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

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To: Kerm Yerman who wrote (8267) 1/5/1998 6:38:00 PM From: Arnie   Respond to of 15196   FINANCING / Marengo Exploration closes IPO Marengo Exploration Ltd. ("Marengo") announces the successful closing of its initial public offering on December 31, 1997. Marengo issued 4,647 Units at $1,000 per Unit for gross proceeds of $4,647,000. Each Unit consisted of 300 Class A shares at $0.40 each, 88 Class B "flow-through" shares at $10.00 each and 50 Warrants. Each Warrant is exercisable for one Class A share at $1.00 until June 30, 1998. Research Capital Corporation was the agent for the offering. Marengo is a new public Alberta-based oil and gas company managed by William Petrie (President and director) and Larry Bozohora (Vice-President and director). Harley Winger and Rick Braund are also directors. The Class A shares and Class B shares of Marengo have been conditionally approved for listing on The Alberta Stock Exchange. Trading is expected to commence by February, 1998. For further information contact William Petrie, President at (403) 237-6612.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:43:00 PM From: Arnie   Respond to of 15196   UPDATE / Sunoma Energy RE: Orbit Oil & Gas Takeover Shareholders urged to tender as expiry date looms CALGARY, Jan. 5 /CNW/ - Sunoma Energy Corp. today reminded shareholders of Orbit Oil & Gas Ltd. that Sunoma's all-cash offer of $1.70 for each Orbit share is scheduled to expire on January 7, 1998. In encouraging shareholders to accept this offer, Sunoma outlined a number of factors for them to consider. These factors are also being presented through an advertisement in Canada's daily national business newspapers: - After reviewing the information contained in Orbit's Directors' Circular, Sunoma continues to believe that the offer represents full and fair value for Orbit's assets. The offer also represents a significant premium to anything Orbit shareholders have seen in recent years. - Sunoma believes that Orbit's reserve values are questionable. Orbit recently stated that its reserve values have increased 41% from 1996 year-end levels, while reserve volumes increased only 13.5%. Sunoma finds this questionable, particularly in light of the downward trend in commodity prices. - Just three weeks before Sunoma's offer was announced, a company controlled and led by Orbit's Chairman and CEO, Robert Lamond, sold 300,000 Orbit shares at only $1.15 per share. - Orbit's shares have significantly under performed the Oil and Gas Producers Index. Orbit's Chairman has conceded that growth in Orbit's shares has been slow in coming. - In 1995 Orbit opposed Gulf Canada's offer of $1.10 per share. That offer was withdrawn and Orbit shares subsequently fell to the low $0.90 range. - Orbit engaged financial advisors nearly eight months ago to explore ways in which to maximize shareholder value. Sunoma believes that Orbit has had ample time in which to produce a superior alternative, but none has emerged. - Sunoma's offer provides Orbit shareholders with liquidity and certainty in the face of declining commodity prices and general market volatility. Rick MacDermott, Sunoma's President and Chief Executive Officer, said, ''We believe our offer represented 'top dollar' for Orbit shareholders when we began this process on November 27. The subsequent decline in oil and gas prices is a source of concern to us, and should make our offer of $1.70 per share even more attractive to Orbit shareholders. ''Orbit shareholders must consider what the trading price of their shares will be if Sunoma's offer is not accepted or is not available to them because Orbit's board does not waive its shareholder rights plan. I encourage Orbit shareholders to accept our offer before the January 7th expiry date and I urge Orbit's board once again to waive the plan so that shareholders may take advantage of this opportunity.'' NOTE: text of Sunoma's advertisement is enclosed (Text of Sunoma advertisement) SUNOMA'S CASH OFFER PROVIDES FULL VALUE TO ORBIT SHAREHOLDERS Sunoma Energy Corp. (''Sunoma'') has offered to acquire all of the outstanding common shares of Orbit Oil & Gas Ltd. (''Orbit'') for $1.70 cash per share. Orbit shareholders are invited to consider the following in deciding whether to accept Sunoma's offer: The offer represents full and fair value: Sunoma has conducted a detailed review of Orbit's assets and has fully considered Orbit's activities during 1997 and the information contained in Orbit's Directors' Circular dated December 15, 1997. Based on this review, Sunoma believes its $1.70 cash offer represents full value for Orbit's assets. In addition, the offer is 47% higher than Orbit's closing price three days before the offer was announced and 23% higher than its highest closing price during the previous three years. The reserve dollar values attributed by Orbit are questionable: Orbit recently disclosed that its reserve volumes increased 13.5% in 1997 from 1996 year end levels. However, at the same time, Orbit attributed a value to these reserves which represented a 41% increase. Sunoma questions the values attributed by Orbit to its reserves, particularly given the downward trend in commodity prices. The indirect sale of Orbit shares by its Chairman and CEO: Just three weeks before Sunoma announced its offer, Humboldt Capital Corporation, a holding company that is 60% owned by Orbit's Chairman and CEO, sold 300,000 Orbit shares at $1.15 per share. It is inconsistent that Orbit's Chairman and CEO caused Humboldt to sell Orbit shares at $1.15 and then described Sunoma's offer of $1.70 as inadequate only three weeks later. The under performance of Orbit shares: During the three years preceding Sunoma's offer, the Oil and Gas Producers Index rose by approximately 40% while the value of Orbit shares declined by 7%. Even Orbit's Chairman concedes that growth in Orbit's shares has been slow in coming. Orbit shareholders' experience with a previous bid: In 1995, Gulf Canada made an offer of $1.10 for each of Orbit's common shares. Orbit opposed that offer, and it was subsequently withdrawn. The price of Orbit shares then fell to the low $0.90 range. Just three days before Sunoma announced its offer, the Orbit share price was $1.16. Orbit shareholders must consider what the trading price will be if Sunoma's offer is not accepted or is not available to them because Orbit's board of directors does not waive its shareholder rights plan. Orbit has had ample opportunity to maximize shareholder value: Orbit recently disclosed that it engaged financial advisors in May, 1997 to, among other things, increase ''Orbit's asset value through a merger, corporate acquisition, property purchase or other type of business combination or restructuring.'' Consequently, Orbit has already had more than seven months to explore ways in which to maximize shareholder value. Sunoma believes that Orbit has had ample opportunity to explore its alternatives and once again asks Orbit's board of directors to waive its shareholder rights plan so that Orbit shareholders may judge the merits of Sunoma's offer for themselves. Liquidity and certainty for Orbit shareholders: Sunoma's all-cash offer of $1.70 per share provides liquidity and certainty for Orbit shareholders in the face of falling commodity prices and general market volatility. Sunoma encourages Orbit shareholders to accept its all-cash offer of $1.70 per share Sunoma's offer is conditional upon, among other things, the deposit of not less than 50.1% of Orbit common shares (on a diluted basis) excluding the shares currently held by Sunoma. It is further conditional upon Orbit's board of directors waiving the application of Orbit's shareholder rights plan or the rights under the plan otherwise being held to be unexerciseable. The offer is open for acceptance until 5:00 p.m. (Calgary time) on Wednesday, January 7, 1998 unless extended or withdrawn.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:47:00 PM From: Arnie   Respond to of 15196   FIELD ACTIVITIES / Orbit Oil & Gas updates Exploration Activity CALGARY, Jan. 5 /CNW/ - Orbit Oil & Gas Ltd. today announced that its exploration well at Cabeza Creek, Goliad County, Texas, penetrated approximately 50 feet of lower Wilcox sandstone at drill depths of 11,535 to 11,597 feet. Upon penetration of the sand, the well commenced flowing and was brought under control by venting gas at the surface and by increasing the drilling fluid weight. Samples from the Wilcox interval indicate a porous sand with hydrocarbon shows. The Company stated that it is encouraged by these preliminary drilling results, which indicate a new, potentially productive Wilcox horizon. The well, in which Orbit holds a 33.3% working interest, is currently drilling at 12,300 feet and should reach the main Wilcox objective prior to the 13,000 foot total depth. Orbit also reported that on December 29, 1997, it had authorized the execution of the Association Contract with Ecopetrol in Bogota, Colombia. The contract covers the Payara concession, in the Llanos Basin in eastern Colombia, comprising approximately 125,000 gross acres. The permit covers two structures partly delineated by pre-existing seismic and is situated approximately 15 miles north of a recent discovery announced by Harken Energy Corp. Orbit has the right to earn 25% of the Payara concession. The Board of Directors of Orbit has unanimously recommended and continues to recommend rejection of the Offer by Sunoma Energy Corp. Orbit's Directors recommend shareholders not tender to the Offer for reasons outlined in the Directors' Circular, including: 1. Orbit and its financial advisors, Griffiths McBurney & Partners, have initiated the process to seek a higher bid. This process has been disrupted by the Christmas holiday season, however, has now been actively resumed. A number of qualified parties have been provided with access to confidential information in a data room and Orbit continues to solicit interest and respond to requests for information from interested parties. 2. Orbit's shareholders are currently protected by the Shareholder Protection Rights Plan, approved by the shareholders in 1994, to counteract coercive takeover bid tactics which could result in the shareholders receiving less than fair value for their shares in a takeover bid. The Board of Directors of Orbit currently has no intention of waiving the Shareholder Protection Rights Plan. Sunoma cannot take up and pay for any shares on January 7, 1998, without triggering the provisions of the plan. 3. Orbit shareholders tendering their shares between now and the scheduled expiry time, may be unable to withdraw their shares to tender to a superior competing bid. Sunoma has published advertisements in the financial press this past weekend which, not surprisingly, encouraged shareholders to accept their offer based on Sunoma's opinion that it represents full and fair value. Orbit's financial advisor, Griffiths McBurney, has given the Board of Directors of Orbit the opinion that the offer is inadequate and unfair, from a financial point of view, to Orbit shareholders. Sunoma claims it has conducted a detailed review of Orbit's assets and has questioned the reserve dollar values attributed to Orbit as contained in an independent engineering evaluation. Sunoma has not reviewed, nor has it requested, the independent engineering report or any of the other confidential information contained in the data room, all of which Griffiths McBurney has had access to in rendering its opinion. The observation that reserve values increased by a greater percentage than the reserve volumes is accurate and results from a combination of the increase in Orbit's proved producing reserves, an increase in the proportion of the Company's reserves in Alberta, an increase in gas prices resulting from the Company's increased access to transportation to U.S. markets, and lower operating costs resulting from ownership of facilities acquired during 1997. With respect to other points in the Sunoma advertisement, Orbit would point out that it's strong improvement in operations and financial position in 1997 has led Sunoma to attempt to acquire the Company and confirmed the advisability of having rejected Gulf's $1.10 offer in 1995. References to the performance of Orbit's shares relative to the Oil and Gas Producers Index over an arbitrary three year period are irrelevant to Orbit's ability to attract a superior bid. Griffiths McBurney was retained early in 1997 to look for expansion opportunities for Orbit and has now turned its attention to optimizing shareholder value in response to the opportunistic bid by Sunoma. Orbit will keep shareholders apprised of further developments in this process through public announcements.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:49:00 PM From: Arnie   Respond to of 15196   FIELD ACTIVITIES / Diaz Resources Updates Texas and Columbia CALGARY, Jan. 5 /CNW/ - Diaz Resources Ltd. today announced that its exploration well at Cabeza Creek, Goliad County, Texas, penetrated approximately 50 feet of lower Wilcox sandstone at drill depths of 11,535 to 11,597 feet. Upon penetration of the sand, the well commenced flowing and was brought under control by venting gas at the surface and by increasing the drilling fluid weight. Samples from the Wilcox interval indicate a porous sand with hydrocarbon shows. The Company stated that it is encouraged by these preliminary drilling results, which indicate a new, potentially productive Wilcox horizon. The well, in which Diaz holds a 33.3% working interest, is currently drilling at 12,300 feet and should encounter the main Wilcox objective prior to the total depth of 13,000 feet. Diaz also reported that on December 29, 1997, it's partners had authorized the execution of the Association Contract with Ecopetrol in Bogota, Colombia. The contract covers the Payara concession, in the Llanos Basin in eastern Colombia, comprising approximately 125,000 gross acres. The permit covers two structures partly delineated by pre-existing seismic and is situated approximately 15 miles north of a recent discovery announced by Harken Energy Corp. Diaz has the right to earn 25% of the Payara concession.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:53:00 PM From: Arnie   Respond to of 15196   PROPERTY ACQUISITION / Bow Valley purchases Interest in North Sea CALGARY, Jan. 5 /CNW/ - Bow Valley Energy Ltd. is pleased to announce that on December 29, 1997, its wholly-owned subsidiary Bow Valley Petroleum (UK) Limited, signed an agreement to purchase the following working interests in the U K sector of the North Sea from BP Exploration: Block 16 / 13a 15.00% Block 20 / 2a 14.28% Block 20 / 3a 4.17% Block 20 / 7a 12.40% Block 30 / 3a (excluding pre tertiary) 15.24% The Blocks contain the Blane, Enoch, and Ettrick oil fields as well as the 16 / 13a J1 gas condensate field. Two other companies, Petrobras ( U K ) Limited and Morrison Middlefield Resources Limited (MMRL) have also entered into agreements to acquire interests in the above fields. The acquisition has been approved by the U. K. Department of Trade and Industry and is subject to partner approval and in some cases preemption rights. The acquisition provides the foundation for a strategic alliance between Bow Valley, MMRL and Petrobras to acquire and develop such discoveries by seeking cost synergies through the use of shared production facilities (the''Dolphin'' project). The Dolphin project is managed by Croft Offshore, a company jointly owned by Bow Valley and MRRL, which continues to be active in the pursuit of additional field interests. Bow Valley is also pleased to advise that its previously announced acquisition of a 13.75% working interest in Block 22/2a in the U K sector of North Sea closed on December 23, 1997. The Block contains the Chestnut field initially discovered in 1986. Bow Valley was formed in 1996 to operate as an international oil and gas acquisition, development and production company headquartered in Calgary, Alberta. Bow Valley has interests in the North Sea, Romania and has, together with a joint venture partner, signed a service contract to develop the Balal oilfield located in the Persian Gulf. Bow Valley trades on the Toronto Stock Exchange under the symbol BVX.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:56:00 PM From: Arnie   Respond to of 15196   FINANCING / Barra Resources completes Flow Through Share Offering CALGARY, Jan. 5 /CNW/ - BARRA RESOURCES INC. (ASE: BAO) (the ''Corporation'') announces that it has completed the public offering of 1,508,078 flow through common shares at a price of $0.60 per share for gross proceeds of $904,847. The offering was made pursuant to a final prospectus dated December 19, filed in the Province of Alberta. The proceeds of the offering will be used to incur qualifying expenditures on the Corporation's properties at Provost, Joffre and Nevis. The Corporation also announces the results of its 1997 drilling program. Barra participated in 13 (4.4 net) wells of which 9 (3.2 net) were successful. The program resulted in production increases of 85 bop/d and 314 mcf/d bringing Barra's total production to approximately 300 boe/d at the end of December '97.

To: Kerm Yerman who wrote (8267) 1/5/1998 6:58:00 PM From: Arnie   Respond to of 15196   PROPERTY ACQUISITION / Morrison Middlefield Resources Acquires....... TORONTO, Jan. 5 /CNW/ - MORRISON MIDDLEFIELD RESOURCES LIMITED (''MMRL'') is pleased to announce the signing, through its wholly-owned subsidiary, Candecca Resources Limited, of an agreement to purchase the following working interests in the UK sector of the North Sea from BP Exploration: Block 16/13a 15.00% Block 20/2a 14.28% Block 20/3a 4.17% Block 20/7a 12.40% Block 30/3a (excluding pre tertiary) 15.24% The Blocks contain the Blane, Enoch, and Ettrick oil fields as well as the 16/13a J1 gas condensate field. Two other companies, Petrobras (UK) Limited and Bow Valley Petroleum (UK) Limited have also entered into agreements to acquire interests in the above fields. The acquisition has been approved by the UK Department of Trade and Industry and is subject to partner approval and, in some cases, pre-emption rights. The acquisition provides the foundation for a strategic alliance between MMRL, Bow Valley and Petrobras to acquire and develop such discoveries by seeking cost synergies through the use of shared production facilities (the ''Dolphin'' project). The Dolphin project is managed by Croft Oil Offshore Limited, a company jointly owned by Bow Valley and MMRL, which continues to be active in the pursuit of additional field interests on behalf of its owners. MMRL also advises that its previously announced acquisition of a 13.75% interest in Block 22/2a in the UK sector of the North Sea was completed on December 23, 1997. The Block contains the Chestnut field which was initially discovered in 1986.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:02:00 PM From: Arnie   Respond to of 15196   GENERAL INTEREST / Sunoco Introduces Ethanol-Enhanced Gasoline - Environmentally Friendly Fuel Reduces Greenhouse Gases While Maintaining High Performance - TORONTO, Jan. 5 /CNW/ - Sunoco, the first major gasoline retailer in Ontario to offer an environmentally-friendly fuel to its customers, has made ethanol-enhanced gasolines available at all its Ontario service stations since January 1, 1998. Sunoco's ethanol-enhanced gasolines are available at no additional cost in all four grades of Sunoco fuel including the high performing Ultra 94. The ethanol enhanced fuels have significant environmental advantages. They cut emissions of carbon monoxide by up to 30 per cent, reduce unburned hydrocarbons and toxins and lower greenhouse gas emissions. Sunoco ethanol-enhanced gasolines have been awarded Environment Canada's environmental product designation, the EcoLogo(TM). The ethanol enhanced fuels also provide the same performance benefits as Sunoco's current gasolines and eliminate the need for gas line anti-freeze. ''We've successfully test-marketed ethanol-enhanced gasoline over the last two years,'' says Mike Russill, vice president of retail. ''Our customers expect quality and high performance from our fuels and have been extremely satisfied with our ethanol-enhanced gasolines. They are pleased to be making a contribution in reducing tailpipe emissions by using these gasolines.'' Last month, independent analysis by the Illinois-based Center for Transportation Research (Argonne National Laboratory) has validated research by Sunoco that shows ethanol-enhanced gasolines reduce greenhouse gas emissions. The research also indicates that the greenhouse gas reductions, associated with Sunoco's ethanol enhanced fuels, are the equivalent to taking up to 20,000 automobiles off the road. ''Pollution Probe supports the use of cleaner alternative fuels, such as ethanol-enhanced gasolines,'' says Ken Ogilvie, Executive Director, Pollution Probe. North American motorists have driven more than one trillion trouble-free kilometres on ethanol-enhanced fuels, and all of the world's major car makers have given their approval and warranties to these gasolines. Sunoco is a subsidiary of Suncor Energy, a growing Canadian integrated energy company. In addition to the refinery, Sunoco has a network of more than 500 service stations. The company manufactures, distributes and markets transportation fuels, heating oils and petrochemicals primarily in Ontario. Sunoco is also a major supplier of jet fuel to Toronto's Pearson International Airport. As part of its growth strategy, Sunoco has recently begun the marketing of natural gas to commercial and residential consumers.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:08:00 PM From: Arnie   Respond to of 15196   SERVICE SECTOR / Bonus Resources Services Corp Acquires Two Companies CALGARY, Jan. 5 /CNW/ - Bonus Resource Services Corp. (Bonus) is pleased to announce its move into the Southeastern Saskatchewan market through the acquisition of the shares of Bounty Oilwell Servicing Ltd. and the assets of Southern Well Servicing Ltd. A total of six double service rigs and associated equipment was acquired and will continue to operate from a base in Weyburn, Saskatchewan. All employees have been retained with the principal of both companies, Mr. Alan Vilcu, continuing in a managerial role, agreeing to a long term contract. The purchase was completed, effective December 31, 1997, for cash and 95,238 shares of Bonus. This purchase is the eighth for Bonus since October, 1996 and continues its dominance in the consolidation of service rig operations across Western Canada. The addition of these service rigs brings Bonus's current fleet to 141 service rigs and seven swabbing units. Bonus is the largest service rig operator in Western Canada trading under the symbol BOU on the Toronto Stock Exchange.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:10:00 PM From: Arnie   Respond to of 15196   CORP. / Westfort Energy ammends Farm-Out Agreement BRANDON, Mississippi, Jan. 5 /CNW/ - Whitney Pansano, President of Westfort Energy Ltd (symbol WT - Toronto Stock Exchange) announced today the receipt of an amendment to the farm-out agreement detailed in its Press Release of Sept 11th, 1997. In that agreement Westfort obtained the rights to earn an additional 75% interest in oil and gas and mineral leases covering the Norphlet formation in Pelahatchie Field by drilling and completing a well to 17,000 feet by March 1st, 1998 and by maintaining a continuous development drilling program. Pursuant to the amendment, Westfort can now satisfy the initial terms of the farm-out by commencing operations for the drilling of a well to test the Norphlet Formation in the field on or before June 1st, 1998. All other terms of the farm-out remain the same. On December 23rd, 1997 Westfort announced that it had successfully completed a $4.5 million dollar private placement of a special warrant financing, the proceeds of which will be used in the development of the company's oil and gas properties.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:12:00 PM From: Arnie   Respond to of 15196   ENERGY TRUSTS / OPTUS Natural Gas Distribution Income Fund CALGARY, Alta., Jan. 5 /CNW/ - OPTUS Natural Gas Distribution Income Fund announced today that it will make a monthly cash distribution of $0.1667 per trust unit on January 19, 1998 to unitholders of record on January 16, 1998. OPTUS Natural Gas Distribution Income Fund is a Toronto Stock Exchange listed (OPT.UN) income trust which through Direct Energy Marketing Limited is Canada's largest independent natural gas marketing company, currently distributing natural gas to more than 450,000 residential and small business customers in Ontario and Manitoba. Direct Energy Marketing Limited supplies over 1.0 Bcf of gas per day to industrial, institutional and utility customers in North America. OPTUS has no external debt and a market capitalization of $210 million.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:16:00 PM From: Arnie   Respond to of 15196   FINANCING / Tiverton Petroleum raises $2M in Private Placement CALGARY, Jan. 5 /CNW/ - TIVERTON PETROLEUMS LTD. reports it has raised a total of $1,975,000 in private placement funding prior to year end. This consists of the $1,330,000 raised at $0.60 per share in November and most recently a further placement of 1,075,000 units at $0.60 per unit for proceeds of $645,000.00 was closed on December 31, 1997. Each unit consists of one flow-through share at $0.59 and one-half warrant at $0.01. One full warrant will entitle the holder to purchase one additional flow-through share at $0.60 until October 30, 1998. Proceeds of the placements will be applied to the 1998 drilling program.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:23:00 PM From: Arnie   Respond to of 15196   SERVICE SECTOR - SERV 9 / Enerchem International reports Earnings NISKU, AB, Jan. 5 /CNW/ - Mr. Larry B. Phillips, President of Enerchem International Inc., an Edmonton based specialty chemical company and oilfield equipment rental company serving the oil and gas industry, reports record revenues and net profits for the three months ended November 30, 1997. Revenues were $3,955,144 versus $2,744,963 for the corresponding comparative period representing a 44% increase. Income before tax during the period increased 109% to $1,039,546 from the restated income of $496,518 for the comparative period in 1996. Net income increased 108% to $579,946 from the comparative period restated record $278,518 and earnings per share increased 100% to $0.08 from $0.04.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:27:00 PM From: Arnie   Respond to of 15196   FINANCING / Opal Energy obtains Final Receipts CALGARY, Jan. 5 /CNW/ - OPAL ENERGY INC. (''OPE'' - TSE) is pleased to announce that it has obtained final receipts from the securities commissions of Alberta and Ontario for a final prospectus dated December 29, 1997 (the ''Prospectus''). The Prospectus qualifies the common shares issuable upon the exercise of 8,750,000 special warrants (2,500,000 flow through and 6,250,000 basic) previously issued by the Corporation. The net proceeds of the offering will be utilized to fund 1997/1998 exploration and development drilling and for general corporate purposes.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:31:00 PM From: Arnie   Respond to of 15196   CORP. / Sterling Resources announces Bob Welty as CEO CALGARY, Jan. 5 /CNW/ - Sterling Resources Ltd. announces that R. G. (Bob) Welty has assumed the position of Chief Executive Officer of the Company in addition to retaining his position as Chairman. In this role he will be working together with Bruce Sherley, Sterling's President, to increase the Company's level of activity in international oil and gas projects. Mr. Welty brings to this position over 30 years of international petroleum exploration and production experience and has held the positions of Chief Executive Officer of Asamera Inc. and Bow Valley Energy. Sterling also announces that it will operate a three-company study group to evaluate opportunities for petroleum exploitation in Romania. Romania is the largest oil and gas producer in Eastern Europe, and changes to the hydrocarbon laws will soon open producing fields for foreign participation. Sterling is currently exploring offshore Romania, and is of the opinion that there is excellent potential for exploitation of producing fields onshore. The study group plans to identify large under developed airfields where production can be increased with the application of modern technology. Sterling Resources Ltd. is an oil and gas company based in Calgary, Alberta. The common shares of the Corporation are listed on the Alberta Stock Exchange under the symbol ''SLG''.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:34:00 PM From: Arnie   Respond to of 15196   EARNINGS / Rich Coast Inc reports Quarterly Revenues DEARBORN, MI., Jan. 5 /CNW/ - RICH COAST INC. (NASDAQ: KRHC) is pleased to announce that revenues for the Quarterly Period ended October 31, 1997 increased by 30% to $642,912.00 vs. $491,203.00 in the previous comparable period. This results in a per share loss of $0.01 vs. $0.04. These results clearly indicate that a positive trend towards higher revenues and ultimate profitability is taking place. It is anticipated that the current Quarter, ending January 31, 1998, will show further improvement as evidenced by November revenues of $277,000.00, a new monthly record. The Company is aggressively pursuing the expansion of processing capacity at the facility acquired from Mobil Oil. As this capacity comes on stream in early 1998, it will lead to further revenue growth.

To: Kerm Yerman who wrote (8267) 1/5/1998 7:38:00 PM From: Arnie   Respond to of 15196   GENERAL INTEREST / TSE STATS FAX A Monthly Summary of Canada's Largest Stock Exchange Facts and figures about 1997 TORONTO, Jan. 5 /CNW/ - 1997 Highlights: - TSE sets fifth consecutive yearly value record - $423 billion - TSE 300 breaks 7000 - closes at 6699.44, gaining 13.03% in 1997 - 41 record-high index-closes in 1997 - 193 new companies listed - an all time record OFF THE TOP ------------------------------------------------------------------------- - 1997 biggest value year in history - 423.2 billion - Also biggest volume year in history - 25.7 billion shares - Record close for TSE 300 Composite Index of 7209.93 on October 7 - 41 record-high index-closes for TSE 300 Composite Index in 1997 - TSE 300 Index gains 13.03 percent this year ------------------------------------------------------------------------- << STATS Market Activity in December 1997 Volume 2.3 billion shares, +3.3% from November 1997 Value $37.3 billion, -8.3% from November 1997 Most active issues Westmin Resources -$0.35 to $5.50 41.8 million shares BCE Inc. +$4.35 to $47.65 32.6 million shares Barrick Gold +$3.20 to $26.65 30.4 million shares Toronto 35 Index Fund +$1.05 to $36.30 29.8 million shares Indexes Monthly Monthly Level Point Change % Change TSE 300 Composite 6699.44 +186.66 points or +2.87% TSE 100 406.27 +12.65 points or +3.21% TSE 200 404.87 +5.84 points or +1.46% Toronto 35 359.34 +12.50 points or +3.60% Year-to-Date Stats Percent 1997 1996 Change Year-to-date volume 25.7 billion shares 22.3 billion shares +14.9% Daily volume average 102.1 million shares 88.5 million shares +15.4% Year-to-date value $423.2 billion $301.3 billion +40.5% Daily value average $1.68 billion $1.19 billion +41.2% Trading Days 251.5 252.5 1997 STATS 1997 Most Actively Traded Stocks over $1.00 BCE Inc. +$15.025 to $47.65 398.0 million shares Canadian Imperial Bank +$14.475 to $44.60 388.4 million shares Toronto 35 Index Fund +$4.45 to $36.00 300.7 million shares Barrick Gold -$12.60 to $26.65 281.0 million shares 1997 Largest Percent Price Changes Ashton Mining +522% to $5.60 57.7 million shares Asbestos Corp +420% to $26.00 63.9 thousand shares Middlefield Resources +417% to $4.50 362.4 thousand shares MacKenzie Investments +367% to $23.10 2.6 million shares Indexes Year-End Year-End Level Point Change % Change TSE 300 Composite 6699.44 +772.41 points or +13.03% TSE 100 406.27 +46.25 points or +12.85% TSE 200 404.87 +48.96 points or +13.76% Toronto 35 359.34 +44.19 points or +14.02% 1997 DERIVATIVES STATS TSE Options Market, 1997 Percent 1997 1996 Change Volume 3,314,666 2,620,610 +26.5% Value 1,039,019,350 557,379,530 +86.4% Trades 240,309 207,826 +15.6% Five Most Active Options, 1997 Volume Toronto 35 Index 431,993 Canadian Imperial Bank 242,055 BCE Inc. 215,057 Air Canada 184,038 Barrick Gold 181,513 TSE Futures Market, 1997 Percent 1997 1996 Change Trades 336,718(x) 163,489 +106% Open Interest 21,778 18,377 +18.5% (x) 1997 was a record breaking year for the Toronto Futures Exchange. 1997 LISTINGS STATS Summary December 31/97 December 31/96 Companies Listed 1420 1323 Issues Listed 1720 1626 Initial Public Offerings 102 79 Total New Companies 193 168 Total New Issues 201 173 1997 NEW LISTINGS Issue Name Symbol Date Listed IPO AEC Pipelines, L.P. Cl A Partnership Units ALB.IR April 8 Y A.L.I. Technologies Inc. ALT December 19 AlarmForce Industries Inc. AF September 4 Algonquin Power Income Fund Trust Units. APF.UN December 22 Y Anadime Corporation Cl A J AEM November 28 Angiotech Pharmaceuticals Inc. ANP December 17 Y Arauco Resources Corporation J ARU March 14 Arcis Corporation J RKS November 27 Y Armada Gold Corporation J AAU March 10 Associated Freezers Income Trust Units AFT.IR May 26 Y Aurado Exploration Ltd. AEO November 12 Aurado Exploration Ltd. Rt AEO.RT November 12 Avista Real Estate Investment Trust Units AVS.IR July 21 Y Azcar Technologies Inc. AZZ February 14 B Split Corp. Capital Shares BST November 27 Y B Split Corp. Pr BST.PR.A November 27 Y BPI Canadian Opportunities II Fund Units BOI.IR February 26 Y Badger Daylighting Inc. BAD June 5 Bell Canada International Inc. When Issued BI.W September 30 Y Bellator Exploration Inc. J BEX May 26 Bentall Corporation When Issued BTC June 13 Y Big Rock Brewery Ltd. BR February 24 BioCapital Investments Ltd. Partnership Units BCK.IR July 17 Y Bitech Petroleum Corp. BPU July 31 Black Sea Energy Ltd. J BSX June 10 Y Boliden Limited Instalment Receipts W.I. BOI.W February 26 Y Bow Valley Energy Ltd. J When Issued BVX.W September 17 Y Bowridge Resource Group Inc. BOW August 11 CPL Long Term Care Real Estate Invest. Tr CPL.IR May 5 Y Cadillac Fairview Corporation When Issued CDF.W November 6 Y Canadian Apartment Properties Real Estate Tr CAR.IR May 21 Y Canadian Hotel Income Properties Real Est Tr HOT.IR June 24 Y Canadian Resources Income Trust II RTR.UN February 19 Y Cancap Preferred Corporation 5.40% Pr CAC.PR.A June 12 Y Canmine Resources Corporation J CMR June 13 Certicom Crop. J CIC June 17 Chauvco Resources International Ltd. CHV December 22 Citadel Diversified Investment Trust Units CTD.IR September 15 Y Clearly Canadian Beverage Corp. CLV December 3 Club Monaco Inc. CMI March 18 Y Co-operators General Insurance Co. Cl E Pr CCS.PR.A June 9 Y COGNICASE Inc. When Issued COG.W October 3 Communication Systems International Inc. J CSY March 11 Y Computer Modelling Group Ltd. J CPU March 17 Y Coscient Group Inc. Cl A MV CST.A December 10 Coscient Group Inc. Cl B SV CST.B December 10 CrossKeys Systems Corporation When Issued CKY.W December 17 Y CrownJoule Exploration Ltd. J CJE June 23 Y CrownJoule Exploration Ltd. J Wt CJE.WT June 23 Cypress Energy Inc. Cl A CYZ.A April 14 DC DiagnostiCare Inc. J DCE September 30 DDJ Canadian High Yield Fund Trust Units HYB.IR August 27 Y Deep Basin Energy Inc. DBN June 16 Deep Basin Energy Inc. Wt DBN.WT June 16 Destination Resorts Inc. J DRO July 16 Y Destination Resorts Inc. 8% Debentures J DRO.DB July 16 Devine Entertainment Corporation J DVN September 3 Diamondworks Ltd. J DMW May 1 Dimethaid Research Inc. J DMX February 19 Drayton Valley Power Income Fund Tr Un DVA.UN February 26 Y Dundee Realty Corporation D July 9 Dynatec Corporation Inc. Units DY.UN October 8 EnerVest Diversified Income Trust Units EIT.UN August 6 Y Envoy Communications Group Inc. ECG September 3 Essex Resource Corporation J ESX October 29 Etruscan Enterprises Ltd. J EET May 7 FACS Records Storage Income Fund Tr Un FXS.IR March 26 Y Fairstar Explorations Inc. J FFR March 12 Farallon Resources Ltd. J FAN October 30 Fidelity Partnership 1994 Units FLP.UN January 22 Fireworks Entertainment Inc. Cl B FEI.B December 3 Y First Asia Income Fund (The) Trust Units FAI.IR May 13 Y First Premium Income Trust Units U.S. FPU.UN January 31 Y First Premium Oil & Gas Income Fund Tr Un FPG.UN March 11 Y Fortune Minerals Ltd. J FT October 31 Founders Energy Ltd. FDE May 13 GST Telecommunications Inc. U.S.F. GTE.U August 26 Garneau Inc. GAR December 15 Y Gemcom Software International Inc. J GCM November 21 Genetronics Biomedical Ltd. J GEB September 2 Geophysical Micro Computer Applications GMA February 24 Y Ghana Gold Mines Ltd. ADS J GGM May 9 Global Pacific Minerals Inc. GPJ October 6 Goldlist Properties Inc. GPP April 29 Y Halterm Income Fund Trust Units HAL.IR May 12 Y Hollinger Canadian Publishing SV Spec U.S. HCP.U July 21 Holmer Gold Mines Limited J HGM May 6 IAT Air Cargo Facilities Income Fund Tr Un ACF.IR June 9 Y IDS Intelligent Detection Systems Inc. ISD December 30 Y Image Processing Systems Inc. J IPV April 28 Integrated Paving Concepts Inc. IPA February 11 International Properties Group Ltd. W.I. J IPX.W September 4 International Road Dynamics Inc. Cl A IRD.A March 7 International Uranium Corp. J IUC May 16 KMS Power Income Fund Trust Units KMS.UN June 9 Y KAPPA Energy Company Inc. KAP December 30 Kenting Energy Services Inc. KES February 7 Koch Pipelines Canada L.P. Partnership Units KPC.IR November 26 Y Legacy Hotels Real Estate Trust Fully Paid Units LGY.UN November 7 Y Legacy Hotels Real Estate Trust Units LGY.IR November 7 Y McCoy Bros. Inc. MCB November 17 Y McCoy Bros. Inc. Wt MCB.WT November 17 MGI Software Corp. J MGI September 25 Mainframe Entertainment Inc. MFE June 16 Y Manalta Coal Income Trust Units When Issued MNL.IR.W September 19 Y Manitoba Telecom Services Inc. MBT June 6 Y Manitoba Telecom Services Inc. Inst Receipts MBT.IR June 6 Y McWatters Mining Inc. J W.I. MCW.W September 11 Merit Energy Ltd. J MEL June 25 Y Messina Diamond Corp. U.S.F. J MSC.U February 17 MetroNet Communications Corp. Cl B MNC.B December 4 Y Microcell Telecommunications Inc. Cl B W.I. MTI.W October 8 Y Middlefield High Income Trust Units MID.IR March 13 Y Minco Mining & Metals Corporation MMM December 29 Minefinders Corporation Ltd. J MFL December 16 Montrusco Associates Inc. MTA March 24 Y Morguard Real Estate Investment Trust Units MRT.IR October 10 Y Morrison Facilities Income Fund Trust Units FND.UN January 27 Y Mortice Kearn Systems Inc. MKX November 3 Y Multi Fund Income Trust Units MFU.IR October 22 Y NCE Diversified Income Trust Units NCD.UN February 27 Y NTS Computer Systems Ltd. Cl A NTS April 25 Natraceuticals Inc. J NAT February 3 Newcastle Market Neutral Trust Units NMN.UN July 29 Y Newmex Mining Co. Ltd. J MEX February 28 Newquest Energy Inc. Cl A NQE.A October 30 Nord Pacific Limited NPF July 7 Normandy Mining Limited ADS NDY November 25 Northern Crown Mines Ltd. J NCW April 18 Northland Power Income Fund Trust Units NPI.IR April 14 Y O'Donnell Investment Management Co. ODM May 23 Y Office Specialty Inc. Cl B OSX.B December 8 Y Orion Energy Trust Units When Issued OET.W June 24 Y Oxbow Equities Corp. XBO August 7 Y PLM Group Ltd. J PGL October 14 PRT Forest Regeneration Income Fund Tr Un PRT.IR July 10 Y Pacific & Western Credit Corp. J PWC September 16 Pacific & Western Credit Corp. J Pr Series 2 PWC.PR.A September 16 Pacific & Western Credit Corp. J Pr Series 3 PWC.PR.B September 16 Pacific & Western Credit Corp. J Wt PWC.WT September 16 Pacific Rim Mining Corp. PFG December 11 Palliser Energy Inc. Cl A PSR.A January 21 Pason Systems Inc. PSI December 24 Peak Energy Services Ltd. PES June 12 Pembina Pipeline Income Fund Trust Units PIF.IR October 23 Y Perkins Papers Ltd. PKN April 22 Petro Well Services Inc. PWS September 2 Petrobank Energy and Resources Ltd. J PBG March 17 Petrolex Energy Corp. J PXV March 20 Phoenix Hedge Fund Ltd. Partnership Units PHF.UN July 16 Y Pioneer Natural Resources Company PXD December 22 Plains Energy Services Ltd. PLA March 26 Y Polar Hedge Enhanced Income Fund Tr Un PHT.IR April 30 Y Positron Fiber Systems Corporation J PFS August 18 Prime-Link Group Ltd. J PNK November 21 Probe Exploration Inc. PRX October 8 Quality Dino Entertainment Ltd. U.S.F. QDE.U October 29 Raider Resources Inc. Cl A RAI July 21 RaiLink Ltd. Cl A RLK.A June 24 Y Rainmaker Digital Pictures Corp. RNK April 2 Renata Resources Inc. RTA June 30 Research In Motion Limited When Issued RIM.W October 21 Y Richtree Inc. Cl A MV MOO.A February 19 Y Rider Resources Inc. Cl A RRI.A September 3 Ridley Canada Limited RCL August 5 Y Rogers Sugar Income Fund Trust Units RSI.IR December 5 Royal Host Real Estate Investment Trust Units RYL.IR October 30 Y Royal Laser Tech Corporation RLT September 19 SAGE High Yield Debt Trust Units BBB.IR October 27 Y SCI Income Trust Units SMN.IR October 15 Y SLM Software Inc. When Issued ESP.W July 10 Y Saputo Group Inc. When Issued SAP.W October 6 Y Sepp's Gourmet Foods Ltd. J SGO September 10 Seven Seas Petroleum Inc. J U.S.F. SVS.U February 10 Shermag Inc. SMG July 3 Small Fry Snack Foods Limited SNX June 20 Y Snow Leopard Resources Inc. Cl A SNW.A July 25 Southern Cross Resources Inc. J SXR August 22 Y Spectra Premium Industries Inc. SPD December 8 Y Sun Media Corporation SMI December 12 Y Sutton Resources Ltd. J STT December 31 TELCO Split Corp. TSC August 11 Y TELCO Split Corp. Pr TSC.PR.A August 11 Y Technilab Pharma Inc. TAB April 23 Y Telescene Film Group Inc. Cl B TFG.B July 2 Y Telesystem International Wireless Inc. SV TIW May 8 Y Tetonka Drilling Inc. J TDI December 18 Y Tethys Energy Inc. TET June 2 Y TimberWest Timber Trust Units TBW.UN June 20 Y Tonko Development Corp. J TAK July 31 TransCanada Power L.P. Units When Issued TPL.W June 11 Y TransGlobe Energy Corporation J TGL November 7 TRI-Ex Oil & Gas Ltd. J TXG April 3 Y Tri-White Corporation TRW December 24 Triax Diversified High Yield Trust Units TRH.IR February 19 Y Tusk Energy Inc. TKE June 19 Ursa Major International Inc. J URS February 19 Vidatron Entertainment Group Inc. J VE November 28 Vintage Resource Corp. J VRU March 14 Vogue Resources Inc. J VOG January 15 WestCastle Energy Trust Units WCL.IR March 13 Y Westgold Resources NL J WGR.C May 12 Westminster Resources Ltd. WML April 8 Y Westshore Terminals Income Fund Trust Units WTE.IR January 29 Y World Strategic Yield Fund Trust Units WSF.IR November 11 Y Yield Management Group High Income Tr Un HIT.IR November 12 Y All figures as of December 31st, 1997 FACTS General Facts - TSE is Canada's premier market, accounting for 84.8 percent of the country's trading activity (November 97) - TSE is the 11th most active stock exchange in the world (June 97) - TSE is the third most active stock exchange in North America (November 97) - The Quoted Market Value (QMV) is $1.27 trillion (December 97) >>

To: Kerm Yerman who wrote (8267) 1/5/1998 7:43:00 PM From: Arnie   Respond to of 15196   FINANCING / Calvalley Petroleum announces Flow Through Share Offering Edmund M. Shimoon, Chairman of the Board of Calvalley Petroleum Inc. is pleased to announce that Calvalley has completed further private placements apart from the Flow-Through Special Warrants issue in Ontario announced on December 24, 1997. The first of the subsequent issues was for 454,545 Class "A" Common Voting Flow-Through Shares at $2.20 per share for a total placement value of $1,000,000 placed by Helmsdale Financial Inc. as agent for Executives 1997 Flow-Through Limited Partnership, an Alberta limited partnership. The second such issue was an issue of 113,636 Share Warrants each convertible to 1 Class "A" Common Voting Flow-Through Share at a purchase price of $2.20 per warrant, for a total purchase price of $250,000 privately placed with one individual investor in Ontario. The third such issue was an issue of 559,155 Class "A" Common Voting Flow-Through Shares in a private placement in the province of Quebec for which Thomson Kernaghan & Co. Limited of Montreal, Quebec acted as agent. The purchase price for each such share was $2.20 for an aggregate consideration of $1,230,141. In each case, either the Share Warrants were convertible to shares, or shares were issued, which constituted Flow-Through Shares, whereby the renunciation of Canadian Exploration Expense allowances by Calvalley in favour of the recipients formed an integral part of the transaction. When the above three Issues are added to the $5,005,000 Private Placement Issue announced on December 24, 1997, the total gross proceeds from recent Flow-Through Private Placement Issues of Calvalley Petroleum Inc. is $7,485,141. These issues are subject to the usual regulatory requirements. Calvalley Petroleum Inc. is a Calgary based oil and gas exploration and development company whose shares are traded on the Montreal Exchange. Ticker symbol: CVI.A (ME) Newspaper Abbreviation: Calvalley Source: Edmund Shimoon, P. Eng. Chairman of the Board, Calvalley Petroleum Inc. Ph. (403) 297-0490 Fax. (403) 297-0499

To: Kerm Yerman who wrote (8267) 1/5/1998 11:20:00 PM From: Kerm Yerman   Respond to of 15196   FIELD ACTIVITIES / Eurogas Corp. Reports On Tunisian Well EUROGAS CORPORATION TSE SYMBOL: EUG JANUARY 5, 1998 Eurogas Corporation Status Report on Tunisian Well CALGARY, ALBERTA--EUROGAS CORPORATION released today the following status report on the company's Sud Nefta well in Tunisia. Coring operations were started when the Sud Nefta well reached one of its objectives, the Ordovician. The well is currently at a depth of 4253 meters and the hole is being conditioned prior to running back in with the core barrel. Coring operations will continue through the zone of interest and results will be released when laboratories in Tunis complete their analysis. Eurogas Corporation will have a 28.51 percent net interest in the Sud Nefta well if the Tunisian State Company "ETAP" exercises its right to participate in the development of any discovery. Eurogas Corporation is a Calgary based independent oil and gas company engaged in oil and gas development projects internationally. The company is listed on the Toronto Stock Exchange (TSE) under the symbol EUG.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:24:00 PM From: Kerm Yerman   Respond to of 15196   FINANCING - TOP 21 LISTED / Pinnacle Resources Issues Flow Through Shares PINNACLE RESOURCES LTD. TSE, ME SYMBOL: PNN JANUARY 5, 1998 Pinnacle Resources Ltd. Agrees to Issue 548,700 Flow-Through Common Shares CALGARY, ALBERTA--Pinnacle Resources Ltd. (PNN) announces that as of December 30, 1997 it had reached agreement with two arm's length purchasers to issue up to 548,700 flow-through Special Warrants for aggregate proceeds of $12,620,100. Each Special Warrant is convertible, without additional consideration, into one Common Share of Pinnacle. As a result of this private placement, Pinnacle will have approximately 40,859,000 Common Shares issued and outstanding. Pinnacle is listed on the Toronto and Montreal Stock Exchanges under the symbol PNN.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:28:00 PM From: Kerm Yerman   Respond to of 15196   FIELD ACTIVITIES / Peregrine O & G and Plexus Energy Comence Drilling On Oklahoma Property PEREGRINE OIL AND GAS LTD. ASE SYMBOL: PGG AND PLEXUS ENERGY LTD. ASE SYMBOL: PXU JANUARY 5, 1998 Peregrine and Plexus Jointly Announce Drilling Operations on Madden Prospect CALGARY, ALBERTA--Peregrine Oil and Gas Ltd. (ASE: "PGG") and Plexus Energy Ltd. (ASE: "PXU") jointly wish to announce, drilling operations have commenced on their Madden Prospect in McClain County, Oklahoma. The well will be drilled to a depth of 9,600 feet and is targeting the Bromide, McLish, Tulip Creek and Oil Creek oil sands. The companies completed a 3-D seismic program over the Madden prospect in 1997. The 3-D data confirmed the previous 2-D interpretation of a Wilcox structure. Peregrine and Plexus each have a 37.5 percent working interest. Peregrine and Plexus are oil and gas companies listed on the Alberta Stock Exchange with shares trading under the symbol "PGG" and "PXU" respectively. -

To: Kerm Yerman who wrote (8267) 1/5/1998 11:31:00 PM From: Kerm Yerman   Respond to of 15196   FINANCING / Veteran Resources Private Placement VETERAN RESOURCES INC. ASE SYMBOL: VTI JANUARY 5, 1998 Veteran Resources Inc. Completes Flow-Through Private Placement CALGARY, ALBERTA--Veteran Resources Inc. (ASE: VTI) ("Veteran" or the "Corporation") announces that it has completed a private placement of flow-through common shares. The Corporation has raised $907,251.00 through the issuance of 1,209,668 flow-through shares at a purchase price of $0.75 per share. The proceeds of the offering will be used to fund the Corporation's winter drilling program in Western Canada.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:33:00 PM From: Kerm Yerman   Respond to of 15196   FINANCING - SPEC 15 LISTED / Granger Energy Completes Public Offering GRANGER ENERGY CORP. ASE SYMBOL: GAS.A JANUARY 5, 1998 Granger Completes Public Offering CALGARY, ALBERTA--GRANGER ENERGY CORP. announced that it has completed the sale of 1,054,797 Class A Shares at a price of $1.65 per share and 567,186 "flow-through" Class A Shares at a price of $1.85 per share for aggregate proceeds of $2,789,709.15. Jennings Capital Inc. and Research Capital Corporation acted as agents on the transaction. The prospectus of the Corporation dated December 8, 1997 also cleared for distribution 1,000,000 Class A Shares and 500,000 Purchase Warrants issued on December 16, 1997 pursuant to the exercise of previously issued Special Warrants. The Purchase Warrants are each exercisable for one Class A Share at the price of $2.00 until February 8, 1998. The Class A shares of Granger are listed on the Alberta Stock Exchange under the trading symbol "GAS.A". Approximately 5,525,000 Class A shares are outstanding and current production is 700 barrels of oil equivalent per day.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:36:00 PM From: Kerm Yerman   Respond to of 15196   PROPERTY ACQUISITION / Rapidfire Resources To Acquire Gas Property & Announces Private Placement RAPIDFIRE RESOURCES LTD. ASE SYMBOL: RPF JANUARY 5, 1998 Rapidfire to Acquire Gas Property and Issue Private Placement CALGARY, ALBERTA--Rapidfire Resources Ltd. announces it has agreed to purchase 12,000 gross (8,860 net) acres in the Kirkpatrick Lake area of east-central Alberta from Koch Exploration Canada, Ltd. The purchase includes 10 shut-in gas wells, a compressor station and associated lines and facilities. Rapidfire already owns an interest in some of the land as well as in contiguous acreage and is a core area to the company. The Company plans to start up the facility as soon as it has completed the purchase, which is expected to be by the end of January. Initial gas sales are anticipated to be greater than 500 mcf/day (net to Rapidfire) upon start-up. Tie-in of other Rapidfire interest wells in the area can increase this to 2,000 mcf/day. Also, Rapidfire has applied to the Alberta Stock Exchange for clearance to issue one million treasury shares to Koch Exploration under a private placement at $.30/share. The funds are flow-through and will be used for the company's 1998 drilling program.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:41:00 PM From: Kerm Yerman   Respond to of 15196   FINANCING / Patria Resources Closes Flow Through Share Offering & Announces Drilling Intentions PATRIA RESOURCES LTD. ASE SYMBOL: PT JANUARY 5, 1998 Patria Announces the Closing of Flow-Through Offering CALGARY, ALBERTA--PATRIA RESOURCES LTD. ("Patria") in conjunction with its Agent CANACCORD CAPITAL CORPORATION ("Canaccord") announces the completion of the sale of 1,300,000 Flow-Through Common Shares priced at $0.55 per share for gross proceeds to Patria of $715,000. Proceeds from the Flow-Through Common Shares will be used to explore for natural gas on Patria's property in Medicine Hat, Alberta, with expenditures to be fully renounced to the shareholders. This closing completes the first stage of a public offering by Patria, the second stage of which is the sale of 4,950,000 ($2,475,000) minimum and 8,250,000 ($4,125,000) maximum Common Shares priced at $0.50 per share on a best efforts basis by Canaccord on behalf of Patria. Proceeds from the Common Shares will be used to explore and develop lands held by Patria in the United Kingdom, held under EXL 216 100 percent working interest by Patria. Patria has submitted an application to the United Kingdom Department of Trade and Industry to acquire additional lands surrounding EXL 216. If successful, a portion of the funds raised will be used to explore the newly acquired land.

To: Kerm Yerman who wrote (8267) 1/5/1998 11:47:00 PM From: Kerm Yerman   Respond to of 15196   FIELD ACTIVITIES / Doreal Energy Executes New Columbian Contract DOREAL ENERGY CORPORATION Standard & Poor's listed ASE SYMBOL: DOY OTC Bulletin Board SYMBOL: DEG.CF JANUARY 5, 1998 VANCOUVER, BRITISH COLUMBIA--Doreal Energy Corporation is pleased to announce that it has executed the 225,000 acre Rio La Miel Association Contract, located in the Middle Magdalena Valley region of Colombia, South America, with Ecopetrol, the Colombia national energy company. Under the terms of its work commitment, Doreal will provide reprocessing of existing seismic data, conduct geologic studies within the area, and drill at least one exploratory well during the first two years of the Contract. If successful discoveries are made during the initial six years of the Contract, an additional 22 years for exploitation will be automatically granted by Ecopetrol. The Middle Magdalena Valley region is the location of some of Colombia's most recent oil and gas discoveries, including Seven Seas' "Emerald Mountain Field", LASMOs' "Revancha/Venganza Field" and Amoco/Honda's "Opon Field" discoveries. The Rio La Miel acreage is also bounded on the north by Texaco's earlier discovered fields, Velasquez, Corcorna/Teca and Nare. Doreal currently controls one hundred percent of this contract and will be seeking industry partners to join them in evaluating the exploration potential of this contract. On Doreal's corporate matters, Christine Reynolds resigned as corporate secretary and Thomas W. Gilliam, who also serves as Doreal's Chief Financial Officer, was appointed in her place. Damien Reynolds resigned as Vice President, Corporate Development and continues as a member of the board of directors.

To: Kerm Yerman who wrote (8267) 1/6/1998 12:23:00 AM From: Kerm Yerman   Respond to of 15196   FIELD ACTIVITES / CityView Energy Drilling Update Company Press Release Sangkimah Oilfield Drilling Status SOUTH PERTH, Australia--CityView Energy Corporation Limited advises that Sangkimah Well No. SST-1 at 0600 hours 5 January 1998 was at 495 metres depth. Current activity is running 9-5/8 inch casing. Simenggaris Block Kalimantan CityView Energy Corporation Limited is pleased to announce that the granting of the Simenggaris Block to CityView's subsidiary Genindo Western Petroleum Pty. Ltd has been confirmed by Presidential Decree No. B650/Pres/12/1997. Genindo Western Petroleum Pty. Ltd is owned 85% CityView and 15% Pt Genindo Citra Perkasa. For further company information cityviewenergy.com email.jazz@wwonline.com

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