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

To: Kerm Yerman who wrote (8334)	1/7/1998 5:16:00 PM
From: Arnie	Respond to of 15196

FINANCING / Olyco Resources closes Distribution Olyco II Resources Inc. ("Olyco II") is pleased to announce that at the closing of its distribution by way of prospectus of Units (the "Public Issue"), it has accepted subscriptions for 2,453 Units, each Unit being comprised of i) 900 flow-through Class A common voting shares of Olyco II and ii) 100 non flow-through Class A common voting shares of Olyco II, representing subscription proceeds of $2,453,000. From this amount, $2,207,700 will be used, through a joint venture with Olympia Energy Inc., a Alberta corporation whose shares trade on the Toronto Stock Exchange, for exploration and development expenses in oil and gas in properties situated in Alberta and one in British Columbia. Contact: Michael Weinberg Director Olyco II Resources Inc. (514) 499-1577

To: Kerm Yerman who wrote (8334)	1/7/1998 5:20:00 PM
From: Arnie	Respond to of 15196

FINANCING / T.M.T. Resources announces Drilling Funds in Place VANCOUVER, Jan. 7 /CNW/ - T.M.T. Resources Inc. (TMT-VSE) T.M.T. Resources Inc. (''TMT'') reports that it has received $1,720,000.00 from a $1,000,000 bank line of credit and the private placement of 600,000 units at $1.20 per unit. As previously disclosed these funds will be used for the further development of TMT's Swan Hills assets and general working capital. The development program consists of drilling one well and implementing an EOR scheme in the Swan Hills project. Upon completion, production is expected to increase to over 700 BOPD. TMT is currently negotiating the drilling contract. TMT has received Advanced Board status from the Vancouver Stock Exchange. On Behalf of the Board of Directors Randy Schuette President

To: Kerm Yerman who wrote (8334)	1/7/1998 5:23:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES - SPEC 15 / Wolverine Energy commences Drilling CALGARY, Jan. 7 /CNW/ - Wolverine Energy Corp. (WVE-ASE) has commenced its 1998 foothills drilling program with drilling set to start on its West Ghost River project located 40 miles west of Calgary. The drilling rig and auxiliary equipment are currently being spotted on location with operations starting by the end of this week. Wolverine Energy will drill a horizontal leg up to 1200 meters in length off of its existing vertical well at 2-32-26-8 W5M. The targeted total depth is located to the southeast along the West Ghost River structure. The total depth for the well (including vertical and horizontal sections) is licensed to 4000 meters terminating in the Turner Valley formation. It is anticipated that the drilling, completion and testing operations will continue on into the month of March at which time the Company will release the results. The horizontal well will be drilled along the strike line of the structure to capture the reserves in the north half of the field. Upon successful completion of the horizontal drilling at 2-32-26-8 W5M, Wolverine Energy will evaluate drilling a second horizontal well in the south end of the field. Production from the West Ghost River field will be tied into the Shell Jumpingpound Gas Plant The Company owns a 100% working interest in the entire project area which includes the 2-32-236-8 W5M wellbore and the adjoining 8 sections of land. Wolverine Energy tested the West Ghost River structure in early 1997 at the 2-32-26-8 wellbore and identified commercial natural gas reserves in the seismically defined feature. For additional information on the Company, visit us at our website www.wolverine-energy.com The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:25:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Ranger Oil awarded Offshore Contracts CALGARY, Jan. 7 /CNW/ - Ranger Oil, as Operator, is pleased to announce the award of two Production Sharing Contracts covering Blocks CI-101 and CI-103 offshore C“te d'Ivoire, West Africa. The agreements were signed in Abidjan on December 22nd. Block CI-101 covers approximately 3200 sq. kms. and CI-103 approximately 2500 sq. kms. Both blocks lie to the south and southeast of CI-102, which was awarded to a Ranger-led consortium early in 1997. Ranger is also Operator of Block CI-26 which contains the Espoir Field. Fred Dyment, President and Chief Executive Officer, said ''We are delighted with the award of these two prospective permits. We are now a significant player in the C“te d'Ivoire which has become a new focus area for Ranger. We look forward to working with the Government and our partners to fully evaluate this new acreage which has seen very little exploration to date.'' Licence interests: Ranger Oil C“te d'Ivoire SARL (Operator) 35.0% Clyde Expro Plc (subsidiary of Gulf Canada Resources Ltd.) 35.0% Gentry International (Cote d'Ivoire) Inc. 17.0% T.C. Petroleum Inc. 3.0% La Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire 10.0% Issued by: F. J. Dyment President and Chief Executive Officer

To: Kerm Yerman who wrote (8334)	1/7/1998 5:28:00 PM
From: Arnie	Respond to of 15196

UPDATE / Sunoma Energy Increases Bid & Orbit recommends Acceptance CALGARY, Jan. 7 /CNW/ - Sunoma Energy Corp. and Orbit Oil & Gas Ltd. jointly announced an agreement providing for an increase in Sunoma's bid to $1.77 cash per Orbit common share. Following an intensive process of soliciting alternative proposals to maximize shareholder value and based on an assessment of current market conditions, Orbit's board of directors confirms that it now recommends that Orbit shareholders tender their Orbit common shares to Sunoma's amended offer. Humboldt Capital Corporation and officers and directors of Orbit have irrevocably agreed to tender and not withdraw their approximately 12,600,000 Orbit common shares, including those acquired on exercise of options (representing 27% of Orbit's shares on a fully diluted basis) to Sunoma's offer. The board of directors of Orbit has also waived the application of its shareholder rights plan to Sunoma's bid and Orbit has agreed not to solicit any new or alternative bid or other transaction. Orbit has also agreed to provide for an orderly transition of the board and senior management positions in the event Sunoma acquires at least 50.1% of the Orbit shares. Orbit shareholders who have tendered by 5:00 p.m. today will receive the increased bid price of $1.77 per share, assuming at least 50.1% of the Orbit common shares (other than those already owned by Sunoma) on a fully diluted basis are tendered to the bid. Sunoma and Orbit will be sending Sunoma's formal notice of variation and Orbit's directors' circular relating to the amendment to Orbit shareholders as early as possible. Shareholders who do not tender their Orbit shares by today will be entitled to tender their Orbit shares up to ten days after the sending of the notice of variation by Sunoma. Sunoma encourages Orbit's shareholders to tender their Orbit shares to Sunoma's bid today in order to provide for the earliest possible payment for tendered shares.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:30:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Gulf Canada announces Offshore Contracts DENVER, COLORADO, Jan. 7 /CNW/ - Gulf Canada Resources Limited, through its subsidiary Clyde Expro Plc, reports that Ranger Oil, as operator of a West African application group, has made the following announcement: Ranger Oil, as operator, is pleased to announce the award of two production sharing contracts covering Blocks CI-101 and CI-103 offshore C“te d'Ivoire, West Africa. The agreements were signed in Abidjan on December 22nd. Block CI-101 covers approximately 3200 square kilometres (0.8 million acres) and CI-103 approximately 2500 square kilometres (0.6 million acres). The blocks lie to the south and southeast of Block CI-102 that was awarded in early 1997 to a Ranger led consortium in which Gulf Canada participates. Adds JP Bryan, President and Chief Executive Officer of Gulf Canada Resources Limited, ''The C“te d'Ivoire has developed into an exciting new exploration area for Gulf. The award of this large tranche of contiguous acreage further strengthens our position in the region and exposes the company to the emerging West African deepwater exploration play.'' Licence Interests: Ranger Oil C“te d'Ivoire SARL (Operator) 35.1% Gulf Canada Resources Ltd through Clyde Expro Plc 35.1% Gentry International (C“te d'Ivoire) Inc. 17.1% T.C. Petroleum Inc. 02.7% La Societe Nationale d'Operations 10.0% Petrolieres de la C“te D'Ivoire

To: Kerm Yerman who wrote (8334)	1/7/1998 5:35:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Commonwealth Energy updates Finlay State No 1 Well WHITE ROCK, BC, Jan. 7 /CNW/ - Commonwealth Energy Corp. (the ''Company'') is pleased to announce by way of information received from Energas Resources Inc., the operator, that both the natural gas pipeline and oil pipeline have been installed and connected on the Finlay State No. 1 well on our Rusty Creek Prospect. The Finley State No. 1 well has produced and sold since October 7, 1997 approximately 40,500 barrels of oil (4,860 net) earning approximately Cdn $1,032,200.00 (Cdn $123,864.00 net). This is a return of 3 to 1 on the cost to drill, complete, and operate the well to the present. The Company owns a 15% working interest in this well and the entire prospect of 3000+ acres. Currently, the gas pressure is beginning to decline in the Finley State No. 1 well which will reduce natural gas flow rates, thus requiring the well to go on pump. This is a normal occurrence and has no negative bearing on our anticipated oil recovery from this well. Engineers are now able to perform bottom hole tests to determine the size of the reserve estimates. Pumping facilities will then be sized based on this information to mechanically bring production back to optimum levels. The Finley State No. 2 well, which is also located on the Rusty Creek Prospect, is ready for perforating of the entire Dakota/Lakota zone, the same zone that is producing in the Finley State No. 1. This operation is scheduled to begin during January, 1998. Costs to the Company will be US $2,250 to be paid from existing cash. Completion of the Turner formation in the River Road No. 1 well in the Seedy Draw Prospect, Niobrara County, Wyoming is underway. This zone will be perforated and fraced with a treatment that will take approximately 60 days to obtain results. No costs will be incurred by the Company as this project is being funded by a new working interest owner. Commonwealth owns a 25% working interest in this well. Commonwealth has entered into an agreement with Energas for a 30% working interest in the North Glen Rock Prospect, Converse County, Wyoming. This prospect, which covers 4,816 acres, is supported by 3D seismic and will test several zones of interest. The test well, known as the Platte No. 1-21 will be drilled to a depth of approximately 10,900 feet. Current plans are to commence drilling by early February, 1998. By: Lorne Torhjelm President

To: Kerm Yerman who wrote (8334)	1/7/1998 5:40:00 PM
From: Arnie	Respond to of 15196

FINANCING / Chieftain International increases Financial Capability EDMONTON, Jan. 7 /CNW/ - Chieftain International, Inc. (TSE & AMEX: CID) has arranged a credit facility of US$100 million (C$144 million) with Canadian Imperial Bank of Commerce, CIBC Inc., The Bank of Nova Scotia, ABN AMRO Bank Canada and ABN AMRO Bank N.V. The Company has no immediate plans for the use of this facility but will have it available for future opportunities. Chieftain will fund its 1998 exploration program from cash flow and working capital and does not intend to use the credit facility for this purpose. This release contains forward-looking statements that are subject to risk factors associated with the oil and gas business. The Company believes that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables including, but not limited to: price fluctuations, currency fluctuations, drilling and production results, imprecision of reserve estimates, loss of market, industry competition, environmental risks, political risks, and capital restrictions.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:42:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / AGRA Inc wins $100 Million Pipeline work OAKVILLE, Ont., Jan. 7 /CNW/ - AGRA Inc. President and CEO Alex Taylor today announced that AGRA's Houston, Texas-based pipeline construction company, U.S. Pipeline, Inc., has been awarded $100 million (Cdn.) in new pipeline and related construction projects for 1998 and 1999. The largest portion of the newly awarded work is for construction of a 160.3 mile, 36 inch diameter mainline section of the Alliance Pipeline commencing at the Saskatchewan/North Dakota border near Sherwood, Renville County, North Dakota and continuing southeastward to a point near Carrington, Foster County, North Dakota. The project is part of the proposed 1,900-mile Alliance Pipeline project which will carry natural gas from Fort St. John, British Columbia to Chicago, Illinois. Construction of the North Dakota section of the Alliance Pipeline, pending National Energy Board approval, will take place over two construction seasons. The first 53.8 mile portion of the project is scheduled to begin construction in early August 1998, and be completed by winter. The remaining 106.5 mile section is scheduled to begin construction in early June 1999 with completed pipeline ready for service by mid-November 1999. U.S. Pipeline, Inc. has been awarded three additional projects to be started and completed in the first half of 1998. These include a 26.7 mile, 36 inch Loop Pipeline, Mainline Valve and Crossover installation near Bernidji, Minnesota for Great Lakes Gas Transmission Company; ongoing pipeline upgrading and replacement work in Oregon and Idaho for Pacific Gas Transmission Company; and access road construction, pipe fabrication, testing and support work related to two 48 inch directional drills to be carried out by Michels Pipeline Construction, Inc. in Victoria County, Texas. U.S. Pipeline, Inc. provides complete pipeline construction services for liquid and gas pipeline companies in North America and selected international markets. It is 80 per cent owned by AGRA Inc., one of Canada's largest international engineering, construction, environment and technology corporations. AGRA employs 5,000 people and operates 155 offices in 22 countries. The Company's stock is traded on the Toronto and Montreal stock exchanges under the trading symbol AGR.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:44:00 PM
From: Arnie	Respond to of 15196

FINANCING / HEGCO Canada announces Completion of Financing EDMOND, Oklahoma, Jan. 7 /CNW/ - The President and Chairman of HEGCO Canada Inc., Douglas C. Hewitt, announced today that the Canadian $3,500,000 financing announced on December 18, 1997 and partially closed on December 23, 1997 has now been completed. The total number of shares which will be issued pursuant to this financing will be 5,000,000 common shares and 5,000,000 warrants priced at $0.80 per warrant exercisable by March 1, 1999. This financing was placed with nine different parties which include one established Canadian mutual fund. This financing will allow the Company to continue its lease acquisition and production development activities currently underway on the Company's Oklahoma properties. During the month of January, HEGCO will drill 2 wells, complete 3 reworks on existing wells and begin reentry and logging operations on its Arkansas deep gas project. The Company is appreciative of the effective manner in which Helmsdale Financial has arranged this first phase of the Company financing package. HEGCO Canada, Inc., is an Alberta, Canada corporation traded on the Alberta Stock Exchange under the symbol ''HEG''. The Company is an oil and gas production, servicing and drilling company operating in Oklahoma and Arkansas.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:47:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Gentry Resources awarded Sharing Contracts CALGARY, Jan. 7 /CNW/ - Gentry Resources Ltd. (''Gentry'') announces that the Company, along with ranger Oil Limited, Clyde Expro plc (a subsidiary of Gulf Canada Resources Limited) and TC Petroleum Inc., signed two significant Production Sharing Contracts with the Government of C“te d'Ivoire, West Africa. Gentry was instrumental in attracting these industry participants to the country when in March of 1997, the participants, along with Energy Africa Limited, entered into their first C“te d'Ivoire offshore exploration license, Block CI-102. The two new offshore exploration licenses, CI-101 covering approximately 3,200 square kilometers (790,000 acres) and CI-103 covering approximately 2,500 square kilometers (620,000 acres), are located immediately south and south east of Block CI-102 in water depths of 200 meters and deeper. Participation in these two offshore exploration licenses represents Gentry's fourth and fifth international acquisitions within 10 months. Block CI-101 and CI-103 are also situated south of the Espoir and Belier oil fields. The Espoir field was in production from 1980 to 1988 with an average daily output of 10,000 barrels per day. The field originally contained approximately 420 million barrels of oil in place and was producing 8,000 barrels per day when it was shut down in 1988 due to harsh fiscal terms and high operating costs. The Espoir field redevelopment is currently being reviewed by Ranger Oil Limited as Operator, along with Switzerland-based Addax Petroleum and Ireland-based Tullow Oil. The Belier field is currently being explored by Santa Fe Energy. Ranger Oil Limited, which possesses significant West African offshore exploration expertise, will act as Operator for the joint venture group. The working interest percentages of the participants are as follows: Ranger Oil C“te d'Ivoire SARL (Operator) 35.0% Gulf Canada Resources (through its subsidiary Clyde Expro Plc) 35.0% Gentry International (Cote d'Ivoire) Inc. 17.0% T.C. Petroleum Inc. 3.0% La Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire 10.0% Hugh G. Ross, President & CEO of Gentry said, ''The new focus in offshore West Africa is in the deep water exploration where, of 55 wells drilled, 11 commercial discoveries have been made. This approximately doubles the success rate for similar water depths in the prolific Gulf of Mexico. Gentry is one of the smallest independents exploring in the deep offshore and views this as a significant step forward in our West African development. Hugh G. Ross President & CEO

To: Kerm Yerman who wrote (8334)	1/7/1998 5:50:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Foothills Pipe Lines against Alliance Project CALGARY, Jan. 7 /CNW/ -- In written evidence filed yesterday with the National Energy Board, Foothills Pipe Lines took the position that the proposal from Alliance Pipelines for a 2300 km line to move Canadian gas through three provinces to Chicago should not be granted a certificate. ''This is the most important pipeline hearing in over 20 years,'' said Bob Pierce, chairman and CEO of Foothills. ''The National Energy Board's decision will have a profound impact, not only on the Canadian gas and pipeline industry, but on the use of natural gas within Canada.'' The Foothills evidence uses evidence submitted by Alliance to illustrate there is an insufficient supply of gas to justify a new pipeline. The evidence also shows that Alliance has failed to prove that markets exist for the proposed increase in capacity. ''The issue of gas supply is a key issue in this hearing'', said Pierce. ''Our evidence shows Alliance has no supply underpinning 42% of their transportation capacity in the first year, and the shortfall increases in the following years.'' On the demand side, Foothills evidence indicates that Alliance has not proven that markets exist in the Midwest for capacity that is additional to what is already being built over the next two years. Foothills evidence also identifies shortcomings in Alliance's design with respect to control of pipeline fractures. Alliance proposes to operate at significantly higher pressure and richer gas composition than any other transmission pipeline in North America. ''The industry's fracture control design methods have not been proven at this combination of pressure and composition. The possibility of propagating fractures on their system would have serious consequences on both public safety and the environment,'' said Terry Cameron, senior vice president. Foothills Pipe Lines Ltd. is a major Canadian natural gas transportation company owned equally by NOVA Gas International Ltd. and Westcoast Energy Inc. It's eastern and western legs deliver about one third of all Canadian natural gas exports to the United States.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:53:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / OPTUS Natural Gas Distribution Income Fund Acquisition CALGARY, Jan. 7 /CNW/ - OPTUS Natural Gas Distribution Income Fund (TSE Symbol: OPT.UN) (OPTUS) announced today that its subsidiary Direct Energy Marketing Limited has closed a transaction to acquire 75,000 ABC-T Service customers for the supply of 5-year natural gas in Consumers' Gas and Union Gas franchise areas in southern Ontario. The transaction, which closed today, is effective from November 1, 1997. The transaction was funded from part of the proceeds of the $31 million offering of special warrants exercisable into trust units of OPTUS, which closed on December 2, 1997. OPTUS is a Toronto Stock Exchange listed income trust which, through Direct Energy Marketing Limited, is Canada's largest independent natural gas company distributing natural gas to more than 500,000 residential and small business customers in Ontario, Manitoba and Quebec. Direct Energy Marketing Limited supplies approximately 1.0 Bcf of natural gas per day to industrial, institutional and utility customers in North America. Direct Energy Marketing Limited continues to seek the acquisition of new ABC-T Service customers and is pursuing market development opportunities in other geographic regions. OPTUS has no external debt and a market capitalization of $210 million.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:56:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Welland Pipe awarded a $100 Million Contract WELLAND, Ont., Jan. 7 /CNW/ - Welland Pipe Ltd., Welland, Ontario, has been awarded a $100 million contract to supply large-diameter pipe for the Maritimes & Northeast Pipeline. The 370 kilometres of 30-inch diameter pipe (67,000 tonnes) will be produced between November 1998 and June 1999. The pipe is destined for Nova Scotia and New Brunswick where it will be used to transport natural gas from the Sable Offshore Energy Project to an interconnect point with a U.S. pipeline near St. Stephen, New Brunswick. This recent award, combined with other firm and conditional contracts, will support high levels of activity at Welland Pipe's facilities throughout 1998 and the first half of 1999. ------------------ Welland Pipe Ltd., a wholly owned subsidiary of Stelco Inc., produces large-diameter transmission pipe for the oil and gas industry. Stelco Inc. and its affiliates are a group of market-driven, technologically advanced businesses that are committed to maintaining leadership roles as suppliers of high-quality steel products. These businesses give Stelco a presence in six Canadian provinces and three states of the United States. Consolidated sales in 1996 were $2.9 billion.

To: Kerm Yerman who wrote (8334)	1/7/1998 5:57:00 PM
From: Arnie	Respond to of 15196

CORP. / Bow Valley Energy announces Resignation of R.G. Welty CALGARY, Jan. 7 /CNW/ - It is with regret that Bow Valley Energy Ltd. wishes to advise that Robert G. Welty has tendered his resignation as a director of the Company effective immediately. Mr. Welty has served as a director of Bow Valley since its inception in 1996. Mr. Welty has recently assumed the position of Chief Executive Officer of Sterling Resources Limited and will be devoting his energies to the success of that corporation. Bow Valley wishes him well in his future endeavors. 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 (8334)	1/7/1998 5:59:00 PM
From: Arnie	Respond to of 15196

FINANCING - SPEC 15 / Lexxor Energy raises Exploration Funds CALGARY, Jan. 7 /CNW/ - LEXXOR ENERGY INC. has raised a total of $2.04 million through the private placement of flow through shares prior to year end. The Company sold 1.77 million Class 'A' flow through shares at a price of $1.15 per share. At December 31, 1997, Lexxor had 8.88 million Class 'A' shares issued and outstanding. Proceeds from the offering will be applied to Lexxor's active 1998 drilling program including a multiwell natural gas exploration project on an 8,000 acre farm-in recently acquired in northwestern Alberta. Drilling is also planned at Conroy, Little Bow, Mikwan, Altario, Oyen and at Cardiff, where Lexxor, with a 50% working interest, recently cased a dual zone oil and gas discovery. Lexxor Energy Inc. is a Calgary-based oil and gas exploration company which trades on The Alberta Stock Exchange, symbol LXX.A.

To: Kerm Yerman who wrote (8334)	1/7/1998 6:01:00 PM
From: Arnie	Respond to of 15196

FINANCING / Tekerra Gas Inc closes Financing CALGARY, Jan. 7 /CNW/ - Tekerra Gas Inc. announces that on December 31, 1997 it closed a fully subscribed private placement of 666,667 flow through shares at a price of $0.45 per share. The $300,000.00 will be used to finance development drilling in the Columbia area of Alberta. Tekerra is participating with its partner in the drilling of two wells to the Cardium formation this winter with plans for three follow-up locations later in the year. In other news, Tekerra reports that two wells drilled in the second half of 1997 in Columbia have been completed, tied-in and are on production. The well, 6-12-46-16 W5M was drilled in August and put onstream in November. It is completed in the Cardium formation and currently averaging 500 million cubic feet per day of gas and 18 barrels per day of liquids. Tekerra has a 9.165% working interest. The 16-11-46-16 W5 well was drilled in November, completed in the Cardium zone and brought onstream in January. Initial rates were 825 million cubic feet per day of gas and 48 barrels per day of liquids. Tekerra has a 10% working interest in this well.