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

To: Kerm Yerman who wrote (7961)	12/16/1997 10:47:00 PM
From: Arnie	Respond to of 15196

CORP. / Comstate Resources announces Restructuring Program CALGARY, Dec. 16 /CNW/ - The Board of Directors of Comstate Resources Ltd. (TSE listing - Symbol CSR) advises that it has instructed management of Comstate to pursue a restructuring program that should serve to create greater shareholder value in future years. Comstate's value consists of its holdings in oil and gas producing properties and also its holdings of 14,120,000 shares in Comaplex Minerals Corp., a 51% owned subsidiary engaged in the exploration of precious and base metal properties. Historically, Comstate receives recognition in the marketplace for only one of its main assets. To attempt to alleviate this situation, it is proposed that Comstate will proceed as follows: 1. Starting in 1998, 100% of net revenue from Comstate's producing oil and gas properties will be dividended to shareholders semi-annually on July 1 and January 1 to shareholders of record on June 15 and December 15 of each year. It is initially anticipated that dividends may be approximately 25 to 30 cents annually depending upon commodity price fluctuations and production levels. 2. A new company will be formed to handle all future oil and gas transactions. Comstate's shareholders of record on a date to be determined will be provided with an opportunity to acquire an amount of shares in the new company that is equivalent to the amount of shares beneficially held in Comstate on that date at a price of $0.20 per share. This distribution will be the first distribution of shares for the new company and will initially be offered only to existing Comstate shareholders. Comstate will have approximately 22 million shares outstanding and, if every Comstate shareholder elects to exercise its rights to acquire shares, the new company will have approximately 22 million shares outstanding. 3. An offering of approximately 1 million shares in the new company will also be made to the general public at a price of $0.20 per share. 4. Comstate will continue to hold its investment of 14,200,000 shares in Comaplex Minerals Corp. This restructuring should provide future opportunities to separately deal with Comstate's two main assets on a tax effective basis and create greater shareholder value.

To: Kerm Yerman who wrote (7961)	12/16/1997 10:49:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Sunburst Oil & Gas updates Drilling EDMONTON, Dec. 16 /CNW/ - Sunburst Oil & Gas Inc. - SBS/ASE, through their wholly owned subsidiary Western Canada Energy (1996) Ltd., is pleased to report that the horizontal drilling of their first test well, 'Western 16/16C Pembina' has progressed into its final stage with favourable results. Completion of this drill and placement into production should be finalized within he next seven to ten days. Sunburst will be proceeding to evaluate a full-field exploratory and developmental strategy in preparation for their next horizontal-well drill in the new year - 1998. The Corporation's optimum is to increase production with a continuous multi-well drilling program into the Cardium Sands formation of central 'Pembina Field'. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

To: Kerm Yerman who wrote (7961)	12/16/1997 10:52:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Precision Drilling reports 1st 6 months results CALGARY, Dec. 16 /CNW/ - Precision Drilling Corporation is pleased to report its Segment Performance for the second quarter ended October 31, 1997. << Segment Performance ------------------------------------------------------------------------- Three Six Months Months Ended Ended October 31, October 31, 1997 1996 1997 1996 ------------------------------------------------------------------------- Revenues: Oilfield services: Drilling services 171,028 43,476 313,666 79,671 Well servicing 15,361 9,036 27,960 12,957 Compression equipment 22,756 14,149 42,556 21,139 Oilfield equipment rental and 12,685 6,719 24,113 11,177 other ------------------------------------------------------------------------- 221,830 73,380 408,295 124,944 ------------------------------------------------------------------------- Industrial services: Industrial process services 19,628 23,776 42,757 39,274 Industrial equipment rental - 13,975 11,658 27,768 19,539 ------------------------------------------------------------------------- 33,603 35,434 70,525 58,813 ------------------------------------------------------------------------- Total revenues 255,433 108,814 478,820 183,757 ------------------------------------------------------------------------- Operating Earnings: Oilfield Services 64,169 13,570 105,202 22,739 Industrial Services 6,550 7,262 14,123 10,591 ------------------------------------------------------------------------- Total operating earnings 70,719 20,832 119,325 33,330 ------------------------------------------------------------------------- >> 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 (7961)	12/16/1997 10:54:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Electra Energy announces increase in Production CALGARY, Dec. 16 /CNW/ - Electra Energy Corporation is pleased to announce that ongoing successful well completions have boosted current company production capability to in excess of 500 BOEPD. Most recently, a test well drilled in northern Alberta for the Gilwood Formation was completed, yielding flow rates, on production testing, of 750 BOPD. Current water cuts from the initial production testing have stabilized at 1%. At present, the well is being equipped to begin production this week at estimated gross rates of 250 BOPD (63 BOPD net to Electra). Two immediate offset development wells are planned for the first quarter of 1998. Electra has a 25% working interest in this development oil project. In other project areas, ongoing completion and equipping activities on previously announced drilling successes, have resulted in production additions on producing property acquisitions that were closed earlier this year. At Kakwa, Alberta, four Cardium Unit infill drilling locations have been completed and have tested rates varying between 50 and 200 BOEPD. These wells, the first of a potential twenty well program, are currently being tied into company owned production facilities. Electra has a 4.55% working interest in the Cardium Unit. In western Saskatchewan, a recently drilled Sparky oilwell has been completed and production tested at rates of 125 BOPD (32 BOPD net to Electra). Several additional offset wells are planned for 1998. Further completion activities are currently underway on two recently drilled oilwells at Taber in southern Alberta. Electra Energy Corporation is a public oil and gas exploration, development and production company whose shares are listed for trading on the Alberta Stock Exchange under the symbol ''EEN''. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (7961)	12/16/1997 10:58:00 PM
From: Arnie	Respond to of 15196

FINANCING / Tribute Resources to issue Flow-Through Shares CALGARY, Dec. 16 /CNW/ - Tribute Resources Inc. (ASE: TRB) is pleased to announce that it has entered into an agency agreement with Promittere Securities Limited with respect to a best efforts offering to purchasers in Ontario of up to 3,000,000 flow-through special warrants at a price of $0.50 per special warrant. Each special warrant will entitle the holder to acquire one common share of Tribute without additional payment at any time on or before 5:00 p.m. (Toronto time) on the earlier of the fifth business day after the date a receipt is issued by the Ontario Securities Commission for a final prospectus qualifying the issue of the common shares upon the exercise of the special warrants and December 31, 1998. Tribute will use its best efforts to incur Canadian Exploration Expense (''CEE'') and Canadian Development Expense (as such terms are defined in the Income Tax Act) which will be renounced as CEE effective December 31, 1997. Closing is subject to regulatory approvals and normal closing conditions.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:02:00 PM
From: Arnie	Respond to of 15196

ALLIANCE / Amoco Canada Petroleum forms Alliance with Northstar Energy CALGARY, Dec. 16 /CNW/ -- Amoco Canada Petroleum Company Ltd. of Calgary has entered into an alliance with Northstar Energy Corporation of Calgary to pursue natural gas exploration in north-east British Columbia. Amoco Canada currently holds the rights to explore for natural gas under 648,000 acres of land in the Northern Rockies area of north-east B.C. Northstar will commit Cdn$45 (US$32) million to exploration and development activities on Amoco's acreage over the next three years. In return Northstar will share in any resulting exploration successes. The exploration program will be directed by a technical team staffed jointly by Amoco Canada and Northstar. Amoco Canada will be the operator of the drilling program. ''This venture is a great opportunity for Amoco,'' said L. Richard Flury, Amoco Corporation executive vice president responsible for exploration and production. ''By leveraging our current assets, we are poised to add greater value to this significant land position and, once again, demonstrate our commitment to focused portfolio management.'' ''This agreement is beneficial to both parties'', said Joe Bryant, vice president, Amoco's Canadian Gas Business Unit. ''B.C. has significant undiscovered gas potential. By working with us, Northstar gains access to acreage in prime locations, a significant amount of seismic data and Amoco's experience and advanced technology. Furthermore, this arrangement gives Amoco the opportunity to more aggressively grow our Canadian holdings.'' Amoco has over a 40 year history of oil and gas activity in British Columbia. As a result of the unique landscape of the B.C. Rockies, Amoco has chosen to employ innovative exploration methods such as heli-portable and low-impact seismic, the use of winter trails instead of all-weather roads, irregular shaped well sites to follow natural contours and other low impact construction techniques. Amoco has been in the forefront of First Nations, stakeholder and environmental initiatives in the area, including support of the recently announced 4.4 million hectare Muskwa-Kechika protected area. Amoco Canada Petroleum Company Ltd. is a Calgary-based oil and gas company involved in the exploration, production and marketing of natural gas, conventional and heavy oil, natural gas liquids and petrochemicals. It is part of Amoco Corporation (AN), the worldwide energy and chemical company with annual revenues of more than US$36 billion.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:05:00 PM
From: Arnie	Respond to of 15196

FINANCING / Western Star Resources to issue Flow-Through Shares CALGARY, Dec. 16 /CNW/ - Western Star Exploration Ltd. is pleased to announce that it has entered into a private placement agreement for issuance of 666,700 flow-through common shares to NCE Resource (1997) Limited Partnership at a price of $1.50 per common share to yield gross proceeds of $1.0 million. Under separate transactions, Western Star has agreed to issue by private placement 95,000 additional flow-through common shares also at $1.50 per common share. The proceeds from these private placements will help fund Western Star's ongoing 1998 exploration program.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:09:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Real Resources reports 1st 9 months results CALGARY, Dec. 16 /CNW/ - The acquisition of Flatland Resources in the first quarter of 1997 and the development of their properties in southeast Saskatchewan lead to an increase of production to 432 bbls of oil equivalent per day for the nine month period ending September 30, 1997 which represented an increase of 71% over the 252 bbls per day in the same period in 1996. Recent drilling successes in southeast Saskatchewan on our Clarilaw and Ashley Lake prospects will enhance production volumes in the fourth quarter. The increase in production volumes led to improved financial results. Increases were recorded for gross revenues (71%) and funds from operations (40%) for the nine month period in 1997 versus that of 1996. Fiscal Year to Date: Revenue Funds from Operations Profit (MM) (MM) (Per Share) (MM) (Per Share) 1996 $ 1.68 $ 0.91 $ 0.08 $ .38 $ .03 1997 $ 2.88 $ 1.28 $ 0.10 $ .26 $ .02 Corporately the Company was very active. It raised $2 million through the private placement of 2 million flow-through shares. In addition, Real is proceeding with the previously announced takeover of Tri-Ex Oil and Gas Ltd. which is expected to be completed before year end. Upon completion, the Company will have production in excess of 1600 bbls of oil equivalent per day. On the Glenavon prospect in southeast Saskatchewan, Real has entered into a farmout agreement with Berkley Petroleum Corp. on a portion of it's 30 section land block in the area. The first phase of the farmout requires the shooting of a 3-D seismic program by Berkley to high grade anomalies below the Mississippian identified with 2-D seismic. The agreement provides for the drilling of up to 3 Red River tests to earn specified interests on the prospect. At the December 9, 1997 Saskatchewan Crown Land Sale, Real acquired an additional 17 sections of land on the Glenavon prospect.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:13:00 PM
From: Arnie	Respond to of 15196

FINANCING / Range Petroleum announces Special Warrant Amendment VANCOUVER, Dec. 16 /CNW/ - Range Petroleum Corporation VSE: RAN The Company has amended the Letter of Intent agreement for a Brokered Private Placement with Haywood Securities Inc. on a best efforts basis, now raising up to Cdn $5,520,000 as opposed to $4,800,000 (see news release, dated November 7, 1997). The offering now comprises up to 3,450,000 Special Warrants, versus 3,000,000, priced at $1.60 per warrant. Each Special Warrant entitles the holder thereof to receive, upon exercise of the Special Warrant, either: 1. One common share and one-half of one non-transferable share purchase warrant. Each non-transferable share purchase warrant entitles the holder to purchase one additional common share at the offering price for a period of one year from closing; OR 2. One flow-through common share. A commission of 6%, as opposed to 5%, of the gross proceeds from the offering is payable in cash or, at the election of the Agent, in Special Warrants upon closing. The Company will issue Agent's Special Warrants to the Agent equal to 10% of the number of Special Warrants sold. This issue will be cleared for sale in British Columbia and Alberta. Proceeds from this offering will be applied towards exploration of high impact opportunities in the deeper part (Devonian Formations) of the Western Canadian Sedimentary Basin.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:15:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Novagas Canada to build Gas Processing Facility CALGARY, Dec. 16 /CNW/ -- Novagas Canada Ltd. (NCL) has made application to the British Columbia Government to build a $92 million natural gas processing plant, and associated pipelines, in the West Stoddart area 50 kilometres northwest of Fort St. John. NCL's application has been submitted to the Environmental Assessment Office for review and approval. The proposed Stoddart investment includes: a 160 million cubic foot per day processing plant; a 69-kilometre, 16-inch-diameter gas pipeline; and a parallel, 6-inch natural gas liquids pipeline. Gas and gas liquids from the West Stoddart plant would be pipelined to NCL's new Taylor natural gas extraction plant for further processing. The volumes from Stoddart, combined with other regional gas production, will bring the Taylor extraction facility to full capacity. ''This plant is a significant step in NCL's plan to position itself as a major player in the Canadian natural gas mid-stream business,'' said Randy Findlay, NCL President. ''We have confidence in the future of the natural gas industry in Canada, including the natural gas industry of British Columbia.'' If approved by the B.C. Environmental Assessment Office, the West Stoddart plant would push NCL's capital investment in B.C. to over $300 million in the past two years. The plant is expected to stimulate further exploration activity in the region. This proposed facility will primarily be a gas conservation plant that will process raw sour gas associated with oil production from the Stoddart and Buick Creek fields. The plant will sweeten gas delivered from oil production batteries operated by Canadian Natural Resources Ltd. (CNRL) and Remington Energy Ltd., as well as recover a portion of the hydrocarbon liquids in the gas stream. Sweetened gas at West Stoddart would then be shipped to NCL's Taylor extraction plant via a new sales gas pipeline for further gas liquids recovery. As well, natural gas liquids recovered at West Stoddart will be shipped using a new high vapour pressure liquids pipeline to Taylor for further distribution. The presence of the West Stoddart plant will also have an impact on the community. ''The West Stoddart processing plant also represents an opportunity to provide a reliable supply of natural gas to area residents and light industrial consumers,'' explained Findlay. ''In this regard, NCL is consulting with area residents and the local gas distribution company, and will continue to work with them, to facilitate gasification of the surrounding rural area.'' NCL hopes to commence the three-month construction project in Spring 1998. The plant construction project is expected to generate 5,400 person days of employment, with the work force peaking at around 120. Pipeline construction is expected to generate 9,000 person days of work, with the crew averaging about 100 people. Upon completion, the West Stoddart plant will have a full-time staff of 11. It is also estimated that 10,000 person hours of contracted maintenance services will be required each year. Novagas Canada Ltd. is a fast-growing natural gas and natural gas liquids services company launched in 1994. The company focuses its activities on the non-regulated midstream operations of the natural gas value chain, offering services in natural gas gathering and processing, and natural gas liquids extraction, transportation, fractionation, marketing and storage. NCL is owned 100 per cent by NOVA Gas International Ltd., a wholly owned subsidiary of NOVA Corporation of Calgary, Canada.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:18:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Ridgeway Petroleum updates Activities CALGARY, Dec. 16 /CNW/ - Ridgeway Petroleum Corp. is pleased to announce that Schlumberger IPM, a division of Schlumberger Technology Corporation, has been retained to undertake an initial reserve estimate and field development study for its 1994 St. Johns CO(2)/ Helium discovery in eastern Arizona and western New Mexico. The study will establish an integrated geologic, reservoir and production engineering database which can be readily updated as new wells are drilled as well as construct a 3-D reservoir flow model for use in the generation of an ''optimum'' field development plan. The Company anticipates that Phase I of this study will be completed by January 15, 1998. The results of the study will form the basis for future activity following the completion of the current six well exploration and development drilling program. Land Sale At a land sale held on December 12, 1997 in Phoenix, Arizona, the Company acquired an additional 17,495.37 acres of Federal leases located within the estimated boundary of the proposed production unit. ON BEHALF OF THE BOARD OF DIRECTORS ---------------------------------- Walter B. Ruck, President 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 (7961)	12/16/1997 11:20:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Suncor Energy to test Flare Reduction Technology CALGARY, Dec. 16 /CNW/ - Suncor Energy today announced a joint pilot project with Mercury Electric Corporation that will see Suncor use mini-turbines to generate electricity from unprocessed gas. If successful, the new technology would be applied to capture fuel before it is flared and use it to generate power for Suncor operations. ''In the province of Alberta, about 200 million cubic feet of gas is currently being flared each day. If harnessed, this energy would be sufficient to power the City of Calgary,'' says Henk Wind, Suncor's Vice President of Production. ''This project is one small step towards capturing the value of this energy source and reducing our net greenhouse emissions.'' Mercury will test the mini-turbine technology in 1998 at the Suncor Joffre Gas Plant near Red Deer, Alberta. ''We will evaluate the TurboGenerator(TM) under a variety of field conditions in the next year,'' says Richard Kline, President, Mercury Electric Corporation. ''In addition to the Suncor site, we are pursuing test sites with other major Canadian energy companies.'' Mercury will provide the small scale gas-fired generation facility for the pilot as well as provide on-site support and maintenance. Suncor will provide the unprocessed fuel and in return, will receive the power generated by the facility. ''The technology is still in the early stages of development,'' says Wind. ''But if it can be applied at our facilities, it may be a method of addressing greenhouse gas issues while cost-effectively powering our operations.'' Suncor recently announced an action plan to reduce its greenhouse gas emissions. The announcement highlighted Suncor's commitment to leadership and action in seven areas: continuing to manage the company's own greenhouse emissions and their impact; developing renewable sources of energy; supporting environmental and economic research; pursuing domestic and international offsets; providing constructive public policy input; educating and engaging stakeholders; and measuring and reporting on the company's progress. Mercury Electric Corporation is a private independent power company able to finance, engineer, build and operate site specific power generation projects for oil and gas producers. Mercury was incorporated in October 1995 and holds the exclusive Canadian oilfield rights to the technology of TurboGenerator(TM) Power Systems from AlliedSignal. Suncor Energy Inc. and its subsidiaries operate an integrated energy business that includes an oil sands plant in Fort McMurray, Alberta, an exploration and production business in Western Canada, a refining and marketing operation in Ontario and Quebec, and an oil shale development project in Queensland, Australia. Suncor common shares are listed for trading on the Toronto, Montreal, Alberta, Vancouver and New York stock exchanges.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:22:00 PM
From: Arnie	Respond to of 15196

NEW LISTING / Pacific Tiger Energy to list on MOntreal Exchange MONTREAL, Dec. 16 /CNW/ - Pacific Tiger Energy Inc. will be listing as of tomorrow an aggregate of 15,237,901 Common Shares, of which 13,937,901 will be issued and outstanding. Pacific Tiger Energy Inc. acquires and develops oil and gas prospects in South East Asia. The Company holds an interest in the SW1 Petroleum Concession located in the Phetchabun Basin in the central plains region of Thailand, roughly two hundred miles from Bangkok. The head office of Pacific Tiger Energy Inc. is located at: 1 Westmount Square 10th Floor Westmount, Qu‚bec H3Z 2P9 Telephone: (514) 932-9934 Fax: (514) 932-9642 Contact: Steve Conyers, Secretary Ticker symbol: 'PTE' Newspaper abbreviation: Pac.Tiger

To: Kerm Yerman who wrote (7961)	12/16/1997 11:25:00 PM
From: Arnie	Respond to of 15196

PIPELINES / AEC Pipelines L.P. announces Cash Distribution CALGARY, Dec. 16 /CNW/ -- AEC Pipelines, L.P. today announced its quarterly distribution of Distributable Cash will be $0.19 per unit for the quarter ended December 31, 1997, payable on January 31, 1998 to Class A Unitholders of record at the close of business on December 31, 1997. AEC Pipelines, L.P. is a Canadian limited partnership engaged in the transportation of crude oil in North America. The Partnership's stock market float of $220 million trades as instalment receipts on the Toronto and Alberta stock exchanges under the symbol ALB.IR. The second instalment of $4 per unit is due March 31, 1998.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:27:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Naftex Energy announces Start-Up of Production VANCOUVER, Dec. 16 /CNW/ - Naftex Energy Corporation Trading Symbol: NFTX NAFTEX ENERGY CORPORATION (the ''Company'') is pleased to announce that a Declaration of Commerciality has been made with respect to the West Esh El Mallaha (''WEEM'') Concession and a Development Lease, covering an area of 20,200 acres in the south-eastern portion of the WEEM Concession, has been negotiated. A Joint Operating Company is now in the process of being created with the Company's joint venture partner Cabre Exploration (Cyprus) Limited (''Cabre'') and the Egyptian General Petroleum Corporation (''EGPC'') in order to oversee development and bring the Concession on to production. Production from the two wells known as Rabeh-1 and Rabeh East-1 will begin as soon as a leased early production unit is in place. EGPC have offered full cooperation for the task at hand and it is estimated that production, at an initial rate of 2,500 bopd, will commence in January 1998. A four well exploration and development drilling program will begin as soon as a drilling rig can be secured. In addition an extensive 2D and 3D seismic program is scheduled to begin in the first or second quarter of 1998 to continue exploration and development of the 222,000 acre WEEM Concession. The Company and Cabre each hold a 50% interest in the WEEM Concession. The Company's interest is held via its wholly owned subsidiary Coplex (Egypt) Limited. A total of 54,041,963 common shares of the Company is presently issued and outstanding. On behalf of the Board of Directors NAFTEX ENERGY CORPORATION Stephen S. James Vice-President Corporate Counsel

To: Kerm Yerman who wrote (7961)	12/16/1997 11:30:00 PM
From: Arnie	Respond to of 15196

CORP. / New North Resources announces Vice President EXploration CALGARY, Dec. 16 /CNW/ - T. Jack Hall, President of New North Resources Ltd., is pleased to announce the appointment of Michael H. Smith as Vice President, Exploration effective December 15, 1997. Mr. Smith has over thirty years of exploration experience in the oil and gas industry with both major and junior oil & gas companies. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:32:00 PM
From: Arnie	Respond to of 15196

CORP. / New North Resources updates Common Share OPtions CALGARY, Dec. 16 /CNW/ - New North Resources Ltd. announces that, subject to regulatory approval, the Board of Directors has approved the granting and reservation of 250,000 common share options at a price Of $0.19 per share to the following officers and directors of New North: T. Jack Hall 100,000 shares Michael H. Smith 100,000 shares Bonnie C. Hall-Staples 50,000 shares ------- 250,000 shares The option price of $0.19 per share is based on the weighted average trading price of the security for the 10 days on which the security traded through the facilities of The Alberta Stock Exchange ending on December 15, 1997 and is subject to acceptance by The Exchange. The application for this non-arm's length transaction is proposed to be filed on an expedited basis to The Alberta Stock Exchange and is subject to regulatory acceptance.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:35:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Pembina Pipeline Income Fund announces Distribution CALGARY, Dec. 16 /CNW/ - Pembina Pipeline Income Fund (PIF.IR - TSE) will make a distribution of $0.14 (14 cents) per Unit on January 15, 1998 to the Unitholders of record on December 31, 1997. The distribution for the period October 24, 1997 to December 31, 1997 is $0.02 (2 cents) per Unit of 16% higher than the amount forecast for distribution on January 15, 1998 in the prospectus for the initial public offering of Trust Units. Approximately $0.10 (10 cents) per Unit of this distribution is expected to be taxable income to the holders of the Units.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:36:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Opal Energy announces Developments CALGARY, Dec. 16 /CNW/ - OPAL ENERGY INC (''OPE''- TSE) is pleased to announce a number of developments. Opal's previously announced exit rate of 2000 boe/d has been reached. Current production is approximately 2100 boe/d. Substantial additional production will commence early in the new year as infrastructure and facilities are completed. On the corporate front, Opal is pleased to announce the following four appointments. MR. WAYNE JESSEE, has been hired as the new Chief Operating Officer. Mr. Jessee has over twenty years of experience with small, medium and large companies covering all facets of the oil and gas sector. Most recently he was the Vice President Corporate Development and Marketing at Dorset Exploration Ltd. Opal has spent the better part of two years assembling a high quality technical team. From within, two promotions are being made. MR. ARNOLD AMES moves up from Exploration Manager to become Vice President Exploration. Mr. Ames is a geologist who graduated from the University of Toronto in 1975. He has better than twenty years of exploration experience with small, medium and large corporations where he has held various positions at the Management level. Prior to joining Opal in early 1996, he was with a large Canadian intermediate producer. MR. GUY NOWLIN now is the Vice President of Engineering. Mr. Nowlin is a 1986 graduate of the University of Calgary. His primary areas of expertise are reservoir evaluation, exploitation, simulation and secondary recovery. Prior to joining Opal in late 1995, Mr. Nowlin was the Engineering Evaluation Manager at Zeeland Ltd. Mr. Nowlin has vast international and domestic evaluation experience. Both Mr. Ames and Mr. Nowlin will report to Mr. Jessee. Finally, Opal is very pleased to announce that MR. TERRY OWEN has agreed to become a member of the Company's Board of Directors. Mr. Owen, formerly a partner at the law firm Macleod Dixon, is the Chief Financial Officer of Trimac Corporation. These appointments will complement Opal's continued growth plans for 1998 and the future.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:38:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Benz Energy announces Drilling Results HOUSTON, Dec. 16 /CNW/ -- Benz Energy Ltd. (VSE: BZG) today announced the successful completion of the Reedy Creek Herrin 9-7 #1 in Jones County, Mississippi. In a 24 hour test, the development well produced at a rate of 244 barrels of oil per day from the Paluxy formation. Benz Energy owns a 14.7 percent working interest before payout and a 23.9 percent working interest after payout. The well was placed on production immediately following the test. Ernie LaFlure, President of Benz Energy, stated, "This well is the first in Benz's six well redevelopment program for this area. A second well has been drilled and will be completed in approximately three weeks. This is an excellent example of the type of low risk field development opportunity that can result from deeper, high potential exploration and 3-D seismic programs." Benz Energy Ltd. is an exploration and development oil and gas company focused on the onshore Gulf Coast of the U.S.

To: Kerm Yerman who wrote (7961)	12/16/1997 11:40:00 PM
From: Arnie	Respond to of 15196

CORP. / BelAir Energy -Conditions met on Windstar Energy Takeover CALGARY, Dec. 16 /CNW/ - BelAir Energy Corporation announced today that all of the conditions to its offer to purchase all of the issued and outstanding common shares of Windstar Energy Ltd. have been met and BelAir will take up all the shares deposited under the offer. More than 90% of the outstanding Windstar shares were deposited under the offer. BelAir intends to exercise its statutory right of acquisition to acquire the remaining Windstar shares not deposited under the bid. After the exercise of the statutory right of acquisition, BelAir expects that approximately 9,637,800 million shares will be issued to complete the takeover. The combined company will have production of approximately 170 bpd of crude oil and NGL's and 2.2 mmcfd of natural gas. The company will have 850,000 oil equivalent barrels of proven reserves, 300,000 oil equivalent barrels of probable reserves and 66,500 gross (19,600 net) acres of undeveloped lands. Most of the company's properties are in central and northwestern Alberta. The present management team of BelAir will assume the management of the combined company. BelAir Energy Corporation is based in Calgary and is involved in the exploration and exploitation of petroleum reserves in Western Canada. BelAir is listed on The Alberta Stock Exchange and trades under the symbol ''BGY''. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (7961)	12/17/1997 3:24:00 AM
From: Kerm Yerman	Read Replies (5) \| Respond to of 15196

FIELD ACTIVITIES - PanCanadian Petroleum Discovery Well Tuesday December 16, 1997 Company Press Release SOURCE: Enserch Exploration, Inc. EEX Announces Successful Deepwater Discovery HOUSTON, Dec. 16 /PRNewswire/ -- Enserch Exploration (NYSE/EEX) has made a discovery with its first exploratory well drilled on Garden Banks Block 386 in the deepwater Gulf of Mexico. The well encountered a number of hydrocarbon bearing intervals located between depths of 23,000 feet and 25,340 feet. Drilling was suspended at a total measured depth of 25,342 feet prior to reaching the primary objective when the well reached equipment depth limitations for the semi-submersible rig on location. The well will be temporarily abandoned to evaluate recent enhancements provided by 3-D seismic processing and to explore appraisal and development options for the project area utilizing a larger drilling rig with greater depth capabilities. ''We are very encouraged by this success so early in our deepwater exploration program,'' said Tom Hamilton, Chairman and President, Chief Executive Officer. ''It is significant that this well contains hydrocarbon bearing sands similar to those encountered in the Auger area. This confirmation of our deepwater geologic model gives us great encouragement for the potential of our remaining inventory of prospects,'' Hamilton added. EEX will likely require an appraisal well to further define the areal extent and significance of this discovery in terms of reserve potential and commerciality. The Llano well was the first of a multi-prospect joint venture with Enterprise Oil to test Miocene-aged objectives beneath EEX's approximately 75 blocks leased in the deepwater Gulf of Mexico. EEX is operator of the Llano discovery with a 30% working interest. Partners include Enterprise Oil (30%), PanCanadian (20%) and Mobil (20%). Separately, EEX completed negotiations with Reading & Bates (NYSE: RB - news) that will extend EEX's access to the C. Kirk Rhein, Jr. semi-submersible rig. In the agreement, the rig will first be used by another operator for a short- term drilling activity. EEX now expects the rig to be available for its use in March 1998 to begin drilling prospects in the Green Canyon and Mississippi Canyon areas of the Gulf of Mexico. The rig has been contracted at below current market day rates. ''This rig agreement, in addition to our existing contract for the Diamond Voyager, gives EEX access to two deepwater rigs capable of drilling our deepwater prospects in the Gulf,'' said Tom Hamilton. Enserch Exploration, which will change its name to EEX Corporation following a special meeting of shareholders later this week, is a natural gas and oil exploration and production company with activities focused in Texas and the Gulf of Mexico.