations at $1,540,000 in the third quarter represent a strong improvement from the $240,000 realized in the previous year's results. Earnings per share from continuing operations of $0.04 were significantly above the $0.01 achieved last year. Cash flow from continuing operations provided $2,349,000 representing a 161% improvement over the comparative period. Cash flow per share from continuing operations at $0.06 compared to $0.03 last year. For the nine months ending October 31, 1997, revenues of $14,048,000 surpassed the prior year by 51 %. An increase in international and domestic seismic processing combined with successful market acceptance of the data archival strategic initiative principally accounts for the higher revenue. Earnings from continuing operations for the nine month period of $4,010,000 exceed the prior year by 96%. Earnings per share of $0.12 surpass the $0.07 realized in the previous year. Year-to-date cash flow from continuing operations of $6,238,000 represent a 65% improvement over the $3,790,000 achieved in the previous year. Cash flow per common share of $0.18 is 38% above the prior year. Kelman has ended the third quarter with $9,300,000 orders on hand positioning the Corporation for further improvement in financial performance. Kelman Technologies Inc., is a publicly traded Canadian company listed on the TSE, trading symbol KTI, with offices in Calgary, Alberta and Houston, Texas. For further information: Mr. Brian Hook, Chief Financial Officer, Kelman Technologies Inc., (403) 294-7575

To: Kerm Yerman who wrote (7521)	11/27/1997 3:29:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Scimitar Petroleum Marketing Venture Begins CALGARY, Nov. 27 /CNW/ - Mr. Gerald A. Mackenzie, Chairman of Scimitar Hydrocarbons Corporation (ASE: SIY), is pleased to announce operations of Scimitar's Trifoil petroleum products marketing joint venture have begun. The joint venture's first shipment of bulk diesel is now en route from Dubai, United Arab Emirates and is expected to arrive in the port of Mombasa, Kenya early in December, 1997. Wholesale kerosene sales commenced in mid-November, 1997, under a supply agreement with the Kenyan marketing arm of the French company TOTAL. Additional bulk products such as gasoline and jet fuel will also be purchased from suppliers in the Arabian Gulf and other Middle East areas for sale to the East African market. In another agreement with the Emirates General Petroleum Corporation (EGPC), Trifoil will market EGPC lubricants in Kenya and East Africa. The joint venture's wholesale product sales, which include diesel, gas and jet fuel, are estimated at 5,000 - 10,000 tons monthly, while retail product sales, including kerosene and lubricants, are estimated at 1,000 tons per month. The joint venture's return is conservatively targeted at approximately C$1.7MM per year, of which 60% will flow to Scimitar's wholly-owned subsidiary Scimitar Petroleum Developments Limited. Headquartered in Calgary, Canada, Scimitar's current projects include heavy oil development in Egypt, gas exploration in Mozambique, gas and liquids exploration and exploitation in the United Arab Emirate of Ajman, and petroleum product marketing in eastern Africa. For further information: Scimitar Hydrocarbons Corporation: Investor Relations, 1-800-933-8855 (toll free within Canada and the USA), or Mr. Gerald Mackenzie, Chairman, (403) 543-0333 (Calgary Head Office), Web: scimitar.ab.ca

To: Kerm Yerman who wrote (7521)	11/27/1997 3:31:00 PM
From: Arnie	Respond to of 15196

CORP. / Genoil Inc missing $5 Million Dollars CALGARY, Nov. 27 /CNW/ - Genoil Inc. (''Genoil'') announces that its Directors have learned of an unexplained and unauthorized withdrawal of the sum of US $5 million dollars from Genoil's accounts in favour of a company within the Ste. Genevieve Group. An investigation by Genoil's solicitors is ongoing. Genoil expects to be in possession of sufficient information to make a further announcement on Tuesday, December 2, 1997. In addition, Genoil announces that Peter Miller recently resigned as Chairman of the Board and as a Director. Genoil is an oil & gas exploration company. For further information: Richard A. Wilson, Q.C., c/o McCarthy T‚trault - Calgary, (403) 260-3538

To: Kerm Yerman who wrote (7521)	11/27/1997 11:02:00 PM
From: Arnie	Respond to of 15196

FINANCING / Barra Resources files Preliminary Prospectus CALGARY, Nov. 27 /CNW/ - BARRA RESOURCES INC. (ASE: BAO) (the ''Corporation'') announces that it has filed a Preliminary Prospectus with the Alberta and British Columbia Securities Commissions. The Prospectus is in respect of an offering of a minimum of 1,750,000 and a maximum of 2,000,000 Units priced at $1.20 per unit for gross proceeds of $2.1 million to $2.4 million. Each unit comprises one common share, one flow through common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.80 per share up to November 30, 1998. McDermid St Lawrence Securities Ltd. will act as agent on behalf of Barra for this offering. The net proceeds of the offering will be used to retire short term debt in connection with the Corporation's recently announced producing property purchases and to finance exploration and development activities. For further information: Dan P. O'Neill, President & CEO or Glynn G. Davies, Vice President & CFO, (403) 269-1995, Facsimile (403) 269-1994

To: Kerm Yerman who wrote (7521)	11/27/1997 11:08:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Circle Energy reports 1st 9 months results CALGARY, Nov. 27 /CNW/ - Circle Energy announced there was no revenue to report during the nine months ended September 30, 1997 due to the Company's focus on building a core asset base during the first two quarters of the year and unavoidable project delays caused by competitive industry conditions in the third quarter. Expenses for the reporting period were $320,017 resulting in a net loss of $403,822. General and administrative expense increased in 1997 compared to the same period in 1996 due to increased corporate and technical activity. The Company wrote off $87,519 of capital assets relating primarily to an exploration well (net 25 percent interest) drilled and abandoned during the third quarter, compared with $406,584 of capital assets written off in the comparable period of 1996. At September 30, 1997 the Company had no debt and working capital of $296,176. Capital expenditures for the reporting period amounted to $746,145 primarily for the acquisition of land and geological and geophysical information with respect to the Company's exploration prospects in Alberta and New Mexico. President Bill Baker reports, ''the loss for the period was anticipated as we completed preparations for our 10-well high-reward drilling program in Alberta and New Mexico. The first well is in the Brazeau River area of Alberta and will test the Shunda and several uphole zones. Analogous wells in the area produce up to 1,000 boe/d and have reserves up to 40 bcf. The Company is currently licensing the second and third wells of the drilling program to test prospects near Morinville, Alberta. The first Morinville well, with a target depth of approximately 1200 metres, will test the Ellerslie zone; the second, with a target depth of approximately 1400 metres, will test the Leduc zone. Drilling is scheduled to begin in December 1997.'' Circle Energy Inc. is a petroleum and natural gas exploration company that holds oil and gas leases in the Brazeau, Waskatenau and Morinville areas of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA. The Company's shares trade on The Alberta Stock Exchange under the symbol CEN. For further information: Bill Baker, President, Geoff Bennett, V.P. & Chief Financial Officer, Circle Energy Inc., (403) 777-1925

To: Kerm Yerman who wrote (7521)	11/27/1997 11:09:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Burner Exploration reports 1st 9 months results CALGARY, Nov. 27 /CNW/ - Burner Exploration Ltd. reports that for the nine month period ending September 30, 1997 cash flow was $ 2,088,169 ($ 0.10 per share) on oil and gas revenue of $ 3,921,696 versus a cash flow of $ 442,638 ($ 0.04 per share) on revenue of $ 1,600,145 for the same period in 1996. The Company recorded a net income of $ 467,079 for the nine month period as compared to $ 26,030 for the same period in 1996. Gas prices for the period averaged $ 1.75 per mcf as compared to $ 1.27 per mcf during the first nine months of 1996. Burner had working capital of $ 5,728,231 and no debt at the end of the reporting period. Production for the first nine months of 1997 averaged 6,100 mcf/d gas and 139 barrels of oil and liquids per day, up from 1996 averages of 2,560 mcf/d and 94 barrels a day. In the fourth quarter of the year the Company will participate in two Doig exploration wells in Stoddart and two horizontal sidetracks in Wildhay. In addition, Burner and a partner have signed an agreement with a major oil and gas company to farm-in on land in the Lator area of west central Alberta. Under the terms of the agreement, Burner will participate for 25 % in the drilling of two exploratory wells and one re-entry well to earn an interest in 62 sections of land in the area. All three activities in Lator are to be completed prior to April 1998. Financial Summary (Thousands of Dollars) ---------------------------------------- Year Profit Profit/ Cash Flow C.F./ Revenue Share Share ---- ------ ------- --------- ----- ------- (9 months ending September 30) 1997 $ 467.1 $ 0.02 $ 2,088.2 $ 0.10 $ 3,921.7 1996 $ 26.0 $ 0.00 $ 442.6 $ 0.04 $ 1,600.1 For further information: Paul Walmsley, President, Burner Exploration Ltd., 266-2236

To: Kerm Yerman who wrote (7521)	11/27/1997 11:12:00 PM
From: Arnie	Respond to of 15196

FINANCING / Scarlet Exploration closes Flow-Through Financing CALGARY, Nov. 27 /CNW/ -- Scarlet Exploration Inc. (ASE: SCO) announced today that it has completed its previously announced private placement of 800,000 Special Warrants on a flow through basis at a price of $1.25 per Special Warrant. Each Special Warrant entitles the holder thereof to acquire, upon exercise, one common share of Scarlet Exploration Inc. at no additional cost. The issuance of common shares upon exercise of the Special Warrants will be qualified by the filing of a prospectus. The gross proceeds of the offering were $1,000,000, which was released to Scarlet at closing. Gross proceeds from the offering will be used to fund Scarlet's ongoing operations in its new core areas of southeast Saskatchewan and Paddle River, Alberta, as well for the upcoming winter drilling program in the Zama/Sousa area of Alberta. First Marathon Securities Limited acted as agent in respect of this financing. Scarlet Exploration Inc. is a Calgary based oil and gas company whose shares trade on The Alberta Stock Exchange under the symbol SCO. For further information: Alan D. Jack, President & CEO, (403) 266-0881

To: Kerm Yerman who wrote (7521)	11/27/1997 11:15:00 PM
From: Arnie	Respond to of 15196

EARNINGS - TOP 20 / Vermilion Resources reports 1st 9 months results Vermilion Resources Ltd. "Vermilion" is pleased to report results for the nine-month period ended September 30 that show that the Company remains on target for meeting its 1997 financial projections. Revenues ($40.7 million). cash flow ($21.1 million) and earnings ($9.1 million) for the three quarters are approximately seven times those recorded for the same period of 1996. Successful workovers and drilling, in France and Canada, have increased current corporate production to over 8,000 Boe/d, and the Company will exit the year at over 9,000 Boe/d. As a result of increased production and improved operating efficiencies, Vermilion expects much stronger cash flow and earnings in the fourth quarter and projects corporate finding costs for the year to be under $3.50 per Boe. Due to better than anticipated results and increased opportunities on the French assets, the Company has decided to expand its 1998 capital spending from $60 million to $90 million (Canadian). The increased spending will be primarily for workover and drilling programs in France and will be funded by cash flow and through existing credit facilities. The Company's current net debt is $6.9 million. (Cdn $000) First Nine Months Third Quarter 1997 1996 1997 1996 ------------------------------------------------------------------------ Revenues $ 40,665 $ 6,193 $ 13,109 $ 2,221 Cash Flow 21,063 3.408 6,888 1,302 Per Share 0.58 0.18 0.16 0.06 Earnings 9,051 1,167 2,401 423 Per Share $ 0.25 $ 0.06 $ 0.05 $ 0.02 Capital expenditures for the first nine months were $57.5 million compared with $15.7 million for the same period last year. Combined domestic and international production for the first three quarters averaged 6,302 Boe/d compared with a 1,260 Boe/d average for the first nine months of 1996. Corporate production was comprised of 10.8 Mmcf/d of natural gas, 640 barrels per day of natural gas liquids and 4,584 Bbls/d of crude oil. The corporate operating netback for the nine month period was $14.13/Boe and was based on average field prices of $23.84/Bbl for crude oil, $2.41/Mcf for natural gas and $21.30/Bbl for natural gas liquids. These numbers compare to an average netback of $12.58/Boe for the same period in 1996. In France, Vermilion has successfully completed the reactivation phase ofits program resulting in 23 additional wells on stream at Parentis and Lugos, adding over 1,000 Bopd. Recompletions of two wells at Malnoue and Vulaines resulted in a sustained production increase of over 500 Bopd. An additional six recompletions axe planned for the Parentis field prior to year end. The first of four Champotran wells was drilled and encountered 6.3 metres of net oil pay similar to the offset well which has produced over 700,000 Bbls with an initial production rate of 420 Bbls/d. The Champotran well will be completed once the rig is released from the second Champotran well which is anticipated to reach total depth by the end of November. Both wells are expected to be on production by year end. The wellsite for the Vulaines horizontal has been prepared and the well is expected to spud in early December and, if successful, would lead to the drilling of six to eight additional horizontal wells in the field. Three-dimensional seismic from Parentis and Lugos is being processed while additional 3D seismic is being shot at Lucats Cabeil, and Mothes. The Company plans to spud the first of a three-well program at Lugos in the first quarter of 1998. In Canada, at Chip Lake, Vermilion drilled seven wells during the quarter, bringing the total for the nine months to 11. The Company completed the tie in of four of the seven wells in October, and expects to have the remaining wells on stream by year end. Incremental production from these wells will be reflected in the fourth quarter results. The Company anticipates drilling a total of five additional wells at Chip Lake by year end. Vermilion continues to remain active in its assessment of acquisitions in the Canadian market however its disciplined strategy has prevented it from doing an acquisition in the last year. In the current overheated market, the Company will not sacrifice future profitability for short term production or cash flow. Vermilion Resources Ltd. is a publicly listed (TSE) Canadian oil and company with international operations whose objective is to build resource assets through acquisitions and exploration of natural gas and crude oil. For further information, please contact: Mr. Jeff Boyce Mr. Stephen Bjornson President & C.E.O. Vice President Finance: & Corporate Secretary Vermilion Resources Ltd. Vermilion Resources Ltd. (403) 269-4884 (403) 269-4884

To: Kerm Yerman who wrote (7521)	11/27/1997 11:17:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / NAL Energy to acquire Oil & Gas Properties NAL Oil & Gas Trust (The "Trust") announces that NAL Energy Inc. ("NAL") has entered into an agreement to acquire oil and natural gas properties in southern Alberta and southeastern Saskatchewan for $16.85 million. The acquisition will be funded from NAL's existing credit facility. The acquisition is effective November 1, 1997, with closing expected prior to year end, and is subject to a formal purchase and sale agreement and Board approval. The acquisition will reduce the level of taxability of the 1997 Unitholder distributions which was previously estimated at 13 percent. The Trust owns a royalty consisting of 99% of the net cash flow generated by certain oil and natural gas properties owned by NAL Energy Inc. The Trust and NAL Energy Inc. are managed by NAL Resources Management Limited. For more information please contact: Donald Driscoll, President and Chief Executive Officer or Ben Bury, Vice President, Marketing and Business Development NAL Resources Management Limited Telephone: (403) 294-3610 Fax: (403) 294-3601 Toll Free: (888) 223-8792

To: Kerm Yerman who wrote (7521)	11/27/1997 11:20:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Tier One Energy reports 1st 9 months results Tier One Energy Corp. Reports continued growth in its first year of operations with year to date revenue and cashflow of $638,174 and $213,409 respectively. While incurring a minimal loss for the year to date of $27,963, the Company moved towards production levels required for future profitability, with the third quarter average up 26% over second quarter to 164 BOPD and current production rates in excess of 250 BOPD. Tier One is poised to meet or exceed its target 97 exit rate of 300 BOPD. Tier One's drilling activity in the third quarter provided the Company with three gross (2.21 net) wells resulting in one (0.96 net) gaswell, one (0.25 net) oilwell and one D&A. To date the Company has drilled twenty-nine wells (11.71 net) resulting in twenty five (9.25 net) oilwells, one (0.96 net) gaswell, two (1.25 net) D&A and one (0.25 net) service well, for an overall success rate of 87%. To the end of the period, the 1997 oil and gas capital expenditures program totaled $3,843,120. Recently, Tier One has been concentrating significant effort on the creation of additional core areas, which complement its Lloydminster - Wainwright focus area. We are pleased to report that the Company is in the process of completing transactions, which will enable Tier One to initiate drilling, and exploitation operations in two new light oil areas. The first area is the Edmonton region where the Company has secured lands over a potential Mannville horizontal drilling play. The second new area is in Utikuma, Alberta, where the Company will be closing effective December 1, 1997 a small, strategic acquisition. This play offers exploitation opportunities and a lead into future exploration potential. Looking forward, Tier One is bullish about its prospect inventory going into 98. With twenty drilling locations already planned and a strong undeveloped land base, we are well positioned to continue expanding the Company's foundation though the drill bit. Additionally, tier One is currently evaluating an opportunity that could potentially put its first quarter production into the 500 BOPD range. Tier One would like to remind investors that the Class A share purchase warrants are exercisable at $1.50/share until December 31, 1997. Due to the current postal strike, you may receive a copy of the quarterly report and financial statements by contacting Scott Dawson, President or Doug Penner, Controller at (403) 205-3700. Tier One is a public company involved in the exploration for and development of crude oil and natural gas in Western Canada. Its shares trade on the Alberta Stock Exchange under the symbols TO.A, TO.B and TO.WT.A. TIER ONE ENERGY CORP. Suite 1400, 736-6 Avenue SW Calgary, Alberta T2P 3T7 Ph: (403) 205-3700 Fax: (403) 205-3709

To: Kerm Yerman who wrote (7521)	11/27/1997 11:22:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Archer Resources announces increased Exploration Archer Resources Ltd. announces that it has further increased its exploration activity west of the fifth meridian. Archer has entered into an exploration farm-in covering approximately 30 sections of land prospective for Swan Hills light oil (API 40 degrees), in Townships 73 & 74, Ranges 13-15, W5M, southwest of Lesser Slave Lake. Under terms of the farm-in, Archer will earn a 50 percent working interest in ten sections of land with each well it drills. The acreage is covered by a quarter mile seismic grid and five separate targets have been identified. Archer expects to commence drilling in January, 1998. Archer's common shares trade through the facilities of The Toronto Stock Exchange under the symbol "ARC". The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. For further information please contact: Archer Resources Ltd. 2600, 400 -3rd Avenue S.W. Calgary Alberta Grant A. Bartlett Chairman & CEO Telephone: (403) 266-5522 Fax: (403) 232-6008 Wayne Foo President & COO Telephone: (403) 298-5593 Fax: (403) 232-6008 Bill Hogg VP Finance & CFO Telephone: (403) 298-5510 Fax: (403) 232-6008 Additional information available at Archer's internet web site at www.arch-resources.com.