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

To: Kerm Yerman who wrote (7761)	12/5/1997 4:08:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Pan-Global Enterprises updates Recent Transactions VANCOUVER, Dec. 5 /CNW/ - PAN-GLOBAL ENTERPRISES INC. VSE Symbol - ''PGE'' PAN-GLOBAL ENTERPRISES INC., (PAN-GLOBAL), is pleased to announce the following recent transactions: 1. Pan-Global purchased Crown Lease No.0246 with Can West Exploration Inc. (50/50) in east central Alberta, at the November 26th land sale. This 256 ha lease has a geophysical anomaly and is part of a prospect inventory that will be considered for a drill program or farm out. 2. Pan-Global has recently purchased an option from Axyn Petroleum Corporation to participate in the exploration and development of D-2 and D-3 (Nisku and Leduc) prospects and projects in the Sturgeon Lake area of Alberta. The first well of the program is the current driller Range et al Sturls 5-35-70-24 W5M and is operated by Range Petroleum Corporation. This well should be completed prior to year end. 3. Pan-Global Enterprises has agreed to participate as to a 20% working interest in the drilling of two wells in the Long Coulee area of Southern Alberta. The 14-11-18-23 W4M is currently drilling and is expected to be at total depth by this weekend. The 14-7-17-23 W4M location is expected to start drilling after the completion of the 14-11 well. The main prospective zone is gas from the Sunburst formation, at approximately 1600 metres. An area of mutual interest (A.M.I.) includes 14 sections (8970 acres) in this prospective area. Alma Oil & Gas Ltd. is the operator and is active in the area. The Company will announce results and targets as soon as information is available from the operators. On Behalf of: PAN-GLOBAL ENTERPRISES INC. Signed ''Arn Schoch'' Arn Schoch President

To: Kerm Yerman who wrote (7761)	12/5/1997 4:12:00 PM
From: Arnie	Respond to of 15196

FINANCING / Trego Energy closes Private Placement CALGARY, Dec. 05 /CNW/ - Trego Energy Inc. announces that it has closed the Private Placement previously announced on November 7, 1997, of 1,200,000 units consisting of common shares and 1/2 warrants. The total proceeds were $1.08 million. A full warrant and $1.40 entitles the holder to a common share of Trego for a period of two years from December 2, 1997. Subscribers to the Private Placement consisted of 600,000 units to CW Saskfunds of Saskatoon, and 490,000 units to Sherwood International Capital Ltd. of Burmuda and Camcor Capital 1997 Limited Partnership of Calgary. Proceeds from this Private Placement will be used to expand Trego's 1997 drilling activities in the Steelman area of southeastern Saskatchewan.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:13:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Oiltec Resources updates Red River Drilling CALGARY, Dec. 05 /CNW/ - Oiltec Resources Ltd. (TSE:OLT) is pleased to announce that its second Red River well, at Huntoon, Saskatchewan has been cased. Results from coring, drill-stem testing and logging were all encouraging on this 85% working interest well. Completion operations are waiting on a service rig, which is scheduled to begin work next week. Several weeks of production testing will follow the completion. Oiltec's first Red River well continues to flow light oil at controlled rates. A third location at Brough, Saskatchewan was spudded on December 4th and drilling operations will continue through Christmas.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:16:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Clayoquot Resources reports 1st 9 months results CALGARY, Dec. 5 /CNW/ - Clayoquot Resources Ltd. (''Clayquot'') announces its financial results for the nine month period ended September 30, 1997. ($000's) except per share amounts Highlights 1997 ---- Oil & gas revenue 90.8 Cash flow from operations 87.9 Cash flow per share .00 Operating income per share --- Production - BOED 50.0 Number of shares outstanding 29.1 Domestic operations during the third quarter consisted of participating in a seismic program over the Outram property in Southeast Saskatchewan. In addition to confirming the aerial extent of the Vuggy Midale Zone, additional potential was identified in the Frobisher, Winnipegeos and Yeoman zones. The operator is currently exploring farmout potential for the property. At Airdrie the sale was completed of 90 percent of the property to a local operator who is planning to drill a horizontal gas well. Clayoquot retained a 10 per cent interest in the prospect which is expected to be drilled in the fourth quarter. The Steelman property was also farmed out to a local operator who reactivated the wells adding a net 3 BOPD to the company's interest. Having completed the placement of 24 million shares to Minarak Labuan Co. Ltd., management initiated an independent review of the Yemen Block R2 prospect to identify the most promising drillable prospects. Re-interpretation of the seismic has identified nine possible structures, each of which could be matured into a drillable location. A prominent structural high was identified in the north-east corner of the block and has been selected as the first drilling location. The company has exercised its option to pay for the cost of the seismic and the first well in order to earn an additional 16 2/3% in BlockR2. On completion of the first well, the Company will have spent a maximum of U.S.$27 million to earn a 50% interest in the Block. An independent contractor has been retained to supervise drilling operations which are expected to commence in early 1998. A private placement of 500,000 shares at $1.00 per share was also finalized in Malaysia. Negotiations continued with Midwest Energy Companies Inc. of Tulsa towards the purchase of their producing assets in the U.S. and exploration acreage in England and France. Additional private placement financings are anticipated to fund these activities. For accounting purposes, the acquisition of the 33.33% interest in Block R2 has been treated as a reverse takeover. Therefore no comparative financial information is presented. A Special General Meeting of Shareholders has been called for December 22, 1997, to review and approve a change of the name of the company from Clayoquot Resources Ltd. to Bakrie Minarak Energy Inc. This will necessitate a change in the trading symbol from CQR.A. With an increasing emphasis on international exploration and development, management has been restructured to include Mr. Nirwan D. Bakrie as Chairman, Mr. John E. Burns as President and Chief Executive Officer, Mr. Joesril Hainam as Vice President, International Exploration and Mr. David E. Powell, Mr. Anton Setianto and Mr. Jay A. Alatas as board members. Clayoquot is an international petroleum company, engaged in the acquisition, exploration and development of oil and gas properties. Clayoquot trades on the Alberta Stock Exchange under the trading symbol ''CQR.A.'' The person responsible for this news release is John E. Burns, President of Clayoquot.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:18:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Artemis Energy reports 1st 9 months results CALGARY, Dec. 5 /CNW/ - Artemis Energy today announced that its third quarter results are on budget and confirm that the Company's second full year of operation is on track to meet the objectives established early in the year. ($000, except per share) 3 Mos. ended 9 Mos. ended Sept. 30 Sept. 30 1997 1996 1997 1996 ---- ---- ---- ---- Revenue $ 682.4 $333.0 $ 1895.2 $919.0 Cash flow 233.3 137.4 669.0 362.1 per share 0.064 0.052 0.186 0.164 Net Earnings 67.9 5.9 166.0 17.6 Retained earnings 234.9 (43.4) Production (BOE/d) 256 184 314 184 Third quarter 1997 results reflect increased production volumes to 256 barrels of oil equivalent per day, up from 184 barrels of oil equivalent for the same period in 1996. Production averaged 314 barrels of oil equivalent per day for the first nine months of the year. The steady pricing received through the year, averaging $2.07 per thousand cubic feet and $20.26 per barrel to September 30, 1997, has contributed to solid revenue and cash flow performance. Revenue for the three months ended September 30, 1997 was $682 thousand compared to $333 thousand for the same period last year. Cash flow from operations was $233 thousand compared to $137 thousand for the third quarter of 1997 versus 1996. Third quarter production was reduced by an unscheduled, 12-day shutdown at the non-operated Nevis Gas Plant in September. A maximum $3.0 million financing is underway with up to $1.0 million in flow-through shares at $2.10 per share and up to $2.0 million in non-flow-through shares at $2.00 per share. The proceeds are being invested in a five-well drilling program to take place in the Mikwan/Nevis area. With the third and fourth quarter activities meeting objectives, and the opportunity to further expand the production base with the proceeds of the new financing, Artemis anticipates achieving the 1,000 barrel of oil equivalent per day threshold which will be an appropriate base from which to take the company public. Exact timing of such an initiative will depend on consideration of both operating performance and market conditions. Artemis continues to pursue new development and acquisition opportunities to further accelerate growth.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:52:00 PM
From: Arnie	Respond to of 15196

CORP. / Falcon Point Resources Amalgamation not Proceeding Falcon Point Resources Limited [ASE Symbol: "FPR"] ("Falcon Point") announces that it has been advised by 116511 Canada Inc., operating as Holiday Fabrics, that it will not be proceeding with the transaction whereby it was contemplated to amalgamate with Falcon Point as set out in a press release previously issued by Falcon Point on June 20th, 1997. Management of Falcon Point is continuing to seek other activities for the Corporation in addition to streamlining its current oil and gas operations. The common shares of Falcon Point Resources Limited have been suspended from trading on the Alberta Stock Exchange pending further developments of Falcon Point.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:55:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Calvalley Petroleum announces Well Production Calvalley Petroleum Inc, today announced the successful completion and tie in of two horizontal Frobisher development wells in the Alameda East area of southeastern Saskatchewan. Calvalley owns a 100% interest in both of these wells. With these two wells now on production, Calvalley's daily production rate exceeds 1400 barrels of light oil per day in S.E. Saskatchewan. Calvalley has secured a drilling rig to drill an additional six Frobisher horizontal development wells in the Alameda East area commencing in early January 1998. In addition, Calvalley has commenced drilling its second Keg River Zone well in the Rainbow/Sousa area in the immediate vicinity of the discovery well drilled in the third quarter of 1997, the results of which were announced on November 3, 1997. Calvalley intends to drill an additional three Keg River oil wells in this area over the next few months. Calvalley's daily oil production now exceeds 2000 barrels of oil per day compared to production the last reported quarter (for the three months ended September 30, 1997) of 990 barrels per day. Calvalley Petroleum Inc. is a Calgary - based oil and gas exploration and development Company whose shares are traded on the Montreal Exchange.

To: Kerm Yerman who wrote (7761)	12/5/1997 4:56:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Nal Oil & Gas Trust announce Special Meeting NAL Oil & Gas Trust (the 'Trust") announces today that it will publish an announcement in the Globe & Mail on Monday, December 8, 1997 in regard to a Special Meeting of the Unitholders of the Trust that will be held on Tuesday, December 16, 1997 at 3:00 P.M. Calgary time, at the offices of Bennett Jones Verchere, 4500, 855 - 2nd Street S.W., Calgary, Alberta. The purpose of the meeting is as follows: 1. to consider a special resolution to convert the Trust to an "open-ended" trust; 2. to consider a special resolution to reduce the quorum requirements for meeting of Unitholders from 20% to 5%. 3. to consider a special resolution to remove certain restrictions on NAL Energy Inc's ability to borrow and grant security on its assets; 4. to consider a special resolution to amend the investment criteria of the Trust; and 5. to transact any other business as may properly come before the meeting. MEETING MATERIAL WAS DELIVERED TO AN INTERMEDIARY FOR MAILING TO UNITLHOLDERS ON NOVEMBER 18, 1997. THIS NOTICE IS BEING PUBLISHED DUE TO THE POSTAL INTERRUPTION WHICH MAY HAVE DELAYED MATERIALS FROM REACHING UNITHOLDERS ON A TIMELY BASIS. Unitholders who have not received notice of this meeting are requested to contact The Trust Company of Bank of Montreal at 1-800-332-0095 for meeting details and proxy forms. All Unitholders are encouraged to sign, date and return their proxy form to The Trust Company of Bank of Montreal, 105 Saint Jacques Street, 3rd Floor,Montreal, Quebec H2Y 1L6, or by fax to (514) 877-9676 or (403) 234-3629. 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 (7761)	12/5/1997 4:59:00 PM
From: Arnie	Read Replies (4) \| Respond to of 15196

SERVICE SECTOR / Canadian Crude Separators closes Special Warrants Canadian Crude Separators Inc. Symbol: CCR - The Alberta Stock Exchange Canadian Crude Separators Inc. (CCS) today announced the closing of the previously announced transaction to issue Special Warrants. The Company issued 3,049,880 Special Warrants at a price of $5.25 per Special Warrant for gross proceeds of $16,011,870. Each Special Warrant will entitle the holder to receive one common share without payment of any additional consideration. Proceeds of the issue will be used to fund the previously announced acquisition of seven service rigs and to finance the Company's 1998 growth projects. The underwriting syndicate was led by Griffiths McBurney & Partners and also included Goepel Shields & Partners and Peters & Co. Limited. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Special Warrants 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 absent registration or an applicable exemption from the registration requirements. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. For further information please contact: Alec McDougall Bob German President & Chief Operating Officer Vice President, Finance Ph: (403) 231 - 1125 Ph: (403) 231 - 1103 Fx: (403) 261 - 5612 Fx: (403) 261 - 5612

To: Kerm Yerman who wrote (7761)	12/5/1997 5:01:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

EARNINGS / Capco Resources reports 1st 9 months results Capco Resources Ltd. announces the results for nine months ended September 30, 1997. 1997 1996 % Change ------------ ----------- --------- Total Revenues $114,209,856 $94,780,826 20.5 Net income $ 3,493,318 $ 2,910,932 20.0 Net income per share $ .38 $ .32 18.8 Weighted average shares outstanding 9,140,252 9,093,478 0.5 Total assets $162,224,594 $94,383,821 71.9 The majority of net income was the direct result of Capco's publicly traded subsidiaries, Saba Petroleum Company (Saba) and Meteor Industries Inc. (Meteor). Included in net income are dilution gains of $2,612,657 ($1,556,566 in 1996) on these subsidiaries share issues. As of September 30, 1997, Capco's interest in Saba is 48.32% and Meteor is 42.25%. The consolidation of the accounts of Saba and Meteor with the accounts of Capco and its 100% owned subsidiaries may or may not be appropriate depending on the control exercised by Capco. For more information please contact, Sultan Mahmud at 805.928.7979 x 202

To: Kerm Yerman who wrote (7761)	12/5/1997 11:12:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / New Cache Petroleum acquires Interests at Mahaska CALGARY, Dec. 5 /CNW/ - New Cache has agreed to acquire additional working interests in its Mahaska area for $3.37 million effective November 1, 1997. New Cache has acquired: (1) a 55% working interest in 4 potential gas wells and 1 suspended oil well increasing its working interest to 100% in the wells (2) an additional 10% working interest in a 10 mmcf/d gas plant, increasing the Company's working interest to 55% (3) working interests ranging from 25% to 55% in 9,920 gross (4,784 net) undeveloped acres. New Cache will take over operatorship of the wells and plant facility. The acquisition is scheduled to close January 15, 1998 subject to final due diligence. The acquisition will be funded from available bank lines. The Mahaska plant is scheduled to go on stream on or about December 5, 1997. Following a very successful drilling year, New Cache's primary focus over the past two months has been to get behind-pipe reserves on production. To this end, the Company has accomplished the following: (1) at Chigwell, a horizontal (50% WI) and a vertical (75% WI) well were placed on stream in late October. The wells have produced at rates up to 1,135 bopd gross (700 bopd net) during November. Plans are underway to install produced water disposal on site during the first quarter of 1998. An additional horizontal development well (25% WI) is also planned for the first quarter. (2) the new 18 mmcf/d plant at Doris went on stream November 10, 1997. Combined production capability from the two plants in the area has increased to 36 mmcf/d gross (23.75 mmcf/d net). Normal startup and operational work has resulted in fluctuating initial production. (3) Nig Creek (75% WI) was placed on stream November 29, 1997 at an initial rate of 4 mmcf/d gross (3 mmcf/d net). Two offset development wells are planned for the winter.

To: Kerm Yerman who wrote (7761)	12/5/1997 11:16:00 PM
From: Arnie	Respond to of 15196

CORP. / Precision Drilling redeems Preferred Shares TO: Holders of $9.10 Preferred Shares, Series 4 Pursuant to the terms of the $9.10 Preferred Shares, Series 4 (the ''Series 4 Preferred Shares'') of Precision Drilling Corporation (''Precision'') YOU ARE HEREBY NOTIFIED that Precision shall redeem such shares on January 5, 1998 for cash proceeds of $9.10 plus accrued dividends thereon (the ''Redemption Price''). The funds necessary for such redemption have been deposited with Montreal Trust Company of Canada. Holders of Series 4 Preferred Shares will be paid the redemption price upon presentation and surrender of the Series 4 Preferred Shares to: Montreal Trust Company of Canada Western Gas Tower 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Attention: Francis van der Basch Precision Drilling Corporation is listed on the Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS.

To: Kerm Yerman who wrote (7761)	12/5/1997 11:18:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Calibre Energy revises 1st 9 months results CALGARY, Dec. 05 /CNW/ - Calibre Energy Inc. advised today that due to a computational error in the Company's third quarter results, the cash flow per share for the nine months and three months ended September 30, 1997 were incorrectly reported as $0.12 and $0.05 instead of $0.10 and $0.04 respectively.

To: Kerm Yerman who wrote (7761)	12/5/1997 11:20:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITIONS / Major Oil Company Consortium wins Bid A major oil company consortium consisting of Chevron Canada Resources, Mobil Oil Canada, Norsk Hydro Grand Banks Inc. and Petro-Canada announced today they have been awarded four oil and gas exploration licences totalling 134,194 hectares, on the Grand Banks, offshore Newfoundland. The companies were awarded the licences as a result of making work bids totalling $97.8 million. Three of the licences are located between the Hibernia, Terra Nova and Hebron/Ben Nevis oil fields some 300 kilometres east-southeast of St. John's, Newfoundland. The fourth parcel lies approximately 35 kilometres northeast of Hibernia. This is a strategic area for the consortium. All four companies currently hold significant interests in fields adjacent to the exploration licences awarded today. The arrangement between the four major oil companies, each participating for a 25% working interest in the parcels, enables them to explore and develop the properties together and share in the results. The bids represent exploration expenditures the companies plan to make on the parcels during the initial five-year period of the nine-year term exploration licences. Current plans for the parcels include seismic surveys to begin in 1998 and exploratory drilling to tentatively begin in 2000/2001. The Canada-Newfoundland Offshore Petroleum Board (C-NOPB) announced the results of the Call for Bids for exploration rights in the Newfoundland offshore in St. John's. For more information contact: Charlie Stewart, Chevron - (403) 234-5656 or Dick Lyon (403) 234-5337 Bill Simpkins, Mobil - (403) 260-7255 Arvid Nottvedt, Norsk Hydro - (403) 268-7456 John Percic, Petro-Canada - (403) 296-8145