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

To: Kerm Yerman who wrote (7854)	12/10/1997 3:44:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Roberts Bay Resources Drilling Activity Update Roberts Bay Resources Ltd. reports it has participated to a twelve (12%) working interest in two successful development oil wells at Taber, Alberta. The Company believes that these wells will be tied into existing production facilities early in the new year. On an unrelated matter Roberts Bay advises that it will, participate to a 30% working interest in a second well on its shallow gas project at Heart River, Alberta. Drilling operations at Heart River are expected to commence by December 12, 1997. The Company is pleased with preliminary results at Heart River and believes that a multiwell program will develop early in 1998. Roberts Bay Resources Ltd. is a public company trading on the Alberta Stock Exchange under the symbol "RBR". For further information contact Mr. Rob Hugo, President, Roberta Say Resources, telephone 265-0255.

To: Kerm Yerman who wrote (7854)	12/10/1997 3:55:00 PM
From: Arnie	Respond to of 15196

NORMAL COURSE ISSUER BID / Place Resources Corp. CALGARY, Dec. 10 /CNW/ - Place Resources Corporation has filed a Notice of Intention to make a Normal Course Issuer Bid with The Toronto Stock Exchange. The Company will be authorized to buy back a maximum of 625,000 Common Shares, representing approximately 5 percent of its 12,580,190 issued and outstanding Common Shares. Any Common Shares acquired by Place under the Bid will be cancelled. The Bid will commence on December 11, 1997 and end on December 10, 1998. Since December 11, 1996, Place has purchased 411,400 Common Shares under a previous normal course issuer bid, paying an average price per share of $1.97. Place believes the buy back of its Common Shares represents an appropriate use of funds as Place is of the opinion that the market price of its Common Shares represents a significant discount to the fair value of such shares. Place Resources Corporation is an oil and gas exploration, development and production company. Place's Common Shares are traded on The Toronto Stock exchange under the symbol ''PLG''.

To: Kerm Yerman who wrote (7854)	12/10/1997 4:02:00 PM
From: Arnie	Respond to of 15196

FINANCING / Ridgeway Petroleum announces Receipts for Prospectus CALGARY, Dec. 10 /CNW/ - Ridgeway Petroleum Corp. is pleased to announce that receipts for its final prospectus dated December 4, 1997 have been issued by the Securities Commissions in the Provinces of British Columbia, Alberta and Ontario. The prospectus qualifies the distribution of 4,400,000 common shares and 2,200,000 common share purchase warrants issuable upon the exercise or deemed exercise of 4,000,000 special warrants previously distributed by the Company pursuant to a Special Warrant Private Placement which closed on January 30, 1997. The common share purchase warrants entitle the holders to purchase up to an aggregate of 2,200,000 common shares of the Company at a price of $1.00 per share at any time on or before February 2, 1998. In addition, the prospectus qualifies the distribution of 5,280,000 common shares and 2,640,000 common share purchase warrants issuable upon the exercise or deemed exercise of 4,800,000 special warrants previously distributed by the Company pursuant to a Special Warrant Private Placement which closed on April 30, 1997. The common share purchase warrants entitle the holders to purchase up to an aggregate of 2,640,000 common shares of the Company at a price of $4.00 per share at any time on or before May 1, 1998. The prospectus also qualifies the distribution of Agent's warrants issuable upon the exercise of the outstanding Agent's Compensation Options, such Agent's warrants entitling the purchase of up to an aggregate of 880,000 common shares. ON BEHALF OF THE BOARD OF DIRECTORS ----------------------------------- Walter B. Ruck, President NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. Certain statements in this News Release constitute ''forward looking statements'' within the meaning of the Private Securities Litigations Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance of achievements expressed or implied by such forward looking statements.

To: Kerm Yerman who wrote (7854)	12/10/1997 4:05:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Benz Energy announces purchase of Calibre Energy HOUSTON, Dec. 10 /CNW/ -- Benz Energy Ltd. (VSE: BZG.) (''Benz'') and Calibre Energy, L.L.C. (''Calibre'') have entered into a definitive agreement whereby Benz will buy all the shares of Calibre through the issuance of 2,331,000 common shares of Benz. Additionally, Benz will assume Cdn$2.9 million of bank debt and issue promissory notes payable to Calibre shareholders of Cdn$2.76 million. The effective date of the stock price for the calculation of number of shares to be paid for Calibre assets is November 12, 1997. Calibre is a related party to Benz in that certain directors, officers and employees of Benz own Calibre. The acquisition price was negotiated and approved by an independent committee of the Benz Board of Directors. Benz will acquire producing assets that currently have net cash flows of Cdn$220,000 per month. Based on independent reserve reports prepared by Ryder Scott engineers and Enernet, Inc., the Calibre estimated proved producing reserves total 5.6 billion cubic feet of gas and 34,034 barrels of oil, and estimated probable reserves are 3.1 billion feet of gas. Benz believes that there is significant upside related to the properties. Additionally, Benz is acquiring interests in 11 high potential exploration prospects in the same U.S. Gulf Coast area of its existing exploration program. Five of the prospects increase the Company's interest in some of its existing high potential prospects, such as Old Ocean (7% WI), Lahinch (27% WI shallow, 25% WI deep), and Runge (14% WI) in Texas and Wausau (10% WI) and North Thompson's Creek (10% WI) in Mississippi. The balance of the prospect interests to be acquired are Glancy (50% WI), Pachuta Creek (25% WI), Big Creek (5% WI), and Greens Creek (54% WI) in Mississippi and San Salvadore (75% WI) and Elsa (75% WI) in Texas. The purchase price allocated to these prospects, based on either the book value of incurred costs of Calibre or on recent arms-length transactions entered into by Benz, is Cdn$4.1 million. The transaction is subject to regulatory and shareholder approvals. Yale Fisher, an independent member of the Board of Directors, commented, ''I view this acquisition as a very positive move for Benz as the Company is acquiring important near term cash flow in producing properties with significant undeveloped upside as well as significant interests in new high impact prospects at a very attractive price. This transaction also eliminates any potential or perceived conflicts of interest in the allocation of assets and investment opportunities as between the two companies.''

To: Kerm Yerman who wrote (7854)	12/10/1997 4:08:00 PM
From: Arnie	Respond to of 15196

PIPELINES / NEB announces New Dates for Alliance Pipeline Hearing CALGARY, Dec. 10 /CNW/ - The National Energy Board has announced new dates for public hearing sessions to be held in Regina, Saskatchewan, Fort St. John, British Columbia and Edmonton, Alberta for the Alliance Pipeline Project application. Alliance Pipeline Ltd. of Calgary has applied to the Board to construct and operate the Canadian portion of the proposed Alliance Pipeline Project, a high-pressure natural gas transmission pipeline system from northeastern British Columbia and northwestern Alberta to the midwest United States. The Board's public hearing into the application will commence 6 January 1998 in Calgary. The public hearing sessions in Regina will be held on 4 and 5 February 1998 from 1 p.m. to 4 p.m. and from 6 p.m. to 9 p.m. and on 6 February 1998 from 8:30 a.m. to 1 p.m. They will take place at the Ramada Plaza Hotel. The public hearing sessions in Fort St. John will be held on 11 and 12 February 1998 from 1 p.m. to 4 p.m. and from 6 p.m. to 9 p.m. and on 13 February 1998 from 8:30 a.m. to 1 p.m. They will take place at the Pioneer Inn. The public hearing sessions in Edmonton will be held on 17, 18 and 19 February 1998 from 1 p.m. to 4 p.m. and from 6 p.m. to 9 p.m. and on 20 February 1998 from 8:30 a.m. to 1 p.m. They will take place at the Edmonton Inn. The Canadian portion of the Alliance project would consist of approximately 1 565 kilometres (970 miles) of principally 914 millimetre (36 inch) mainline and approximately 770 kilometres (480 miles) of lateral pipelines and related facilities, at an estimated capital cost of about $1.9 billion. The U.S. portion of the mainline would extend from the Saskatchewan/North Dakota border to the system's terminus near Chicago, Illinois, where it would interconnect with the integrated North American pipeline grid. The system is proposed to commence service in late 1999 and would be capable of delivering 37.5 million cubic metres (1.325 billion cubic feet) per day of natural gas.

To: Kerm Yerman who wrote (7854)	12/10/1997 4:10:00 PM
From: Arnie	Respond to of 15196

FINANCING / K2 Energy to raise $3 Million CALGARY, Dec. 10 /CNW/ - Mr. Jim Livingstone, President of K2 Energy Corp., is pleased to announce that the company has entered into agreement with Brawley Cathers Limited, Toronto, to raise $3,000,000 for continued development of K2's enormous land position in northern Montana. The financing is on a ''best efforts'' basis and involves up to 3,000 Debentures at a price of $1,000 per Debenture with a 5 year term and a 9% coupon for proceeds of $3,000,000. Each $1,000 Debenture will be convertible into 575 Common Shares of K2 at $1.74 per share (1,725,000 shares). Each $1,000 Debenture will also have attached 575 Common Share Purchase Warrants exercisable at $2.25 per share up to January 31, 2000 (a further 1,725,000 shares). Brawley Cathers Limited is entitled to 46 broker warrants per $1,000 Debenture exercisable at $1.75 (138,000 common shares for the full issue). K2 Energy will prepare an Offering Memorandum. This ''OM'' will also be the basis for a subsequent prospectus equity issue in 1998. Use of proceeds includes ongoing working capital, the shooting of 3-D Seismic, the drilling of 5 new exploration wells at Kye Trout and the repayment of a short-term bridge loan of $1,000,000. U.S. gas consumption continues to grow at 3% per year. Since the first quarter of 1996, U.S. gas prices have averaged approx. $2.50 USD. U.S. gas futures prices are projected to remain in the $2.50 USD range until the end of 1999. During 1998, approx. 60% of all U.S. rigs are projected to be drilling for gas, with the majority of those drilling to a depth of more than 5,000 feet. K2 Energy is uniquely positioned to take advantage of this growth. K2 Energy has approximately 300,000 acres of prime exploration land on the Blackfeet Reservation in Montana. Because of K2's significant land position on the ''Disturbed Belt'', several major international companies have approached K2 Energy and are currently in negotiations with K2 regarding potential joint ventures for exploration and drilling. K2 Energy Corp. is a publicly traded company on the Toronto Stock Exchange under the symbol ''KTO''. The proposed financing is subject to approval by the appropriate regulatory bodies