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

To: Kerm Yerman who wrote (8328)	1/7/1998 4:26:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Best Pacific Resources Corporate Update BEST PACIFIC RESOURCES LTD. ASE SYMBOL: BPG JANUARY 7, 1998 Best Pacific Enjoys Successful Year in 1997 CALGARY, ALBERTA--Best Pacific Resources Ltd. (the "Company") is pleased to report that 1997 was another successful year as the Company exceeded all corporate objectives for the year. Best Pacific exited 1997 with daily average production of approximately 2,200 barrels of oil equivalent per day (boepd), up 10 percent over targeted exit production for the year of 2,000 boepd and 72 percent greater than the 1996 exit rate of 1,280 boepd. During 1997, the Company also expanded its drilling and exploration program from its budget of 37 wells to 45 (net 13) wells with a success ratio of 91 percent. The financing target of $5 million was accomplished through a private placement in October which saw 4,510,000 shares issued at $1.25 per share for gross proceeds of $5,637,500. In the fourth quarter of the year, Best Pacific continued its successful acquisition program with three additional acquisitions of working interest partner holdings in the Company's core areas in central Alberta and southeast Saskatchewan. These acquisitions contributed a total of 82 boepd for a cash consideration of $948,000. The Company anticipates extensive growth in 1998. Exit production for the year is targeted at 3,000 boepd. Best Pacific plans to drill 42 wells in 1998, of these one third will be exploratory. A capital expenditure program of $12 million is budgeted for 1998, which will be funded from internal cash flows and a bank line of credit. The Company is presently awaiting approval for listing on The Toronto Stock Exchange.

To: Kerm Yerman who wrote (8328)	1/7/1998 4:38:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS-ACQUISITIONS - TOP 21 LISTED / Northrock Resources To Make Bid For Paragon Petroleum NORTHROCK RESOURCES LTD. TSE SYMBOL: NRK AND PARAGON PETROLEUM CORPORATION TSE SYMBOL: PGN JANUARY 7, 1998 Northrock Resources to Make Take-Over Bid for Paragon Petroleum CALGARY, ALBERTA--Northrock Resources Ltd. ("Northrock") and Paragon Petroleum Corporation ("Paragon") jointly announced today that they have entered into an Acquisition Agreement whereby Northrock will make an offer, by way of take-over bid, to acquire all of the common shares of Paragon. This transaction has the unanimous support of the board of directors of both Northrock and Paragon. The offer price for each Paragon share will be, at the election of the Paragon shareholder, $4.10 (Canadian) in cash, or 0.19 of a Northrock common share or a combination thereof. The $4.10 offer price represents a 25 percent premium to the 30 day weighted average trading price of Paragon on The Toronto Stock Exchange. If all Paragon shares (32.7 million, fully diluted) are tendered, the value of the $4.10 offer will be approximately $134 million. The aggregate cash amount payable by Northrock under the offer will be limited to $67.0 million, being approximately 50 percent of the aggregate offer price, and the aggregate number of common shares issuable by Northrock will be limited to 4.35 million, being approximately 70 percent of the aggregate offer price. If holders of Paragon shares electing cash exceed the maximum, they will be pro-rated into Northrock shares, and vice versa. The offer will be conditional on at least 66 2/3 percent of the Paragon shares being tendered under the offer. The board of directors of Paragon has resolved unanimously to recommend that shareholders of Paragon accept Northrock's offer and has received advice from FirstEnergy Capital Corp. that the offer is fair from a financial point of view to the holders of Paragon shares. Directors and officers of Paragon holding an aggregate of approximately 1.9 million Paragon shares and 1.4 million options (representing 10 percent of the fully diluted number of Paragon shares) have agreed to tender and not withdraw those shares under the offer. Paragon has agreed that it will not solicit competing offers and will pay a 3 percent non-completion fee in certain circumstances. The acquisition has the following benefits for Northrock: - 95 percent of reserve base in West Central Alberta, providing operational synergies with Northrock's existing activity in the area. - Significant undeveloped land base (215,000 net acres), the majority of which is in West Central Alberta, complementing Northrock's existing land base and the land base of the recently announced strategic alliance in the area. - Assets provide a significant contribution to Northrock's existing large base of exploration and development opportunities. - Liquids-rich natural gas reserve base with high productivity, low decline rates and high netbacks. - High working interest properties, operatorship and control of facilities. - Complement of high quality personnel with extensive expertise in West Central Alberta. The acquisition of Paragon will build on Northrock's very active and successful exploration and development initiatives in 1996 and 1997 within the West Central Alberta area. Since its initial entry into West Central Alberta in August, 1996, Northrock has increased production from 1,600 barrels of oil equivalent per day to a current level of approximately 10,000 barrels of oil equivalent per day (excluding the Paragon assets). Based on the contribution from the Paragon assets, Northrock's expectation for average 1998 production has been increased to approximately 29,000 barrels of oil equivalent per day, from a previous estimate of 23,000 barrels of oil equivalent per day. A conference call to discuss the transaction will be held at 2:00 p.m. mountain standard time (4:00 p.m. eastern standard time) on Wednesday, January 7, 1998. Callers may participate by dialing 1-800-446-4472 and requesting the Northrock Resources conference call. Northrock intends to mail the offer to Paragon shareholders within the next few days with a 21 day expiry date and to file a registration statement with the United States Securities and Exchange Commission covering the Northrock common shares to be issued in connection with the proposed exchange offer. The offering of shares to United States shareholders of Paragon will only be by means of the registration statement and related prospectus. Northrock has retained Nesbitt Burns Inc. and Midland Walwyn Capital Inc. as its financial advisors, and soliciting dealer managers. Northrock and Paragon are each oil and gas companies listed on The Toronto Stock Exchange. Northrock's shares are listed under the trading symbol "NRK" and Paragon's shares are listed under the trading symbol "PGN".

To: Kerm Yerman who wrote (8328)	1/7/1998 4:55:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Northstar Resources Selling Cogeneration Investment NORTHSTAR ENERGY CORPORATION TSE, ASE SYMBOL: NEN JANUARY 7, 1998 Northstar Sells Cogeneration Investment for $72.5 Million CALGARY, ALBERTA--Northstar Energy Corporation today announced that it has reached an agreement with Tractebel Canada Inc., for the sale of Northstar's 48 percent interest in the West Windsor Power partnership for total proceeds of Cdn. $72.5 million. Tractebel Canada Inc., Northstar's partner in the West Windsor Power partnership, is a wholly-owned subsidiary of Tractebel Power, Inc. of Houston, Texas, which is the North American independent power subsidiary of Brussels based Tractebel S.A. John Hagg, chief executive officer, said "we are very pleased that we were able to reach agreement with our partner Tractebel for the sale of our interest in the cogeneration facility. While the West Windsor Power project has been a very good investment for Northstar, the sale of the facility is consistent with Northstar's strategy of focussing its efforts on its oil and natural gas operations. The proceeds of disposition will be applied to the repayment of Northstar's long term debt." The transaction is subject to the execution of definitive documentation and board of directors' approval.

To: Kerm Yerman who wrote (8328)	1/7/1998 4:58:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Founders Energy Completes Flow Through Offering FOUNDERS ENERGY LTD. TSE, ASE SYMBOL: FDE JANUARY 7, 1998 Founders Energy Completes Flow Through Offering and Receives Proceeds on Exercise of Warrants CALGARY, ALBERTA--January 7, 1998 (FDE - TSE/ASE) Founders Energy Ltd. reports that the Company completed the private placement of 516,550 common shares on a flow-through basis at a price of $1.40 per share for gross proceeds of $723,170. Proceeds of this offering will be applied to the Company's 1998 drilling program. Founders also reports that as of December 31, 1997 a total of 2,985,900 common shares were issued in respect of the exercise of common share purchase warrants at a price of $1.15 per share, for gross proceeds of $3,433,785. The common share purchase warrants were issued as part of an equity offering that the Company completed in May 1997. As a result of the issuance of common shares pursuant to these transactions, the Company currently has a total of 32,861,528 common share issued and outstanding.

To: Kerm Yerman who wrote (8328)	1/7/1998 5:02:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Summit Resources Completes Rights Offering SUMMIT RESOURCES LIMITED TSE SYMBOL: SUI JANUARY 7, 1998 Summit Concludes Rights Offering CALGARY, ALBERTA-- Summit Resources Limited announced today that the rights offering to purchase Class A Units of Fort Chicago Energy Partners L.P. expired on January 6, 1998. The total number of rights issued by Summit were 4,898,958, all of which have been exercised. The net proceeds of $27.7 million from this rights offering will be used to pay the exercise price of the purchase warrants to be issued by Fort Chicago Energy Partners L.P. to Summit. Fort Chicago will, in turn, use the proceeds to finance future capital commitments in respect of the Alliance pipeline project and the Aux Sable natural gas liquids extraction plant project. Fort Chicago owns an approximate 27.9 per cent equity interest in the Alliance project and the Aux Sable natural gas liquids extraction plant project. The Alliance pipeline project involves the design, construction and operation of the 3,000 km main line natural gas pipeline from northwestern Alberta to a delivery point near Chicago, Illinois. The Aux Sable plant project involves the construction and operation of a natural gas liquids extraction facility located near Chicago. The trading symbol for the Fort Chicago Energy Partners L.P. units is FCE.UN. Following closing on January 9, 1998, there will be a total of 65,990,956 units outstanding. The units of Fort Chicago have not and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons as defined in Regulation S under the Act. Summit Resources Limited is a Canadian corporation engaged in oil and gas exploration, development, acquisition, production and marketing in western Canada and selected basins in the United States. Summit's shares are listed on the Toronto Stock Exchange (trading symbol "SUI").

To: Kerm Yerman who wrote (8328)	1/7/1998 5:06:00 PM
From: Kerm Yerman	Read Replies (17) \| Respond to of 15196

FIELD ACTIVITIES / TransDominion Energy Turkey Drilling Update TRANS-DOMINION ENERGY CORPORATION TSE SYMBOL: TDE JANUARY 7, 1998 Trans-Dominion - Zeynel-9 Well, S.E. Turkey, Tests 1488 BOPD; 7 - 8 Exploration and Development Wells to be Drilled in 1998 CALGARY, ALBERTA--Trans-Dominion Energy Corporation announces that the Zeynel-9 well has tested at a rate of 1488 bopd. The Operator advises that the well will be produced at a choked-back rate of 700 bopd and that the drilling of the Zeynel-10 well will commence in the first quarter. TDE has a 12.5 percent Gross Overriding Royalty on Production Lease 3170, which contains the Zeynel field. "The continued success in the Zeynel Oilfield provides TDE with net cash flow from royalties in excess of $300,000/month, based on current oil prices and favorable exchange rates," said Michael J. Doherty, President and CEO of TDE, "The geological conditions present in S. E. Turkey, combined with the existence of significant producing oilfields, lead us to believe that further large oil reserves will be discovered in the region. We are planning an extensive exploration program for 1998." TDE TO PARTICIPATE IN EXPLORATION PROGRAM TO DISCOVER LARGE RESERVES IN THE SOUTH MARDIN AREA In the South Mardin area, TDE has a 50 percent working interest in over 600,000 acres. Negotiations are ongoing with substantial oil companies that could result in a large seismic program in 1998 followed by drilling. In addition, TDE has joined with a large US Independent to propose an exploration program over a further 1,000,000 acres in the area. Combined, this acreage covers the area between the Mardin High and the Syrian Border, which is believed to contain a large Silurian basin similar to those found in Saudi Arabia. As this area is much less disturbed than that north of the Mardin High, it is likely, that if oil is present, it will be trapped by large structures in the Devonian and Ordovician sandstone formations. 5 - 6 WELLS PLANNED FOR THE ZEYNEL PRODUCTION LEASE AREA 2 EXPLORATION WELLS PLANNED FOR 1998 In the Gaziantep District of S.E. Turkey, TDE is participating with working interests ranging from 30 percent to 100 percent in eight exploration licenses covering over 900,000 acres as well as holding a 12.5 percent royalty in the Zeynel Production Lease. During 1998, TDE anticipates that new seismic will be acquired over several of the license areas and that at least two exploration wells will be drilled in the exploration licenses and up to five wells in the Production Lease. Some of the wells on the Lease will be drilled on new prospects, which lie close to the Zeynel Field. BALABAN-1 WELL PROVIDED VALUABLE INFORMATION BUT DID NOT FLOW AT A COMMERCIAL RATE During 1997, TDE participated in the drilling of the Balaban-1 well, which encountered oil shows throughout the prospective Cretaceous section, but failed to deliver flow rates which were commercial. However, the well has provided the partners with a considerable amount of very important technical information, which will be integrated into this year's exploration program. TDE TO BE CARRIED THROUGH US$350,000 SEISMIC PROGRAM NEW ACREAGE BEING ACQUIRED IN GAS PRONE THRACE AREA In the gas-prone Thrace area of Western Turkey, TDE has completed a farm-out, subject to government approval, which will result in TDE being carried through the first US$350,000 of the cost of a seismic program being planned for the second quarter. In order to increase its activities in the area, TDE recently sold its 25 percent stake in Thrace Basin Natural Gas (Turkey) Corporation and has independently applied for two new licenses. Upon completion of the farm-out and if the new licenses are obtained, TDE will have interests ranging from 47.5 percent to 50 percent in over 600,000 acres in the Thrace area. Through a combination of cash flow from operations, cash on hand and farm-out agreements, TDE expects to be able to fund its currently planned 1998 activities without further equity financing.

To: Kerm Yerman who wrote (8328)	1/7/1998 8:33:00 PM
From: Kerm Yerman	Respond to of 15196

NEW LISTING / Fort Chicago Energy Partners L.P. on Montreal Exchange MONTREAL EXCHANGE JANUARY 7, 1998 RE: Fort Chicago Energy Partners L.P. on The Montreal Exchange MONTREAL, QUEBEC--Fort Chicago Energy Partners L.P. is listing today an aggregate of 68,420,625 Class A limited partnership units, of which 65,990,955 are issued and outstanding. Fort Chicago Energy Partners L.P. is a limited partnership which business consists of participating in the transportation, storage, marketing and processing of hydrocarbons. The company is also managing investments in other companies engaged in similar activities or carrying on the business of a financial intermediary. Fort Chicago Energy Partners L.P. owns an approximate 28 percent equity interest in the Alliance pipeline project.