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To: Kerm Yerman who wrote (7670)	12/2/1997 10:02:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Hegco Canada updates activity on Nemaha #2 Well EDMOND, Oklahoma, Dec. 2 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, announced today that the company is now production testing the Nemaha No.2 at a restricted production level of 50 bbls per day through four feet of perforations in the lower part of the Arbuckle. Additionally, HEGCO is moving a rig onsite to begin drilling several offsets, with several pay zone objectives, discovered in the Nemaha No.2 The resumption of drilling is in accordance with HEGCO's announcement on October 27, that it had discovered a multiple of productive intervals in the Nemaha No.2 well. In that announcement, HEGCO noted that a number of additional drilling locations were being identified and commented that drilling was expected to commence shortly. As drilling resumes, management anticipates putting on multiple zones through a multi-well drilling program. HEGCO Canada, Inc. is an Alberta, Canada corporation traded on the Alberta Stock Exchange under the symbol ''HEG''. The Company is an oil and gas production, servicing and drilling company operating in Oklahoma and Arkansas. On Behalf of the Board: Douglas C. Hewitt Director, Chairman For further information: Kelly A. Boatright, Investor Relations, (800) 492-9572, Fax: (704) 588-6007

To: Kerm Yerman who wrote (7670)	12/2/1997 10:05:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Talisman Energy adds Production & Growth CALGARY, Dec. 2 /CNW/ - Talisman Energy Inc. announced today that its wholly-owned subsidiaries, Talisman North Sea Limited and Transworld Petroleum (U.K.) Ltd., have entered into asset exchange agreements with ARCO British Limited effective November 1, 1997. These transactions are subject to DTI consent and partner approval. Under the terms of the exchanges, Talisman acquires ARCO's interests in Blocks 16/21b and 15/25c, which combined, entitle Talisman to a further 36.13% interest in the producing Blenheim field, increasing Talisman's interest to 68.21%. Talisman also acquires a 100% interest in Block 16/21d, which includes the Bladon field discovered in 1996 and which commenced production in 1997; and a 44.2% interest in Block 16/21c, bringing Talisman's interest to 60%. Blocks 16/21b, c and d also contain a number of low risk exploration prospects analogous to Blenheim and Bladon. Talisman also acquires a 25% interest in Block 14/26a, adjacent to Talisman's existing gas discovery in Block 13/30a in the Outer Moray Firth area containing the Ross development. An exploration well will spud on 14/26a near the end of 1997. As a consequence of the exchange, ARCO intends to resign as operator in the 16/21 area in favor of Talisman. ARCO receives Talisman's 6.375% interest in Block 30/2a, 20% of Block 49/29c, and 28.5714% of Blocks 48/16c and 48/17c which encompass the ARCO operated Waveney field development, and a part of the consideration in cash. The exchange strengthens Talisman's position in the Blenheim/Bladon area in Block 16/21 and the highly prospective Outer Moray Firth region adjacent to the Ross field. The asset exchange will increase Talisman's net 1998 production by 5,000 bbls/d. ''This asset exchange continues our strategy to build strong operated core positions in areas with growth potential in the North Sea,'' said Dr. Jim Buckee, President and Chief Executive Officer. Talisman Energy Inc. is a Canadian-based international upstream oil and gas producer with operations in Canada, the North Sea and Indonesia. The Company is also conducting exploration in Algeria, Trinidad and Peru. Talisman is listed on the Toronto, Montreal and Vancouver stock exchanges in Canada and on the New York Stock Exchange in the United States. This release is available on Talisman's Internet Web Site: WWW.TALISMAN-ENERGY.COM. For further information: David Mann, Manager, Investor Relations & Corporate Communications, Phone: (403) 237-1196, Fax: (403) 237-1210, E-mail: tlm@talisman-energy.com

To: Kerm Yerman who wrote (7670)	12/2/1997 10:08:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Gulfstream Resources expands Production in Qatar CALGARY, Dec. 2 /CNW/ - Gulfstream Resources Canada Limited - GUR, Toronto - announced today that two additional wells have been tied-in to existing production facilities in the Al-Rayyan field offshore Qatar. The two horizontal wells have been completed into separate intervals of the Arab formation, and have produced up to 18 thousand barrels per day of oil. Six wells are now producing from the field, including one well that is currently being reworked. The Al-Rayyan field was brought into production by the ARCO Qatar Consortium in November, 1996. The Consortium consists of ARCO (Operator, 27.5%), Gulfstream Resources (27.5%), British Gas (25%), Wintershall (15%) and Preussag Energie (5%). These wells are the third and fourth wells of a four-well program announced earlier this year. The first two wells were vertical appraisal wells at peripheral locations in the field. A third appraisal well has since been added to the program and drilling is currently underway. The development strategy at Al-Rayyan has been to minimize technical risk and optimize field development, based on an initial four-well development, appraisal drilling and updated seismic. These initiatives are to support a full-field Plan of Development, to be submitted to the Government of the State of Qatar by the end of January, 1998. For further information: J. Hart, Gulfstream Resources Canada Limited, (403) 264-8288

To: Kerm Yerman who wrote (7670)	12/2/1997 10:11:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Pyramid Energy reports 1st 9 months results CALGARY, Dec. 02 /CNW/ - On October 14, 1997, a private placement was completed in Pyramid Resources Ltd., a wholly owned subsidiary, issuing 6,332,915 units of common shares plus one common share warrant at a price of $0.55 per unit for gross proceeds of $3,483,103. As reported on November 12, 1997, Pyramid announced the successful negotiation of an attractive Joint Venture opportunity with Pakistan Petroleum Limited (''PPL'') encompassing two large concession blocks in the gas-prone area of the Mid Indus Basin of South Central Pakistan. Drilling plans are well advanced and spudding of two wells will be announced shortly. Pyramid is currently in the process of raising $3.5 million from a flow through issue at $0.70/share to finance its 1998 exploration program. A program comprising attractive low risk Exploration and Development prospects has been assembled for the 1998 drilling season. As part of Pyramid's corporate strategy, participation in most prospects is limited to between 25% and 33% to spread the risk and increase exposure. Summary of Financial Results (Period ended September 30, 1997) The results of operations are reflected in the consolidated statements which include both Pyramid Energy Inc. and Pyramid Resources Ltd. Comparative figures for 1996 are those of Pyramid Resources Ltd. only. Unaudited results for 9 months, ending Sept. 30, 1997 with comparative 1996 shown in brackets follow. All figures are in thousands of dollars. Net Revenue $1,202 ($951), Cash flow $551 ($328), Net income $120 (loss $13), Capital expenditures $1,446 ($668). Total number of shares issued and outstanding 13,893,500 (7,769,500) Operating results, oil production 130 BOPD, gas production 1,000 Mcf/d, sales price, oil 24.14 $/Bbl, gas 2.10 $/Mcf. For further information: A.D. (Tony) Anton, (403) 531-9025, Pyramid Energy Inc.

To: Kerm Yerman who wrote (7670)	12/2/1997 10:13:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Arrival Energy reports 1st 9 months results CALGARY, Dec. 2 /CNW/ - Arrival Energy Ltd. (''Arrival'') is pleased to announce that it has purchased an oil property in the Smiley area of west central Saskatchewan for $600,000. The acquisition consists of a 55% working interest in two wells and a 25% before payout (55% after payout) interest in a third well. The acquisition was effective September 1, 1997 and currently provides Arrival with 35 barrels of oil per day. Arrival expects to increase the production in this area through workovers of existing wells and a multi-well drilling program scheduled for the fourth quarter of 1997. To date Arrival has drilled two successful wells in the Smiley area, resulting in one oil well and one gas well. The gas well has tested at a rate of 4.5 mmcf per day. The financial highlights for the nine months ended September 30, 1997 resulted in revenues of $80,700 made up of $9,200 in production income, net of royalties and $71,500 in interest income. Net earnings and cashflow from operating activities were $24,500 and $28,100 respectively. As at September 30, 1997 Arrival has expended $1,672,000 on exploration and development activities, of which $760,000 relates to flow-through expenditures. Working capital as at September 30, 1997 is $6,200,000. Copies of financial statements for the nine month period ended September 30, 1997 are available upon shareholder request and that upon such request Arrival will deliver or fax the financial statements promptly and without cost. Arrival Energy Ltd. is a Calgary based oil and gas exploration and development company, which trades on The Alberta Stock Exchange, symbols ARR.A and ARR.B. For further information: Andrew Kramchynski, President, Arrival Energy Ltd., at (403) 294-0777

To: Kerm Yerman who wrote (7670)	12/2/1997 10:17:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Pipeline Break Occurs Near Cabri, Sask. CALGARY, Dec. 2 /CNW/ - At about 7:45 a.m. Central Standard Time on December 2, 1997, a line break occurred about three kilometres southwest of Cabri, Saskatchewan on a natural gas pipeline owned by TransCanada PipeLines Limited. The gas escaping from the 36-inch pipeline ignited. Shutoff valves isolated the affected section and the gas fire burned itself out. There were no injuries resulting from the line break. A small secondary stubble fire was ignited in a nearby farmer's field. Local emergency response personnel responded. The affected section of pipe will remain isolated until investigations and repairs are completed. Meanwhile, natural gas will be routed around the site through other TransCanada pipelines. Firm service will not be affected by the incident. VISIT TRANSCANADA'S INTERNET SITE at: transcanada.com For further information: Gary Davis, (403) 267-3340 or Tony McCallum, (403) 267-8524

To: Kerm Yerman who wrote (7670)	12/2/1997 10:19:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITY / Archean Energy announces Activity in West Africa CALGARY, Dec. 2 /CNW/ - Archean Energy Ltd. announced its participation in oil and gas exploration and exploitation activity offshore Benin, West Africa. The production sharing contract was entered into with the Government of the Republic of Benin, through the subsidiary Archean Benin Energy SARL. A three year exploration period with the option of two extensions which could increase the exploration term to six years is provided. The exploitation period covers 25 years following a commercial discovery with an extension opportunity for an additional 10 years. Archean Energy will first evaluate the 715,000 acre area known as the Benin Offshore Block 3 by reprocessing existing seismic data with the acquisition of new data commencing immediately. The Republic of Benin, located in West Africa between Nigeria and Togo, is a former French colony which was granted independence in 1960. This politically stable democratic country has strongly encouraged foreign investment in the exploration and development of offshore oil and gas reserves. International petroleum activity is a new endeavor for Archean Energy. This portion of its investment program is balanced with the Company's expanding western Canada exploration and development activity. Archean Energy Ltd. is a private oil and gas company based in Calgary, Alberta, Canada. For further information: Larry J. Parks, President and CEO or Roger J. Stuber, Executive Vice-President, Archean Energy Ltd., (403) 237-9600 or Fax (403) 237-0765

To: Kerm Yerman who wrote (7670)	12/2/1997 10:22:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Hegco Canada current on all Filings EDMOND, Oklahoma, Dec. 2 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, announced today that the Company has become aware that the British Columbia Securities Commission inadvertently placed HEGCO on a list for failure to file its annual Financial Statements. However, HEGCO filed these statements in British Columbia at the same time it filed in Alberta, on November 14, 1997. The British Columbia Securities Commission has indicated it will immediately remove the Corporation from its list. All filings were done prior to the mailing of the information to shareholders in preparation for its annual general meeting which will be held on December 4, at 2:00 p.m., in Calgary, Alberta. HEGCO Canada, Inc., is an Alberta, Canada corporation traded on the Alberta Stock Exchange under the symbol ''HEG''. The Company is an oil and gas production, servicing and drilling company operating in Oklahoma and Arkansas. On Behalf of the Board: Douglas C. Hewitt Director, Chairman For further information: Kelly A. Boatright, Investor Relations: (800) 492-9572, Fax: (704) 588-6007

To: Kerm Yerman who wrote (7670)	12/2/1997 10:25:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Nova Corp. announces intent of Sale of Pan-Alberta Gas Ltd CALGARY, Dec. 2 /CNW/ - NOVA Corporation announces that Pan-Alberta Gas Ltd.'s (Pan-Alberta) Board of Directors has approved in principle the decision to offer for sale the business of Pan-Alberta. As an independent natural gas marketer, Pan-Alberta operates within the NOVA Gas International Ltd. (NGI) business group. ''Pan-Alberta has worked very hard over the past year to position itself with sound financial and business credibility,'' said Kent Jespersen, President, NGI. ''As one of Canada's largest gas marketers and a leader in gas export sales to the U.S., the business of Pan-Alberta is ideally positioned to deliver increasing value to Western Canadian gas producers.'' Over the past year, a strong management team was put in place with a mandate to enhance the value of Pan-Alberta to its producer customers and market customers and develop and implement visionary business strategies. As a result of the accomplishments achieved by Pan-Alberta's management team, various constraints impacting upon the business of Pan-Alberta and in the best interests of Pan-Alberta, the decision was made to offer for sale the business of Pan-Alberta. In addition to its role as a leading gas marketer, Pan-Alberta also owns and operates two subsidiary companies, Pan-Alberta Gas (U.S.) Inc., which imports Canadian natural gas into the U.S. to serve short, medium and long term market needs and NORPAC (Northwest Pacific Energy Marketing Inc.), which contracts for gas purchases and sales in British Columbia. Pan-Alberta and its subsidiaries provide services to more than 435 member producers of the Pan-Alberta Pool, from integrated majors to small producers. Pan-Alberta markets 1.6 Bcf/d to Alberta, British Columbia, eastern Canada and the mid-west and western United States, backed by more than 1,200 individual purchase contracts representing five trillion cubic feet of reserves from the Western Canadian Sedimentary Basin. NOVA Corporation is a worldwide natural gas services and petrochemical company. Its trading symbol on the Alberta, Toronto, Montreal and New York exchanges is ''NVA''. For further information: Kent Jespersen, NOVA Gas International Ltd., (403) 294-4052; Ross Weaver, Pan-Alberta Gas Ltd., (403) 218-1008; Lisa Neiles, NOVA Corporation Public Affairs, (403) 261-3559

To: Kerm Yerman who wrote (7670)	12/2/1997 10:29:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Para-Tech Energy reports 1st 9 months results REPORT TO SHAREHOLDERS A number of significant developments have taken place in the promotion of the ''ENERCAT'' Technology over the last several months. - PRIVATE PLACEMENT Para-Tech Energy Corporation completed a private placement of $855,000.00. - WORLD MARKETING RIGHTS The Corporation completed and entered into an agreement to purchase 50% of the World Marketing Rights to the ''ENERCAT'' Technology for $2,000,000.00. - INTERNATIONAL SALES Successful tests of the ''ENERCAT'' Technology were performed over a five month period in Venezuela with the State Oil Company ''CORPOVEN''. ''ENERCAT'' Technology was used to treat oil wells which have paraffin content in excess of 23%. Para-tech made a breakthrough in the Russian market with application of ''ENERCAT'' Technology. Both 'Sibroectstroy' and 'Noyabrskeftegas' are testing the ''ENERCAT'' Technology in the Surgut oilfields. Negotiations are underway for representation of ''ENERCAT'' Technology in Kazakhstan, Uzbekistan and China. Para-Tech Energy Corporation is anticipating a significant increase in sales of the ''ENERCAT'' during 1998. << BALANCE SHEET For Period Ending September 30th -------------------------------- 1997 1996 Assets Current Assets Cash 130,645 - Accounts receivable 452,441 99,824 Loan receivable 60,000 - Inventory 296,558 - Taxes recoverable 305 - ------------------------- 939,949 99,824 Intellectual property 7,083 - Merger Costs - - Property and equipment 4,812,275 2,989,968 ------------------------- 5,759,307 3,089,792 ------------------------- ------------------------- Liabilities Current Liabilities Accounts payable & accrued 230,841 616,106 Current portion of debt 60,000 1,590,342 ------------------------- 290,841 2,206,448 ------------------------- Long Term debt 2,670,911 - Provision for site restoration 85,260 44,200 ------------------------- 2,756,171 44,200 Shareholders' Equity Share Capital 2,944,888 2,553,124 Retained Earnings (232,593) (1,713,980) ------------------------- 2,712,295 839,144 5,759,307 3,089,792 ------------------------- ------------------------- STATEMENT OF INCOME AND DEFICIT For Period Ending September 30th -------------------------------- 1997 1996 Revenue Oil and gas sales 1,034,226 495,399 Enercat Sales 456,172 - Alberta Royalty Tax Credit 12,081 14,503 ------------------------- 1,502,479 509,902 Expenses Operating - oil and gas 612,503 204,003 Royalties - oil and gas 121,275 27,760 Enercat cost of sales 329,038 - Merger Costs - 51,534 Interest on long term debt 106,500 88,836 Selling, general and administrative 342,021 201,538 ------------------------- 1,511,337 573,671 Cash flow generated from operations (8,858) (83,769) Depletion, depreciation, amortization and provision for future removal and site restoration 53,411 197,877 ------------------------- Net income (loss) (62,269) (261,646) ------------------------- Deficit, Beginning of period (170,326) (1,452,334) ------------------------- ------------------------- Deficit, end of period (232,594) (1,713,980) ------------------------- ------------------------- Note to Financial Statements: All comparative figures for the third quarter of 1996 are identical to the numbers released by Newgate Resources Ltd. (Para-Tech Energy Corporation's predecessor) in their third quarter report distributed November 1996. STATEMENT OF CASH FLOW For Period Ending September 30th -------------------------------- 1997 1996 Operating Activities Net Income (loss) (62,269) (261,646) Add (deduct) items not requiring cash Depletion, depreciation, amortization and provision for future removal and site restoration costs 53,411 197,877 ------------------------- Cash flow from operations (8,858) (63,769) Net change in non-cash working capital 8,738 57,452 ------------------------- (120) (6,317) ------------------------- Financing Activities Proceeds of long-tem debt, net of repayments 538,899 - Issuance of share capital - - Share issuance costs (27,547) - Merger costs - - Net change in non-cash working capital balances (9,877) - ------------------------- 501,475 - ------------------------- Investing Activities Acquisition of property and equipment (84,640) (24,745) Sales of oil and gas properties 230,000 Net change in non-cash working capital balances - (124,209) ------------------------- (84,640) 81,046 ------------------------- Cash inflow (outflow) 416,715 74,729 Cash, beginning of period 39,457 (1,665,071) Cash, end of period 456,172 (1,590,342) >> Approved by the Board, ''Kenneth a. Hughes'' Ken Hughes, Director and President ''Brian W. Herman'' Brian Herman, Director and Chairman CORPORATE INFORMATION --------------------- Office: 1350, 734 - 7th Avenue S.W. Calgary, Alberta T2P 3P8 Tel: (403) 237-0311 Fax: (403) 237-8502 Registrar and Transfer Agent: Montreal Trust Company 600, 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Bankers: Alberta Treasury Branches Calgary Main, Stephen Avenue 239 - 8th Avenue S.W. Calgary, Alberta T2P 1B9 Stock Exchange Listing: Alberta Stock Exchange Symbol - PTY Shares Outstanding - Common: 21,392,250 Directors: Brian K. Herman, Chairman Kenneth A. Hughes, President Gerard A. Janssen, Vice-President Micheal D. Medwid, Vice-President Jack Monkman, Vice-President For further information: Ken A. Hughes, President, Para-Tech Energy Corporation, (403) 237-0311

To: Kerm Yerman who wrote (7670)	12/2/1997 10:33:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Ensign Resource Service reports 1st 9 months results CALGARY, Dec. 2 /CNW/ - On November 18, 1997, Ensign Resource Service Group Inc. (the ''Corporation'') issued a press release disclosing its financial results for the period ended September 30, 1997. Due to the current disruption of the mail service in Canada, the Corporation cannot mail interim financial statements for this period to its shareholders. The interim financial statements will be mailed as soon as the postal service is resumed. Any shareholder who wishes to receive a copy of the interim financial statements before such date should contact the Corporation so that the appropriate arrangements can be made. For further information: Glenn Dagenais, Vice President Finance, (403) 262-1361, Fax: (403) 266-3596

To: Kerm Yerman who wrote (7670)	12/2/1997 10:36:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Gulf Indonesia announces Gas Discovery JAKARTA, INDONESIA, Dec. 3 /CNW/ - Gulf Indonesia Resources Limited announced today a natural gas discovery in South Sumatra, Indonesia. The discovery is significant in terms of potential size and proximity to the Corridor Gas Project infrastructure now under construction. Testing is complete at the Rayun-1 well in the South Jambi 'B' Production Sharing Contract (PSC) area. The well flowed at a combined rate of 23.4 million cubic feet per day from perforated zones 2,464 to 2,475 metres and 2,547 to 2,559 metres. The gas contained 48 per cent carbon dioxide, well within the range for economic processing. The first of two appraisal wells, to be located approximately 3 kilometres (2 miles) southeast of the discovery, is planned for second quarter 1998. In addition, planning is underway for a 3D seismic program in late 1998 to assist in determining the field's reserves. The discovery is located approximately 25 kilometres (16 miles) southeast of the 1996 Bungkal discovery situated on the same block, and 16 kilometres (10 miles) northwest of the Sumpal field that will be developed as part of the Corridor Gas Project. Possible development scenarios for the Rayun and Bungkal fields are focused on accessing the regional gas pipeline infrastructure being developed in South Sumatra. Gulf Indonesia Resources Limited is a 72 per cent subsidiary of Gulf Canada Resources Limited. Gulf Indonesia holds a 45 per cent interest in the South Jambi 'B' PSC and is the operator. Partners in the South Jambi 'B' PSC are TOTAL of France with 30 per cent and Pertamina (Indonesian state oil company) with 25 per cent. NOTE TO EDITORS: A map is available to accompany this release. To receive a copy, please contact Canada NewsWire at (403) 269-7605. For further information: Gulf Indonesia Resources Limited Investor Relations in Denver at (303) 813-3800

To: Kerm Yerman who wrote (7670)	12/2/1997 10:39:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / BelAir Energy announces Acquisition of Properties CALGARY, Dec. 2 /CNW/ - BelAir Energy Corporation announced today that the Company has closed the acquisition of various working interests in producing oil and gas properties and undeveloped lands for $1.565 million. The acquisition more than doubles BelAir's production to 220 boepd and adds 2.0 BCF of proven natural gas reserves and 90,000 barrels of proven oil and NGL reserves to BelAir's reserve base. BelAir also acquires probable natural gas and oil and NGL reserves and 5,000 net acres of undeveloped lands. The acquired producing properties complement BelAir's existing production in central and northwestern Alberta and the undeveloped lands provide a base for the Company's future growth. BelAir Energy Corporation is Calgary based and is involved in the exploration and exploitation of petroleum reserves in Western Canada. BelAir is listed on The Alberta Stock Exchange under the symbol ''BGY''. For further information: Vic Luhowy, President and Chief Executive Officer, (403) 265-9302, (403) 263-8119; Ken MacRitchie, Vice President and Chief Financial Officer, (403) 265-1411, (403) 263-8119

To: Kerm Yerman who wrote (7670)	12/2/1997 10:42:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / City View Energy announces Drilling Campaign City View Energy Corporation Limited is pleased to announce that a workover and exploration drilling campaign has commenced on the Sangkimah oilfield. The workover program consists of the re-entry of Well No. SS-1 which will test a known oil bearing zone. The exploration drilling comprises the drilling of Well No. SS-T1 which is anticipated to spud on 9 December 1997. The well is expected to take 30 days to drill to a total depth of approximately 1500 metres with the objective of penetrating the "Q" sands from which more than 70% of past field production has been recovered. The Sangkimah filed is held 87.5% by City View subsidiary Western Sangkimah N.L. and 12.5% by Trident Petroleum (Kalimantan) Limited. Yours faithfully [signed] A P WOODS Company Secretary/Chief Financial Officer For further information contact Australia - City View Energy North America - Zoya Financial Chris Rees Steve Basra/Jasbir Gill Tel: 011-61-89-474-1333 Tel: 416-214-2368 Fax: 011-61-89-474-5997 Fax: 416-214-2771 cityviewenergy.com email.jazz@wwonline.com

To: Kerm Yerman who wrote (7670)	12/2/1997 10:44:00 PM
From: Arnie	Read Replies (14) \| Respond to of 15196

PIPELINES / Westcoast Energy sells Preferred Shares Westcoast Energy Inc. today announced that it has agreed to sell $125,000,000 of 4.72% Cumulative Redeemable First Preferred Shares, Series 6, at a price of $25 per share to the underwriters listed below. The preferred shares contain certain provisions under which the Company may, at any time on or after January 15, 2003, redeem the preferred shares for cash or convert the preferred shares into common shares of the Company. The number of common shares into which each preferred share may be converted will be determined by dividing $25.00 by the greater of $3.00 and 95 percent of the 20 day weighted average trading price of the common shares on The Toronto Stock Exchange at the time of conversion. In addition, on or after April 15, 2003. the preferred shares are convertible into common shares at the option of the holder on the fifteenth day of each of January, April, July and October on the same pricing basis. The proceeds of the issue will be used to retire commercial paper issued by the Company to finance investments in subsidiaries and joint ventures, development expenses associated with new business ventures and for other corporate purposes. The offering is being made only in Canada by means of a prospectus, and is subject to the approval of provincial securities commissions. Participating Underwriters: TD Securities Inc. Scotia McLeod Inc. CIBC Wood Gundy Securities Inc. RBC Dominion Securities Inc. Levesque Beaubien Geoffrion Inc. Midland Walwyn Capital Inc. Nesbitt Burns Inc.. Goepel Shields & Partners Inc. Contact: Wayne M. Bingham Joanne M. McLeod Vice President, Finance and Comptroller Treasurer (604) 488-8020 (604) 488-8059

To: Kerm Yerman who wrote (7670)	12/2/1997 10:46:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Temba Resources reports 1st 9 months results Temba Resources Ltd. ("Temba" or the "Company") is pleased to announce the release of its Interim Financial Statements for the nine months ending September 30, 1997. Production for the period averaged approximately 29 BOPD resulting in Sales Revenues of $112,300 and field-level cash flows of approximately $45,000. After G&A, Depletion and Future Site Restoration expenses, the Company reported a Loss of $84,100 for the period. Temba also announces that the dividend of common shares of Ablevest Holdings Ltd. ("Ablevest"), an ASE-listed company currently suspended from trading, has been finalized. Temba shareholders of record on October 31, 1997 (the "Record Date") will be receiving one Ablevest share for each two Temba common shares held on the Record Date. An aggregate of 4,232,500 Ablevest shares will be distributed under this program. The Asset Purchase Agreement between Temba and Rainee Resources Ltd., a wholly owned subsidiary of Ablevest, has received the necessary Ablevest shareholder approval and has closed effective November 28, 1997. A number of changes have occurred in the membership of the Board of Directors for the Company. J.C. (Court) Mackid has resigned his position as a Director. The Board of the Company expresses its appreciation to Mr. Mackid for his efforts and direction in helping to move the Company forward during its initial Junior Capital Pool phase and through its Major Transaction. Two new directors have joined the Company effective immediately. Mr. Ross O. Drysdale, a partner with the legal firm of McCarthy Tetrault, has joined the Board and will act as Corporate Secretary. Mr. E.C. (Ted) McFeely, a Calgary consultant and oilman, has also joined the Board of Directors. The details of the Company's Financial Statements for the nine months ending September 30, 1997 are included below. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. TEMBA RESOURCES LTD. STATEMENT OF OPERATIONS AND RETAINED EARNINGS --------------------------------------------------------------------------- For the nine months ending 30-Sep-97 REVENUE Net Sales Revenue 94,700 Interest & Other Income 2,100 ----------- Total Net Revenues 96,800 ----------- EXPENSES Operating Expenses 49,600 General & Administrative 75,500 Depletion, Depreciation & Amortization 49,600 Future Site Restoration Expense 6,200 ---------- Earnings (Loss) (84,100) ---------- RETAINED EARNINGS Beginning of Period - End of Period (84,100) --------- TEMBA RESOURCES LTD. BALANCE SHEET -------------------------------------------------------------------------- As of 30-Sep-97 ASSETS Current Assets: 404,150 Deferred pre-operating costs 28,300 Net Property and Equipment 595,500 ----------- TOTAL ASSETS 1,027,950 LIABILITIES Current Liabilities 91,150 Future Site Restoration Costs 6,200 ---------- 97,350 ---------- EQUITY Share Capital 1,014,700 Retained Earnings (Deficit) (84,100) ---------- 930,600 ---------- TOTAL LIABILITIES & EQUITY 1,027,950 ---------- TEMBA RESOURCES LTD. STATEMENT OF CASH FLOW --------------------------------------------------------------------------- For the nine months ending 30-Sep-97 Cash provided from (used for) OPERATING ACTIVITIES Earnings (84,100) Add: Depletion,Depreciation & Amortization 49,600 Future Site Restoration 6,200 ----------- Cash Flow from Operations (28,300) ----------- FINANCING ACTIVITIES Shares issued (Net of Costs) 759,000 ---------- Cash provided from financing activities 759,000 ---------- INVESTING ACTIVITIES Acquisition of Assets (639,250) Deferred pre-operating costs (28,200) Rainee Loan (56,500) Investment - Shares (204,000) Change in non-cash working capital balances 34,650 --------- Cash used in investing activities (893,300) ---------- Increase in cash and short-term investment (162,600) Cash and short-term investments Beginning of period 251,000 Cash and short-term investments End of period 88,400 --------- FOR FURTHER INFORMATION CONTACT: Tom Bamford Peter Sekera Chief Financial Officer President Temba Resources Ltd. Temba Resources Ltd. 370, 800 - 6th Avenue S.W. 370, 800 - 6th Avenue S.W. Calgary, Alberta, T2P 3G3 Calgary, Alberta, T2P 3G3 Telephone: (403) 261-2686 Telephone:(403) 261-2686 Facsimile: (403) 261-2704 Facsimile:(403) 261-2704

To: Kerm Yerman who wrote (7670)	12/3/1997 7:48:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

MEDIA / Nova Corp To Sell Natural Gas Marketing Unit December 3, 1997 NOVA TO SELL PAN-ALBERTA Nova Corp. yesterday expanded its corporate makeover, announcing it will sell its Pan-Alberta Gas Ltd. natural gas marketing unit, now under the Nova Gas International umbrella. The decision comes in the wake of a move by Nova Corp. two weeks ago to cleave itself into two independent public and completely separate and pipeline operations and chemical business firms. Nova made the move after a languishing share price indicated -- and executive and investor sentiment concluded -- the value of Nova's assets and operations were not being adequately reflected in the stock price. The decision to sell off Pan-Alberta, one of Canada's top tier gas marketing firms, is an effort to give the marketer greater flexibility -- and more access to capital, said Nova Gas International Ltd. president Kent Jespersen. "Pan-Alberta and its management team have a very good strategy that is going to need somebody who is prepared to provide the kind of financial backing the company could use to do the kind of things it wants to," said Jespersen. "It would be better that it's someone other than Nova (who) provides it," he added, noting Nova is not in the position to provide that backing. "The management and ourselves and the board of Pan-Alberta have all come to the conclusion just recently that it would be best if it was owned by a third party." Pan-Alberta is an aggregator and marketer of gas serving 435 Canadian producers and markets 1.6 billion cu. ft. of gas per day to Canada and the U.S. The company also owns Pan-Alberta Gas (U.S.) Inc., which exports Canadian gas into the U.S. and Northwest Pacific Energy Marketing Inc., which contracts for gas purchases and sales in B.C.