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

To: Kerm Yerman who wrote (8126)	12/23/1997 6:19:00 PM
From: Arnie	Respond to of 15196

FINANCING / CityView Energy announces Increase in Loan Facility CityView Energy Corporation Limited advised that the loan facility granted to it by its principal shareholder Malaysia Mining Corporation Berhad has been increased by US$4 million. The terms and conditions of the facility are the same as announced on 2 September 1997 save that the repayment date has been extended to 31 March 1998. Yours faithfully (SIGNED) A.P. WOODS Company Secretary/CFO For further information contact: Australia - CityView Energy North American - 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 (8126)	12/23/1997 6:20:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Pacific Tiger Energy awarded Exploration Permit Pacific Tiger Energy Inc. is pleased to announce having been recently awarded a permit in the offshore North Taranaki basin of New Zealand. Referable to as PEP 38463, the permit covers an area of over 2,000 km2. Pacific Tiger was awarded the concession based solely on a work commitment of 400 km of seismic acquisition and 200 km of reprocessing within the first two-year period. Pacific Tiger has invested in New Zealand based on a combination of probability of exploration success and an attractive tax regime. PEP 38463 is adjacent to the offshore extension of Fletcher Challenge Energy's recent Manga Hewa gas discovery, which that company has announced is believed to contain between 1 to 3 TCF of natural gas. Pacific Tiger geoscientists have recognized three significant undrilled prospects. Based on the Company's own seismic interpretation, all three prospects are indicated to have potential median reserve size of between 40 and 150 million barrels. These prospects are all in relatively shallow water depths of 25 to 40 metres. The main prospect, referable to as Awakino South, is based on a well drilled in the mid-1980s called Awakino-1. Located on the edge of a prominent geological structure, wireline logs indicate that Awakino-1 intersected gas and condensate and a potential oil zone. Pacific Tiger's analysis of current seismic data suggests that the Awakino South structure could contain between 40 and 120 million barrels of oil or oil equivalent. The structure is situated along a proven hydrocarbon trend that extends from the McKee and Waihapa oil fields of onshore New Zealand. Pacific Tiger views the two additional prospects as holding significant potential. The Company's geoscientists have conducted seismic analysis which leads them to believe that the larger of the two, referred to as Mangatoa, has the potential to contain 150 million barrels of oil in the median case scenario. Pacific Tiger Energy Inc. is a Canadian company focused on building a diversified portfolio of oil and gas properties in the Asia-Pacific region that combines existing production with development and exploration potential. 1 Westmount Square, 10th floor Montreal Exchange Symbol: PTE Westmount, Quebec H3Z 2P9 Investor contact: Steve Conyers Tel: (514) 932-9934 Fax: (514) 932-9642

To: Kerm Yerman who wrote (8126)	12/23/1997 6:22:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Sparton Resources makes deal with Mobil Oil Canada Sparton Resources Inc. (SPTN-CDN) is pleased to announce it has accepted an offer from Mobil Oil Canada for the purchase of its 12.5% working interest in the North Triumph SDL (Special Development Licence) 2269, located southwest of Sable Island, offshore Nova Scotia, where the Venture Gas Field is currently under development. Under the terms of the Offer to Purchase the Company will receive the sum of $125,000, (the Initial Purchase Price), on closing, to take place on, or prior to Feb. 9th 1998. If the Nova Scotia Offshore Petroleum Board declares that any portion of SDL 2269 is to be included in the North Triumph Commercial Discovery Area, Sparton will be entitled to receive and review Mobil's 1997 3-Dimensional Seismic data for the block, and a copy of the Current North Triumph Development Plan. The Company will then have the right to choose one of three options. 1. Refund the Initial Purchase Price of Mobil, plus interest, and become a full participant in SOEP, with the commitment to pay its proportionate cost share, or: 2. Agree to allow Mobil to assume Sparton's proportionate share of SOEP costs, and recover 500% of those costs prior to Sparton receiving revenue from the project, or: 3. Request an increase in the Initial Purchase Price based on a reassessment of the value of Sparton's share of the reserves included in the North Triumph Commercial Discovery Area. If a Revised Purchase Price cannot be agreed to it shall be determined by arbitration. SDL 2269 adjoins to the south of SDL 2276 B Where two significant gas discovery wells were drilled in the early 1980's. One well drilled in the north part of SDL 2269 during the same time period failed to locate any significant hydrocarbons. Elsewhere in the SOEP area, Sparton retains its 12.5% interest in SDL 2286 the Chebucto K-90 block, where a significant natural gas occurrence was discovered in one well. The Sable Offshore Energy Project, a multi-billion dollar resource development, will supply natural gas to parts of maritime Canada and the east coast of the United States. Mobil Canada, the operator, and partners Shell Canada, Petro Canada, Imperial Oil, and Nova Scotia Resources, expect initial production from the Venture Field to take, place within approximately three years time. For more information contact: A. Lee Barker, President Phone: 416-869-0772 Fax: 416-361-0923 Edward G. Thompson, Director Phone: 416-366-6083 Fax: 416-947-0395 Shares issued: 14,137,129

To: Kerm Yerman who wrote (8126)	12/23/1997 6:24:00 PM
From: Arnie	Respond to of 15196

FINANCING / Westfort Energy closes Private Placement Westfort Energy Ltd. (Toronto Stock Exchange Symbol - "WT") is pleased to announce that it closed its previously announced private placement totalling 6,490,000 special warrants (the "Special Warrants"). Westfort placed 5,790,000 Special Warrants through its agent, C.M. Oliver & Company Limited ("C.M. Oliver") and placed 700,000 Special Warrants itself. The Special Warrants were issued at an issue price of $0.70 per Special Warrant for gross proceeds to Westfort of $4,543,000 (Cdn.). Each Special Warrant is exercisable into one common share in the capital of the Corporation (the "Common Shares") and one common share purchase warrant (the "Warrants") at no additional cost to the holder. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $ 1.00 per share until December 22, 1998. Westfort has agreed to use its best efforts to file a prospectus as soon as possible, qualifying the issuance of the Common Shares and Warrants issuable upon conversion of the Special Warrants. In the event that qualification does not occur within 140 days of closing, each Special Warrant will be exercisable into 1.09 Common Shares and 1.09 Warrants. The gross proceeds are to be used to finance Westfort's drilling and completion costs for their first Norphlet well in the Pelahatchie field in Rankin County, Mississippi, to pay the expenses of this issue and for general working capital purposes. For further information contact Grant Young at (604) 687-9887. The Toronto Stock Exchange neither approves nor disapproves of the information contained herein.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:27:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Wolverine Energy updates Drilling Program CALGARY, Dec. 23 /CNW/ - Wolverine Energy Corp. (WVE-ASE) has completed its fall drilling program on a very successful note. Wolverine Energy recently cased the third step-out well (100% working interest) to the recent light oil discovery at its new Killam field and is currently working on completing and testing this well. The well encountered a thicker pay zone than the previous three wells and has further delineated the pool over the Wolverine Energy acreage. During the fall program, Wolverine Energy drilled 8 wells (8.0 Net), all successful, in the Killam and South Alliance fields adding three light oil discoveries and a very significant gas discovery. All the new wells are being completed and tied-in and are expected to be on stream by the end of the year. As the Company looks forward to its 1998 programs work has already begun on Wolverine's most significant project to date in the southern foothills. Wolverine Energy has moved onto its West Ghost River 2-32-26-8 W5M well and currently conducting servicing work on the wellbore prior to the horizontal drilling operation. Wolverine Energy is scheduled to begin the horizontal drilling operations during the first week in January and will update all shareholders on this activity once the work has commenced. For additional information on the Company, visit us at our website www.wolverine-energy.com

To: Kerm Yerman who wrote (8126)	12/23/1997 6:30:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Alliance Gas Management makes Acquisition Alliance Gas Indirectly Acquires 120,000 New Customers ------------------------------------------------------ TSE Symbol: GIF.UN TORONTO, Dec. 23 /CNW/ - Gas Management Income Fund today reported its subsidiary, Alliance Gas Management Inc. of Markham, has indirectly acquired 120,000 customer equivalents from Priority Gas Marketing of Toronto. The transaction is subject to certain conditions to be satisfied on or before April 15, 1998. The acquisition, valued at between $10 million and $20 million depending on certain performance stipulations, will make Alliance Gas the largest natural gas wholesaler in Canada with almost half a million customer equivalents. ''This represents a significant acquisition for our business,'' said Paul Woods, President and Chief Executive Officer of Alliance Gas. ''It provides economies of scale and gives us the critical mass to negotiate more favourable gas supply arrangements for our customers and should translate into higher cash flow for the benefit of our investors.'' Woods said the acquisition was ''done with the objective of adding customers who have already converted to Agent Billing and Collection (ABC) service. The final purchase price will depend on the percentage of the customer base we acquire that has converted to this new direct purchase standard.'' The transaction also includes a marketing agreement pursuant to which Priority will sell up to 80,000 additional customer equivalents represented by ABC contracts to Alliance Gas. ''We believe the customers who are now joining Alliance Gas as part of this transaction will find we are long-term players whose goal is to deliver a stable, economical supply of natural gas,'' said Woods. ''While Ontario residents have considerable choice as a result of deregulation, we are working hard to make sure we remain the supplier of choice.'' Gas Management Income Fund provides unitholders with regular income and the potential for growth through its ownership of the common shares, preferred shares and notes of Alliance Gas Management Inc., now Canada's largest wholesaler of natural gas to residential and small commercial users. Established in 1991, Alliance Gas provides more than 490,000 Canadian customer equivalents (residential and commercial users) with access to stable price natural gas contracts. Gas Management Income Fund units are traded on The Toronto Stock Exchange under the symbol GIF.UN. The Fund is eligible for RRSPs, RRIFs and DPSPs.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:33:00 PM
From: Arnie	Respond to of 15196

FINANCING / Pyramid Energy closes Financing CALGARY, Dec. 23 /CNW/ - PYRAMID ENERGY INC., ''PEI'' announces that, as of this date, an interim closing on its flow through common share offering was completed. The corporation sold 3,924,450 shares at a price of $0.70 per share, realizing gross proceeds of $2,747,115. These funds will be used to finance PEI's 1998 exploration and development program in Western Canada. In accordance with the November 27, 1997 Private Placement Offering Memorandum, a final closing is scheduled for December 30, 1997 to allow for acceptance of further subscriptions, to a maximum of $3,500,000.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:35:00 PM
From: Arnie	Respond to of 15196

CORP. / Ram Petroleum trades Ex Wollasco Shares TORONTO, Dec. 23 /CNW/ - Ram Petroleums Limited Class A shares and rights commenced trading on the Toronto Stock Exchange yesterday following the completion of reorganization of its share capital, which divested it of its wholly-owned subsidiary Wollasco Minerals Inc. Ram redeemed its common shares by issuing Class A shares and distributing Wollasco shares and rights to its shareholders. At the same time both Ram and Wollasco have issued rights to its shareholders. Ram will utilize the proceeds of its rights offering to pay for oil and gas exploration in the Rio Putumayo Association Contract block in Colombia. Ram shares and rights are now listed on the TSE as RPL.A and RPL.A.RT. Wollasco will commence trading on the Canadian Dealing Network as WOLL and WOLL.RT. Under the reorganization Ram shareholders received two shares of Wollasco for each Class A share held along with one right to purchase one Ram Class A share on or before January 15, 1998 at $0.60 per share for every four Ram rights. Wollasco will issue one right for each common share held by its shareholders of record on December 29, 1997. Five Wollasco rights will entitle the holder to purchase one unit, comprising one share and one warrant, at $0.25 on or before February 11, 1998. The warrant entitles shareholders to purchase one share of Wollasco at $0.35 on or before November 18, 1998.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:36:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Kappa Energy activity Update CALGARY, Dec. 23 /CNW/ - Kappa Energy Company Inc. announced today the following update on activities. Canadian acquisition Kappa has closed the acquisition announced on November 14, 1997 of two private Canadian oil and gas companies. Consideration for the acquisition of these companies was cash of $2,185,000, which has been assigned to (i) properties of $2,870,000, (ii) working capital of $315,000 less (iii) the assumption of $1,000,000 of long term debt. Cash flow for 1998 from Kappa's Canadian properties is projected to be $900,000. TSE listing The Toronto Stock Exchange has conditionally approved the listing of Kappa's common shares under the symbol ''KAP''. Final listing is conditional upon the fulfillment of a number of requirements. Yemen drilling Kappa will be commencing drilling operations on Block 2 upon release of a drilling rig currently under contract to another operator on Block 32. Indications are that the Block 32 well is nearing total depth which is to be followed by a limited test program. Timely completion of these operations should result in the rig being released to Kappa in mid January. The first well will spud approximately two weeks later. Kappa Energy Company Inc. is a Calgary based international oil and gas company with current exploration operations in Colombia, Egypt and the Republic of Yemen.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:38:00 PM
From: Arnie	Respond to of 15196

CORP. / Startech Energy mails Offer For Laurasia Resources Ltd CALGARY, Dec. 23 /CNW/ - Startech Energy Inc. (''Startech'') (SEH: TSE) announced that, further to its press release dated December 8, 1997, it has mailed a take-over bid circular dated December 19, 1997 to acquire all of the outstanding common shares of Laurasia Resources Limited (''Laurasia'') for $0.24 (Canadian) and 0.0362 of a common share of Startech for each Laurasia common share to all registered shareholders of Laurasia and intermediaries. The offer is open for acceptance until 6:00 p.m. (Calgary time) on January 12, 1998. Laurasia's board of directors has unanimously recommended that shareholders accept the offer in their directors' circular dated December 19, 1997, which was mailed with the take-over bid circular. Nesbitt Burns Inc., in Canada, and Nesbitt Burns Securities Inc., in the United States, have been appointed dealer managers in respect of the offer. The depositary is Montreal Trust Company of Canada which has established depositories in Toronto, Montreal, Calgary and Vancouver.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:40:00 PM
From: Arnie	Respond to of 15196

CORP. / Range Petroleum corporate Update VANCOUVER, Dec. 23 /CNW/ - Range Petroleum Corporation VSE: RAN Two Geophysicists Join Range Exploration Team --------------------------------------------- The Company is pleased to announce the addition of Mr. David D'Amico, M.Sc. Physics and Ms. Marilyn Jane Mawdsley, BSc. P.Geoph. P.Eng to Range's Exploration Team. Since graduating with his Masters in Science and Physics from the University of Alberta, Mr. D'Amico has spent 11 years with Amoco Canada as an Exploration Geophysicist. During this time, he was involved in generating large Devonian structural and stratagraphic opportunities in the SlavePoint, SwanHills, Leduc, Nisku and Wabamun in the Western Canadian Sedimentary Basin. Mr. D'Amico has been directly involved in developing the cost-effective approach to seismic acquisition known as Sparce 3-D. In addition, he has extensive experience in all other aspects of seismic design, acquisition, processing and interpretation. D'Amico will bring to Range, a strong background in seismic processing and interpretation, encompassing every aspect of exploration in Canada. Ms. Mawdsley joins Range after 12 years with PanCanadian Petroleum Ltd. From 1996 to date, Ms. Mawdsley was staff Geophysicist assigned to PanCanadian's Australian exploration team evaluating prospects on Australia's northwest shelf. She was responsible for interpreting seismic extensional structures of Jurassic age within the Carnarvon Basin in the Indian Ocean and the Bonaparte Basin of the Timor Sea. Prior to this assignment, she was senior geophysicist generating drillable prospects in the Western Canadian Sedimentary Basin. Her areas of expertise include identifying Swan Hills, Leduc and Nisku reefal structures. The experience and skills Mr. D'Amico and Ms. Mawdsley bring to Range will strongly compliment its exploration team as it focuses on large Devonian reef opportunities in the Western Canadian Sedimentary Basin. Sturgeon Lake, Alberta ---------------------- Range Petroleum Corporation announces that it intends to join with its partners and participate for its 24.25% share of an extensive 3-D program in the North Sturgeon lake Area of Alberta. The proposed 3-D program is designed to delineate several Devonian (D-2 and D-3) geological and geophysical leads already identified by the Company. Drilling of prospects confirmed by the planned 3-D geophysical program would be scheduled for the second half of 1998. In this same area, Range and its partners have had to temporarily suspend drilling operations on the 5-35-70-24 W5M well due to pre-existing contractual commitments on the drilling rig. The drilling rig is committed to be on site for winter drilling in the Northwest Territories early in the New Year. Operational difficulties in drilling the 5-35 well resulted in unexpected delays which make it necessary to release the rig at this time to safely meet the time commitment. Operations will resume as soon as drilling equipment can be returned to the area. Whitecourt, Alberta ------------------- In the ''Sundance Play'' Range has recently acquired 100% working interest in 480 acres covering a significant seismically controlled Devonian anomaly (approximate potential, 50 bcf). The Company has acquired 2-D seismic and will conduct a 3-D seismic program early in 1998 to delineate the prospect. Progress, Alberta ----------------- The Company is on a day-to-day waiting list for a drilling rig. This well will now be drilled in early 1998. (Please see news release dated November 25, 1997.)

To: Kerm Yerman who wrote (8126)	12/23/1997 6:41:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FINANCING / Hegco Canada announces Approval of Financing EDMOND, OK., Dec. 23 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, announced today that the Alberta Stock Exchange has given HEGCO conditional approval on its Special Warrant Offering of $3,500,000 in equity financing. The Company is closing on $1,204,000 today, December 23, 1997, with the remaining balance of $2,296,000 expected to close on January 6, 1998. HEGCO Canada, Inc., is an Alberta, Canada corporation that trades 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, Chairman, Director

To: Kerm Yerman who wrote (8126)	12/23/1997 6:43:00 PM
From: Arnie	Respond to of 15196

FINANCING / Scimitar Hydrocarbons completes Private Placement CALGARY, Dec. 23 /CNW/ - Scimitar Hydrocarbons Corporation (SlY) is pleased to announce that it has entered into a flow-through share agreement with Triax Resource Limited Partnership II, by its agent, Altamira Management Ltd. Pursuant to the agreement, Scimitar has agreed to issue 2,250,000 Special Warrants on a flow-through basis at a price of $0.80 per Special Warrant. The subscription proceeds and Special Warrants will be held in escrow and released as qualified Canadian exploration and development expenses are incurred. Each Special Warrant permits the holder thereof to acquire one common share of Scimitar at no additional cost at any time prior to the first anniversary of the issuance of the Special Warrants at which time the Special Warrants automatically convert to common shares. Canaccord Capital Corporation acted as agent in respect of the transaction. Scimitar will also issue 500,000 Special Warrants, having the same price and conversion terms, to private investors, and to employees, officers and directors of Scimitar. Thomson Kernaghan & Co. Ltd. acted as agent in respect of these additional Special Warrants. The $2,200,000 raised in the flow-through offering will be used to finance Scimitar's 25% interest in the two deep test wells being drilled by Shell Canada Limited in Alberta and British Columbia, the first well having been spudded on December 1, 1997 and the second to follow after drilling the first. Mr. Gerald Mackenzie, Chairman of Scimitar, stated that raising this money now allows Scimitar to continue with its rapid implementation of field work at the Issaran field, Scimitar's 400 million barrel original oil in place heavy oil project in Egypt, and to continue its development and finalization of other new international projects.

To: Kerm Yerman who wrote (8126)	12/23/1997 6:45:00 PM
From: Arnie	Read Replies (18) \| Respond to of 15196

ENERGY TRUSTS / Starcor Energy Royalty Fund announces Acquisition CALGARY, Dec. 23 /CNW/ - Starcor Energy Royalty Fund (TSE - STR.UN) today announced the closing of various acquisitions of additional working interests in existing core properties, totaling $14.9 million. Starcor has added 3.4 million barrels of oil equivalent (MBOE) of Established Reserves, at the Weyburn Unit, South Rosevear Gas Unit No. 1 and at South Jenner. These acquisitions will add approximately 620 BOE/day of production in 1998. In addition, Starcor announced today that it has agreed to acquire an additional interest in the Weyburn Unit for $8.3 million. This acquisition is expected to close on January 15, 1998 and will add 1.78 MBOE of Established Reserves contributing a further 260 BOE/day to 1998 production. Starcor is currently reviewing its 1998 capital and operating budget in light of current oil and natural gas pricing and the expectation that oil and gas prices in 1998 will be materially lower than those realized in 1997. The effect of lower prices on distributions will be significantly mitigated by the above noted acquisitions. Using prices of $19.00 US per barrel of oil and $1.65 CDN per Mcf of natural gas, Starcor estimates 1998 distributions of approximately $1.40 per trust unit.