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To: Arnie who wrote (8140)	12/23/1997 8:28:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Colt Energy Inc.: Production Casing Set In North Lizardhead no. 11-18 Well ASE SYMBOL: COE AND ULTRA PETROLEUM INC. VSE SYMBOL: UP DECEMBER 23, 1997 MONTREAL, QUEBEC--Colt Energy Inc. today announced that after a review of logs and drilling records indicating the presence of multiple overpressured Lance and Ericson sands, production casing has been installed at the North Lizardhead no. 11-8 well located in Sublette County, Wyoming. Casing was installed to a total depth of 13,131 feet. Completion activities will commence in the new year. The North Lizarhead no. 11-8 well is the first of possible 4 earn- in wells to be drilled by Colt in the Green River Basin, Wyoming under its farm in agreement with Ultra Petroleum Inc. (VSE:UP). The next well to be drilled by Colt in the Green River Basin is the Horse Creek 14-33 well on the Antelope Ranch prospect. Subject to receipt of the necessary approvals and permit, the Horse Creek well should be spudded in early 1998. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

To: Arnie who wrote (8140)	12/23/1997 8:39:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Algonquin Petroleum Completes Private Placement ASE SYMBOL: AGQ DECEMBER 23, 1997 CALGARY, ALBERTA--Algonquin Petroleum Corporation (ASE - AGQ) announces that it has completed its previously announced private placement of 3,450,000 "Flow Through" shares at a price of $0.155 per share. Total proceeds were $534,750. Sayer Securities Ltd., of Calgary arranged the sale of 3 million of the shares to EnerVest FTS Limited Partnership 1997, (855,000 shares), EnerVest FTS Fund (97-2), (645,000 shares), EnerVest FTS Fund (97-4), (750,000 shares), and EnerVest FTS 1997-1 Limited Partnership, (750,000 shares). The proceeds will be used primarily to fund the Corporation's exploration program in Ontario and the Great Lakes.

To: Arnie who wrote (8140)	12/23/1997 8:45:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Texalta Petroleum Ltd. Announces Production Test Results ASE SYMBOL: TEX.A DECEMBER 23, 1997 CALGARY, ALBERTA--Texalta Petroleum Ltd. wishes to announce the completion production testing at its recently completed development well at West Queensdale Saskatchewan. The 7-26-6-2 W2M well produced an average daily fluid of 153bbl per day (24.3 cubic meters) with an oil cut of 70 percent which gives an average I.P. of 107bbl per day (17 cubic meters/day). This well which Texalta has a 61 percent working interest is currently being connected to the company's nearby plant. Further drilling in this area is planned for the first quarter of 1998.

To: Arnie who wrote (8140)	12/23/1997 8:49:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / PGT Changes Name to PG&E Gas Transmission-Northwest DECEMBER 22,1997 PORTLAND, OREGON--Pacific Gas Transmission Company is changing its name to PG&E Gas Transmission-Northwest effective January 1, 1998. "The new name reflects changes in our industry and in our corporation," said Stephen P. Reynolds, president and CEO. "Our parent, PG&E Corporation, is in the forefront of the evolving energy business, offering energy and energy services across North America and beyond. This new name better reflects our role in that effort." PG&E Gas Transmission-Northwest is a direct subsidiary of PG&E Gas Transmission Corporation, one of five lines of business of PG&E Corporation. All of the gas transmission business units (PG&E Gas Transmission-Northwest, PG&E Gas Transmission-Texas and PG&E Gas Transmission-Australia) are adopting the PG&E Corporation brand to signify their role in a larger corporation that offers customers and communities a broad array of energy services. "Although we're changing our name to recognize our relationship within PG&E Corporation's family of companies, our commitment to safety, operational excellence, customer service and community involvement is unchanged," Reynolds added. "We are proud of the relationships we've built during the past four decades and look forward to continuing them in the future as PG&E Gas Transmission-Northwest." PG&E Corporation is an energy-based holding company headquartered in San Francisco. Through its subsidiaries and their affiliates, PG&E Corporation markets energy services throughout North America and Australia. For more information about PG&E Gas Transmission-Northwest, please visit our web site: www.pge-nw.com. PG&E Gas Transmission-Northwest is a subsidiary of PG&E Corporation (www.pge.com).

To: Arnie who wrote (8140)	12/23/1997 8:54:00 PM
From: Herb Duncan	Respond to of 15196

MEDIA / PEBERCAN Concludes its First Farm in Partnership ME SYMBOL: PBC DECEMBER 23, 1997 MONTREAL, QUEBEC--On December 21, 1997, PEBERCAN signed a farm-in partnership agreement, in Cuba, on its first cuban well CANTEL PROFUNDO 1, of which it held 100 percent of the rights for exploration and production. Following this agreement, PMV Energy, PEBERCAN's first partner, will share 50 percent of the costs associated with the CANTEL PROFUNDO 1 well, total depth of which is forecast at 3200 meters. As a reminder, the CANTEL PROFUNDO 1 well, which began on December 12, 1997, must reach two targets made of fractured carbonates underlaying the present oil producing layers of Varadero field. PEBERCAN will maintain its role as operator through this partnership with PMV Energy. This agreement is the only existing tie between the two companies. This agreement is subject to approval by regulatory authorities.

To: Arnie who wrote (8140)	12/23/1997 8:58:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / TecnoPetrol Announces Offshore Offering CANADIAN DEALING NETWORK SYMBOL: TPTE.U DECEMBER 23, 1997 TORONTO, ONTARIO--TecnoPetrol Inc. is pleased to announce that it signed an engagement letter today with Andino Capital Markets, Inc. ("ACM"), a Latin American investment banking firm, whereby ACM agreed to offer up to 10,000,000 Units of TecnoPetrol to overseas investors at an offering price of US$0.50. Each Unit will consist of one common share and one-half of a share purchase warrant. Each whole warrant will be exercisable for one year from the closing date at an exercise price of US$0.80. The offering is expected to close by mid-January, 1998, and is subject to all required corporate approvals. The net proceeds from the offering will be used for property payments and to rework existing wells, with the balance earmarked for general working capital. TecnoPetrol also announced that, because of current market conditions, it has decided not to proceed with its previously announced offering in Canada of 20 million units at US$0.80 a unit, for which Eagle & Partners Inc. was acting as the Corporation's agent. Issued and outstanding shares as of December 19, 1997 - 15,189,167

To: Arnie who wrote (8140)	12/23/1997 9:01:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

MERGERS-ACQUISITIONS / RE: Sands Petroleum AB Announces Extension of Offer for International Petroleum Corporation DECEMBER 23, 1997 STOCKHOLM, SWEDEN AND VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB (publ) ("Sands") announces that it has extended the time during which its offer to purchase all of the issued and outstanding common shares (the "Share Offer") of International Petroleum Corporation ("IPC") is open for acceptance from 4:00 p.m. (Toronto time) on December 23, 1997 to 4:00 p.m. (Toronto time) on January 9, 1998, unless further extended. Sands has not yet determined whether it will extend the offer (the "SDR Offer") to purchase all of the outstanding Swedish Depositary Receipts ("SDRs") of IPC, which offer has been made in accordance with Swedish laws. Sands is pleased to announce that, to date, preliminary indications are that in excess of 80 percent of the issued and outstanding common shares of IPC (including common shares are represented by SDRs) have been tendered to both the SDR Offer and the Share Offer, however, SDRs deposited pursuant to the SDR Offer in Sweden are still being received. A decision as to whether to extend the SDR offer will be made shortly. The formal bid made by Sands consists of an offer to the SDR holders of IPC on the basis of one Series B share of Sands for every 1.15 SDRs of IPC and an offer to the common shareholders of IPC on the basis of one Series B share of Sands as represented by a global depositary security (a "GDS") for every 1.15 common shares of IPC. The bid is still subject to various conditions, including, among other things: (a) there being deposited under the SDR Offer and the Share Offer and not withdrawn 90 percent of the issued and outstanding common shares of IPC (including common shares of IPC as represented by SDRs) other than common shares of IPC held by Sands and its associates and affiliates; and (b) the receipt of all necessary regulatory approvals and consents, on terms satisfactory to Sands in respect of the bid.

To: Arnie who wrote (8140)	12/23/1997 9:03:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Windsor Energy Announces its First Louisiana Well TSE SYMBOL: WNS DECEMBER 23, 1997 CALGARY, ALBERTA--Thomas E. Hogan, President of Windsor Energy Corporation (TSE:WNS) announced today that Windsor's subsidiary, SMK Energy Corporation, has successfully completed its first gas well in Louisiana. The A. Wilberts and Sons #1 well in Iberia Parish, Louisiana was gauged making 1,000,000 cubic feet of gas per day. It was also producing 24 barrels of oil per day. Windsor Energy owns 30 percent of this well. This is the first well to be drilled as part of the new South Louisiana program. Windsor is a Calgary, Alberta and Dallas, Texas based international exploration and production company traded on the Toronto Stock Exchange (TSE:WNS).

To: Arnie who wrote (8140)	12/23/1997 9:40:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

FINANCING / Penn West Petroleum Announces Normal Course Issuer Bid TSE SYMBOL: PWT DECEMBER 23, 1997 CALGARY, ALBERTA--PENN WEST PETROLEUM LTD. (TSE - PWT) announces that the notice to make a Normal Course Issuer Bid (the "Bid") has been accepted by The Toronto Stock Exchange. Pursuant to the Bid, Penn West may purchase, from time to time, as it considers advisable, up to 200,000 of the outstanding common shares of Penn West, (0.5 percent of the 39,991,164 currently outstanding common shares of Penn West), through the facilities of The Toronto Stock Exchange for an aggregate acquisition cost not to exceed $3,000,000. The price which Penn West will pay for any shares purchased by it, will be the prevailing market price of such shares on The Toronto Stock Exchange at the time of the purchase. All common shares acquired under the Bid will be cancelled. Purchases may commence on December 29, 1997 and will terminate on the earlier of the date on which Penn West shall have acquired all of the common shares sought pursuant to the Bid, and December 28, 1998, unless earlier terminated. Penn West believes that the price of its common shares may not reflect their underlying value, from time to time, and that at such times, the purchase of common shares will increase the proportionate interest of, and be advantageous to, all remaining shareholders. Penn West Petroleum Ltd. is a Calgary based oil and natural gas company that focuses on exploration and development activity in Western Canada. Penn West trades on The Toronto Stock Exchange under the symbol PWT.

To: Arnie who wrote (8140)	12/24/1997 3:06:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

ACQUISITIONS - MERGERS / Petro Well Energy Services To Merge With Crown Well Servicing Ltd. PETRO WELL ENERGY SERVICES INC. - PRESS RELEASE CALGARY, Dec. 23 /CNW/ - Petro Well Energy Services Inc. (''Petro Well'') and Crown Well Servicing Ltd. (''Crown'') today announced the proposed merger of their companies. It is expected that the business combination will be effected by Petro Well acquiring all of the issued and outstanding shares of Crown in exchange for 9.5 million common shares of Petro Well. The effective date of the transaction will be January 1, 1998 with closing anticipated by January 30, 1998. The transaction is subject to several conditions being fulfilled including approval of The Toronto Stock Exchange and other regulatory bodies and satisfactory due diligence reviews. The transaction is also subject to the shareholders of Crown entering into an agreement by January 20, 1998 with one or more underwriters to sell by way of a secondary offering 7.5 million of the 9.5 million common shares to be received as a result of the transaction. Crown is an Edmonton based private oil and gas well servicing company which owns eleven service rigs. Petro Well is a publicly owned oil and gas well servicing company which owns eleven service rigs and is currently constructing one additional service rig. The combined entity which will initially own 23 service rigs expects to be a significant operator in this segment of the Western Canadian service sector. Included as part of the expanded asset base is a shop and yard in Edmonton. Petro Well's common shares trade on The Toronto Stock Exchange under the symbol ''PWS''. It currently has approximately 10.3 million common shares issued and outstanding.

To: Arnie who wrote (8140)	12/24/1997 3:10:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING - SPEC 12 / Spire Energy $1.5 Million Financing SPIRE ENERGY LTD. ANNOUNCES $1.5 MILLION FINANCING CALGARY, Dec. 23 /CNW/ - Spire Energy Ltd. has agreed, subject to regulatory approval, to the private placement of 789,474 Common Shares of NCE Resources (97) Limited Partnership. The shares will be issued on a flow-through basis at a price of $1.90 per share, for aggregate proceeds of $1.5 million. The funds will be used to fund a portion of Spire's exploration and development activities in the remainder of 1997 and in 1998.

To: Arnie who wrote (8140)	12/24/1997 3:20:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Backer Petroleum Update BACKER PETROLEUM CORP. - ANNOUNCEMENTS 1997-12-23 VANCOUVER, B.C. Backer Petroleum Corp. (Trading Symbol: "BCM") announces that... Darwin wells to add 250 BOE per day.. With the onset of cold weather, the Company's Darwin gas property, located 60 miles north of Peace River,Alberta, is now accessible. Pipeline and construction crews have been mobilized by the operator, and operations will commence before the end of December. Natural gas processing facilities capable of handling up to 10 million cubic feet (Mmcf) per day and a gas sales line will be constructed to which three gas wells drilled last winter, in which Backer holds a 30% working interest before payout (18% after payout), will be connected. It is expected that all construction will be completed in early to mid February, 1998. Gas transmission agreements have been executed with Nova Gas Transmission, and the anticipated onstream date for natural gas sales is mid February, 1998. Backer's share of daily gas production is forecast at 2.5 Mmcf per day or the equivalent of 250 barrels of oil per day. Depending on gas prices, Backer's share of Darwin gas sales will increase cash flow by $60,000 per month. Three additional wells are planned to be drilled in January or February 1998. Contingent on drilling resultsand surface conditions, the additional wells may be tied-in before 1998 spring break-up, further increasing Backer's 1998 cash flow. Third Quarter Results... Operating cash flow was $783,854 for the nine months ended September 30, 1997. Net income was $278,980. Earnings and Cash Flow per Share... There were 6,769,064 Common shares, and 68,781 Preferred shares convertible to 412,686 Common shares outstanding at September 30, 1997, as well as Options to purchase a further 325,000 Common shares. Earnings per share on a total 7,506,750 fully diluted shares were 3.72 cents for the nine months. Cash Flow per share, fully diluted, was 10.44 cents per share for the nine months ended September 30, 1997. Continuance out of B.C. into Alberta... Effective October 29, 1997, the Company has been continued out of the jurisdiction of the Company Act (British Columba) and into the jurisdiction of the Alberta Business Corporations Act. The continuance was approved by Special Resolution of the shareholders of the Company at an Extraordinary General Meeting held October 7, 1997. The Certificate of Continuance was issued by the Alberta Registries October 29, 1997.

To: Arnie who wrote (8140)	12/25/1997 5:59:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / International Datashare Award Update CALGARY, Dec. 24 /CNW/ - The Company has been notified by Robert Crawford, the Executive Director of the ASTech Awards Foundation, that he had erroneously notified the Company that it had won an ASTech prize. The Company had made a subsequent news release on December 19, 1997 announcing this award. In his apology, Mr. Crawford is quoted as stating ''On behalf of the Alberta Science and Technology Leadership Awards Foundation, I wish to apologize for an error caused by the erroneous communication to Mr. Howard Saphers (MLA) which stated therein that International Datashare Corporation of Calgary, Alberta was the recipient of the NRC/ASTech Innovation in Industrial Research Prize. This is not correct.

To: Arnie who wrote (8140)	12/25/1997 6:02:00 AM
From: Kerm Yerman	Respond to of 15196

NEB / Approves Development Plan For Inuviluit Petroleum Corp. CALGARY, Dec. 24 /CNW/ - The National Energy Board has approved a development plan by the Inuvialuit Petroleum Corporation (IPC) of Calgary, which will ultimately result in domestic natural gas service being made available to residents and businesses in Inuvik, Northwest Territories. The Board, which has responsibility for such projects under the Canada Oil and Gas Operations Act (COGOA), approved the Ikhil Gas Development Plan proposed by IPC for the purpose of supplying gas from the Ikhil field to the town for heating and power generation, replacing diesel fuel. This will be the first commercial natural gas development project in Canada's northern territories designed for local distribution and consumption. IPC plans to use an existing well in the Ikhil field, approximately 50 kilometres (31 miles) northwest of Inuvik, and drill two additional wells. The natural gas from the three wells will be carried in 101.6 millimetre (four inch) above ground pipelines, approximately three kilometres (two miles) in total length, to a small production facility designed to process 283 000 cubic metres (10 million cubic feet) of natural gas per day. A 152 millimetre (six inches) pipeline will parallel the East Channel of the Mackenzie River for the entire length of approximately 50 kilometres (31 miles). A regulator station will be installed at the Inuvik end of the pipeline to meter and condition the gas to meet the needs of the town and the Northwest Territory Power Corporation. IPC intends to have gas flowing into Inuvik by the fall of 1999. The total cost of the development is estimated at $28.9 million for the gas field development, the pipeline to Inuvik and the distribution system for the town.

To: Arnie who wrote (8140)	12/25/1997 6:06:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Bonus Resource Corp Adopts Shareholder Rights Plan CALGARY, Dec. 24 /CNW/ - The Board of Directors of Bonus Resource Services Corp. today announced the adoption of a Shareholder Rights Plan. To implement the Plan, the Board authorized the distribution, subject to all required regulatory approvals being obtained, of 1 share purchase right for each outstanding common share of Bonus held of record at the close of business today. The Plan is designed to ensure that all of Bonus' shareholders are treated equally if a Take-over Bid is made for Bonus' shares and that sufficient time is available for the directors of Bonus and all shareholders to fully evaluate any offer and pursue alternatives to maximize shareholder value. The Plan is similar to many plans adopted by other Canadian companies. The rights issued to shareholders under the Plan will entitle the holder to acquire common shares of Bonus at a 50% discount to the market upon a person or group acquiring 20% or more of the common shares of Bonus. However, the rights are not exercisable in the event of a Permitted Bid. A Permitted Bid is a Take-over Bid made by way of a Take-over Bid circular which remains open for at least 45 days that is made to all shareholders. A Permitted Bid must also satisfy certain other conditions provided for in the Plan, including that a bidder under a Permitted Bid may only take up shares tendered under the bid if least 50% of the shares held by shareholders independent of the bidder are deposited and the bid is then extended for a further period of 10 business days. The rights will not be exercisable and will not trade separate and apart from the common shares at any time prior to a person or group acquiring, or announcing an intention to acquire (in a manner that does not constitute Permitted Bid), securities to which are attached 20% or more of the votes attaching to all securities of the Corporation. The Plan is valid for 3 years, subject to shareholder confirmation at the 1998 Annual General Meeting. The required approval level at the 1998 meeting is 50.1 per cent of the votes cast by independent shareholders (as defined in the Plan).

To: Arnie who wrote (8140)	12/25/1997 6:09:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Canadian Occidental Petroleum $500 Million Debt Instrument CANADIAN OCCIDENTAL PETROLEUM LTD. FILES PRELIMINARY SHELF PROSPECTUS FOR OFFERING OF UP TO US$500 MILLION OF DEBT SECURITIES CALGARY, Dec. 24 /CNW/ - Canadian Occidental Petroleum Ltd. announced today that it has filed a preliminary shelf prospectus with the Alberta Securities Commission for the offering in the United States of up to US$500 million of debt securities. The securities will be unsecured and rank pari passu with the Company's other senior unsecured indebtedness. The filings were made under the multijurisdictional disclosure system adopted in the United States and Canada. CanadianOxy is a global energy and chemicals company with productions in Canada, the United States, Yemen, the United Kingdom and Ecuador; and with exploration and development projects in other International locations including Indonesia, Nigeria, Vietnam and Colombia.

To: Arnie who wrote (8140)	12/25/1997 6:12:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / OTATCO Not Proceeding With Dynamic Oil Tool Acquisition CALGARY, Dec. 24 /CNW/ - OTATCO Inc. (''OTATCO'') wishes to announce it will not proceed with the proposed acquisition of all of the issued and outstanding shares of Dynamic Oil Tools Inc. of Calgary, Alberta announced December 1, 1997. OTATCO is an oilfield production services and technology company listed on the Alberta Stock Exchange trading under the symbol OTI.

To: Arnie who wrote (8140)	12/25/1997 6:17:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Denbury Resources Filing Of Registration Statement DALLAS, Dec. 24 /CNW/ -- Denbury Resources Inc. (NYSE/TSE: DNR) announced today that it has filed a registration statement covering the sale of $87.6 million of common shares (approximately 24% of the outstanding shares at the current market price) and $100 million in principal amount of Senior Subordinated Notes due 2008. Denbury plans to use the estimated total net proceeds of $180 million from the two offerings (before any exercise of the underwriter's over-allotment option) to reduce its outstanding indebtedness under its bank credit facility, incurred primarily in connection with the recently announced $202 million acquisition of properties from Chevron U.S.A. Inc. (NYSE: CHV) which is scheduled to close before December 31, 1997. Morgan Stanley Dean Witter, Gordon Capital, Inc., Johnson Rice & Company L.L.C. and Loewen, Ondaatje, McCutcheon USA Limited will serve as underwriters for the common stock offering anticipated to be made in both the U.S. and Canadian markets. The public offering of the notes will be underwritten by Morgan Stanley Dean Witter and NationsBanc Montgomery. Denbury is a growing independent oil and gas company engaged in acquisitions, development and exploration activities primarily in the states of Louisiana and Mississippi.