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

To: Kerm Yerman who wrote (8364)	1/8/1998 7:53:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Shell Canada starts Sable Project Shell Canada Limited announced today that with the necessary government and regulatory approvals in place, construction has begun on the Sable Offshore Energy Project (SOEP), in which Shell is a major partner with a 31% interest. The SOEP fields are located approximately 200 kilometres off the coast of Nova Scotia. Construction will include building and installing six offshore platforms, drilling up to 30 wells, building an onshore gas plant, and laying more than 400 kilometres of pipe. The estimated recoverable natural gas reserves in the six fields which comprise the SOEP are in excess of 3 trillion cubic feet plus about 100 million barrels of natural gas liquids. Production is anticipated by late 1999. All natural gas from the SOEP will be transported to markets in Nova Scotia, New Brunswick and New England via the CDN $1 billion Maritimes & Northeast Pipeline. SOEP's first phase is expected to cost approximately CDN $2 billion and is scheduled for completion by late 1999 (Shell share - $600 million). During this two-year period, offshore production platforms, gathering lines and onshore processing facilities will be built to handle production from the Thebaud, North Triumph and Venture fields. The second phase is expected to cost about CDN $1 billion for the development of the three additional fields, Alma, Glenelg and South Venture (Shell share - $300 million). Development of these fields will be phased in with completion by 2006. Neal McKim, Senior Operating Officer, Resources, Shell Canada Limited, noted "this is a significant project and future growth opportunity for Shell because it opens up a new basin for exploration and development. Shell's share of SOEP production represents an increase of approximately 25% from our current average daily production of natural gas." The interim development and production ownership of SOEP is: Mobil Oil Canada Properties Limited 50.8 per cent Shell Canada Limited 31.3 per cent Imperial Oil Resources Limited 9.0 per cent Nova Scotia Resources Limited 8.4 per cent Mosbacher Operating Limited (to be confirmed) 0.5 per cent For further information, contact: Media inquiries - Investor inquiries - Patty Richards, Public Affairs John Armstrong, Investor Relations (403) 691-3818 (403) 691-2175

To: Kerm Yerman who wrote (8364)	1/8/1998 7:55:00 PM
From: Arnie	Respond to of 15196

CORP. / Rally Energy Corp announces Expansion of Board Rally Energy Corp., ("Rally"), (CDN: RALY) is pleased to announce the following corporate developments. Mr. Jake Pronk, P.Geol., of Calgary, Alberta and currently a Director of Glacier Ridge Resources Ltd., ("Glacier") will succeed Mr. Hagen Gocht as President of Rally. Mr. Pronk will also join the Board of Directors of Rally and brings 25 years of diversified oil and gas experience throughout North America. Mr. Pronk held senior positions with junior, intermediate and major oil and gas companies over the past 15 years, and has established a highly successful exploration record throughout his employment history. Over a recent four year period Mr. Pronk had been the Vice President of Exploration for a well known intermediate oil and gas firm, and as a direct result of his efforts, the Company increased its net asset value substantially, with production growth from 6 mmcf/day to 100 mmcf/day of gas and, 400 bbl/day to approximately 3,000 bbl/day of liquids. Mr. Robert B. Pearson, P.ENG., of Calgary, Alberta and a Director of Glacier has over 25 years experience in the oil and gas sector with various junior, intermediate and senior companies. For the last five years Mr. Pearson has consulted for a successful oil and gas company in the evaluation, purchase and operation of producing properties and as a result of his efforts, production was significantly enhanced through recompletions and operational improvements. Mr. Pearson has been appointed Vice-President of Operations for Rally Energy. Mr. Gordon Bowerman, B.A., of Calgary, Alberta and Director of Glacier will join the board of Directors of Rally. Mr. Bowerman contributes 30 years of oil and gas experience, including land administration and accounting for various junior, intermediate and senior companies. The Board of Directors on behalf of the Company, welcomes the addition of these experienced oil and gas executives. Number of shares issued: 10,458,640 For further information please contact Sandra J. Hall, (416) 364-1698

To: Kerm Yerman who wrote (8364)	1/8/1998 7:59:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / EnerMark Income Fund announce Normal Course Issuer Bid CALGARY, Jan. 7 /CNW/ - EnerMark Income Fund announced that it has received regulatory approval to make a normal course issuer bid to be conducted through the facilities of The Toronto Stock Exchange and the Montreal Exchange. EnerMark Income Fund intends to purchase up to 5.4 million of its Units, being approximately 5% of its 109,792,809 outstanding Units as at December 18, 1997, provided that no more than 2% may be purchased in any given thirty day period. The earliest any purchases would be made through the facilities of The Toronto Stock Exchange would be January 5, 1998 and will end January 4, 1999, and the earliest any purchases would be made through the facilities of The Montreal Exchange would be January 7, 1998 and will end January 4, 1999. EnerMark Income Fund's Board of Trustees believes that the underlying value of the Fund's Units is not reflected in the current market prices. All Units purchased under the issuer bid will be cancelled, thereby increasing the respective proportionate Unit interests of all remaining unitholders.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:01:00 PM
From: Arnie	Respond to of 15196

FINANCING / Ionic Energy obtains Final Receipt of Prospectus CALGARY, Jan. 7 /CNW/ - Ionic Energy Inc. (the ''Corporation'') announces that as of January 6, 1998, it has obtained a final receipt for the Corporation's prospectus qualifying the distribution of 12,855,486 Common Shares issuable upon the exercise of Special Warrants. The receipt has been issued by the securities commissions in each of the Provinces of Alberta, British Columbia and Ontario. The Corporation has completed a January 1, 1998 amalgamation of Ionic Ventures Inc., a junior capital pool corporation and Ionic Energy Inc., a private company. Post amalgamation and warrant exercise, the Corporation will have 15,001,487 common shares outstanding. The Corporation is proceeding with the drilling of approximately 12 wells over the next four to five months in its West Central Alberta core area. Based on its rich prospect inventory, the Corporation's 1998 capital program, in excess of eight (8) million dollars will more than double year end 1997 production rate of 610 BOE'D over the next 12 months.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:03:00 PM
From: Arnie	Respond to of 15196

New Listing / Fort Chicago Energy Partners on the Montreal Exchange MONTREAL, Jan. 7 /CNW/ - ''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% equity interest in the Alliance pipeline project. The head office of Fort Chicago Energy Partners L.P. is located at: 255 - 5th Avenue S.W. Suite 900 Calgary, Alberta T2P 3G6 Telephone: (403) 231-3100 Fax: (403) 231-3248 Contact: Stephen White, President Ticker symbol: ''FCE.UN'' Newspaper abbreviation: FtChi A u

To: Kerm Yerman who wrote (8364)	1/8/1998 8:07:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Sunoma Energy successful with Orbit Oil & Gas CALGARY, Jan. 7 /CNW/ - Sunoma Energy Corp. announces that approximately 32,359,000 common shares of Orbit Oil & Gas Ltd. have been tendered under Sunoma's amended offer for the common shares of Orbit, representing approximately 74% of the outstanding common shares on a fully diluted basis, excluding those owned by Sunoma on the date of the offer. All of the conditions of Sunoma's offer have been satisfied. Sunoma has taken up and is paying for all of the shares validly tendered to date. The amended offer remains open for acceptance until the tenth day after Sunoma sends to the shareholders of Orbit a notice of variation relating to the recent increase in the offer price.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:08:00 PM
From: Arnie	Respond to of 15196

FINANCING / Greentree Gas & Oil announces Private Placement of Shares TORONTO, Jan. 8 /CNW/ - Greentree Gas & Oil Ltd. is pleased to announce the successful completion of a $500,000 private placement consisting of the issuance of 2 million flow-through common shares at a price of $ 0.25, through Gary Bean Securities of London, Ontario. Proceeds from the offering will be used to fund the exploration and development of the Company's natural gas properties in Norfolk County, Ontario. Greentree is a natural gas producer and explorer with an extensive prospect inventory and approximately 15,000 acres of leases in southwestern Ontario. Greentree currently produces from 66 gas wells and operates production infrastructure consisting of three compressor stations and approximately 40 miles of gathering system. Greentree shares trade on the Canadian Dealing Network under the symbol ''GGOL''.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:12:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Poco Petroleum expands Natural Gas Focus in BC CALGARY, Jan. 8 /CNW/ - Poco Petroleums Ltd. announced today that it has established the Monkman Pass area in northern British Columbia as a key operating and exploration area. This initiative began with an acquisition in early 1997, and through numerous transactions, including a recent agreement to purchase Shell Canada Limited's interests in the area, the company has established a significant operating position at Monkman Pass. Including the proposed acquisition from Shell, the company will have spent $224 million in the last 12 months to acquire: 1998 average daily production of 100 million cubic feet of natural gas; 300 billion cubic feet of natural gas reserves; 3,500 miles of 2-D seismic data; 150 square miles of 3-D seismic data; and 300,000 acres of undeveloped land. The undeveloped land base provides tremendous exploration potential with more than 25 currently identified drilling locations. Successful wells previously drilled in the area have typically produced at a daily rate of 20 to 60 million cubic feet of natural gas, with some wells producing up to 80 million cubic feet. With a successful drilling program in 1998 and 1999, we would anticipate Poco's production continuing to increase from the Monkman Pass area. Poco's acquisition activity in the Monkman Pass area over the last year is summarized as follows: (millions) ---------- Total cost $224 Land value (at $200 per acre) (60) Seismic (30) ------ Cost of reserves $134 ------ ------ Cost of reserves per boe $4.47 Cost of production per boe per day $13,400 The preliminary capital expenditure plans for 1998 at Monkman Pass include drilling two wells, tying in one well and shooting seismic for a total cost of at least $30 million. There may be additional capital in 1998 required for another location if a well currently being drilled pursuant to a previous farm-out agreement is successful. Poco intends to dispose of properties located in eastern Alberta to finance the latest acquisition of Monkman Pass properties. These are non-core properties which do not have the exploration potential that Poco has been focusing on in the western portion of the western Canadian sedimentary basin. Poco anticipates completion of these dispositions by the end of the first quarter of 1998. After giving effect to the impact of these transactions, the preliminary expectations for 1998 are that Poco's average daily production will be 550 million cubic feet of natural gas, 20,000 barrels of natural gas liquids and 23,000 barrels of crude oil. On a barrel of oil equivalent basis, Poco expects daily production volumes to increase by 20 per cent to 98,000 barrels in 1998. With a natural gas hedge on 300 million cubic feet per day at $3.00 per thousand cubic feet until March 31,1998, Poco is forecasting an average natural gas price of $2.00 per thousand cubic feet in 1998. Assuming a West Texas Intermediate price of US$19.00 per barrel, Poco is forecasting oil prices at the wellhead will be $25.50 per barrel and natural gas liquids will average $19.00 per barrel. The strong crude oil price reflects the fact that 90 per cent of Poco's crude oil production is high quality light oil. The strong price for natural gas liquids reflects the high demand for condensate used as a diluent to transport heavy oil. Poco is currently forecasting an increase in cash flow in 1998 to approximately $390 million, or $3.05 per share and net earnings of approximately $55 million, or $0.43 per share. With a capital expenditure program of $425 million, 1998 year end long term debt net of working capital will be approximately two times 1998 expected cash flow. Poco continues to focus on natural gas related exploration and development in the quest for large reserves in the deeper portions of the western Canadian sedimentary basin. This strategy is congruent with the company's bullish view on natural gas and natural gas liquids prices. Strong natural gas prices, the recent acquisition in Monkman Pass and the exciting exploration program provides Poco with excellent prospects for a successful 1998.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:14:00 PM
From: Arnie	Respond to of 15196

CORP. / Poco Petroleums to hold Briefing for Analysts & Kerm NOTICE TO ANALYSTS AND MEDIA Poco Petroleums Ltd. will hold a briefing for analysts and media to discuss its recent expansion in the Monkman Pass area in northern British Columbia on Thursday, January 8, 1998 at 9:00 a.m. Mountain Standard Time 11:00 a.m. Eastern Standard Time Craig Stewart, President and Chief Executive Officer of Poco Petroleums Ltd. John Ferguson, Vice President and Chief Financial Officer of Poco Petroleums Ltd. To participate in the conference call, dial 1-888-209-3777. Please call in about five minutes early to ensure your participation. A taped rebroadcast of the call will be available to listeners for two business days beginning Thursday, January 8, 1998 at 11:00 a.m. MST, 1:00 p.m. EST. To listen to the rebroadcast, please call 1-800-558-5253 and provide the following reservation No. 3680697.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:16:00 PM
From: Arnie	Respond to of 15196

FINANCING / Pyramid Energy closes Financing CALGARY, Jan. 8 /CNW/ - Pyramid Energy Inc. (''PEI'') announces that it has successfully closed its 1997 flow through Common Share offering. The corporation sold 4,014,450 shares at a price of $0.70 per share, realizing gross proceeds of $2,810,115. These funds will be used to finance PEI's 1998 exploration and development program in Western Canada. During the last quarter of 1997 PEI and its subsidiary company Pyramid Resources Ltd. have raised a total of $6,293,218 in new financing to fund the corporation's drilling programs both in Canada and in Pakistan.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:18:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Canadian Occidental Petroelum CALGARY, Jan. 8 /CNW/ - Canadian Occidental Petroleum Ltd. (CXY-TSE, ME, AMEX) announced today that its wholly owned subsidiary Canadian Petroleum Australia Limited has entered into an agreement with BHP Petroleum Ltd., a subsidiary of Broken Hill Proprietary Company Limited, to acquire a 50% interest in Block WA-260-P, located in the Bonaparte Basin off the northwest coast of Australia. Several oil discoveries have been made in the Basin recently, including the Buffalo field on the newly acquired Block WA-260-P. Under the terms of the agreement, Canadian Petroleum will participate in the development of this field, which is estimated to contain approximately 25 million barrels of oil reserves. The Buffalo field was discovered in October 1996 and a successful delineation well was drilled in May 1997. Subject to approvals, a four-well development program is planned to commence in November 1998, with production start-up in 1999. A number of exploration prospects in Middle Jurassic and Cretaceous horizons have been identified on Block WA-260-P from 2D and 3D seismic information. CanadianOxy will participate in six exploration wells, the first of which commenced drilling during the third week of December. BHP Petroleum is the operator of the block and the Buffalo field development project. Commenting on the acquisition, Victor Zaleschuk, President and CEO said, ''Block WA-260-P is in a highly prospective area of the Australian Northwest Shelf. This area is part of the Eastern Indonesian Mesozoic play fairway, which has the potential for giant fields and where CanadianOxy has been exploring for three years. The fact that there is proven oil in the basin and we're participating in the development of a new field on the block greatly reduces both the exploration and financial risk of this project.''

To: Kerm Yerman who wrote (8364)	1/8/1998 8:24:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Agra Inc to Start Construction on Sable Project OAKVILLE, Ont. Jan. 8 /CNW/ - AGRA Inc. President and CEO Alex Taylor today welcomed confirmation of the Company's alliance contracts for the Sable Offshore Energy Project (SOEP) with today's announcement that construction will move forward on Sable over the coming two year period. AGRA subsidiary AGRA Monenco and joint venture partner Brown & Root have been authorized by the project's owners to move ahead in their role as project managers, engineers and procurement contractors for the overall project. Work will now proceed toward the construction of six offshore platforms, an accommodation platform, onshore gas processing and handling facilities as well as the drilling of approximately 30 wells and the laying of approximately 400 kilometres of interfield gathering lines. AGRA and Brown & Root will provide overall project and construction management, procurement and engineering as part of an integrated alliance team which includes the project's owners and primary contractors. AGRA Monenco and partners Brown & Root and BMS Offshore Ltd. have also been contracted for project and construction management services related to construction of the project's onshore facilities including a gas processing plant at Goldboro, a natural gas liquids pipeline, and fractionation facilities at Point Tupper. Future construction sub-contracts for the onshore facilities will generate hundreds of jobs in Nova Scotia throughout 1998 and 1999. ''Today's announcement signals the start of a very focused and challenging schedule of work for AGRA Monenco and our partners in the SOEP Alliance,'' said Mr. Taylor. ''The Alliancing approach developed for this project is an important first for Canada's engineering and construction industry and we are confident that the SOEP Alliance will deliver excellent results for everyone involved in this important energy project.'' AGRA confirmed previously released estimates that revenues to the Company for its various roles in the project are expected to be in excess of $110 million over the next two years. AGRA Inc. is one of Canada's largest international engineering, construction, environment and technology corporations. With headquarters in Calgary, Alberta, 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 (8364)	1/8/1998 8:27:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Sable Energy Project moves forward - Work Begins GOLDBORO, N.S., Jan. 8 /CNW/ - With all the required Federal and Provincial government regulatory approvals in place, the Sable Offshore Energy Project (SOEP) proponents have confirmed the major contracts which will start the initial phase of the construction and drilling in the $3 billion pioneer development of Canada's first offshore natural gas development. At a symbolic ceremony here today SOEP Management Committee chairman Ken Miller, Guysborough-Port Hawkesbury MLA Ray White and Guysborough Warden Lloyd Hines turned the first sod in developing the access road right-of-way to the site of the proposed onshore natural gas processing facility. The groundbreaking for the key onshore facility, 300 kilometers northeast of Halifax, signals the start of two years of onshore and offshore construction activity. Last week contractual commitments were made for about $1 billion of the $2 billion first phase of construction and drilling. Miller said the Joint Review Panel recommendations and subsequent regulatory approvals by the Federal and Provincial governments gave the proponents the confidence necessary to continue to move forward. ''While the owners still have some work to do to formally finalize project sanction, all our major agreements are in place, enabling us to take the critical step of awarding the major contracts,'' Miller said. ''This keeps us on tract to meet the market need for natural gas in 1999.'' Miller acknowledged, however, that the project is on a tight schedule. ''Last summer, we acted to ensure that purchase orders, alliance agreements and rig contracts could be quickly actioned by the end of 1997 so that we have all material, equipment services and necessary labor support in place to have gas production in 1999. ''We have been encouraged by the support we have received in Nova Scotia, in Ottawa and across Canada, by governments, suppliers, contractors, our alliance partners and the communities which will be mostly affected. Together, we have jointly taken a concept, and long-held goal of Nova Scotia's, to bring offshore natural gas to market. ''I am certain that this project will bring great benefit to Guysborough and surrounding area. I know the natural gas industry will be a solid contributor to this province's economy and I am confident the SOEP team and owners will deliver on the commitments we have made,'' Miller added. The interim development and production ownership of SOEP is: Mobil Oil Canada Properties Limited 50.8 per cent Shell Canada Limited 31.3 per cent Imperial Oil Resources Limited 9.0 per cent Nova Scotia Resources Limited 8.4 per cent Mosbacher Operating Limited (to be confirmed) 0.5 per cent SABLE OFFSHORE ENERGY PROJECT ----------------------------- BRIEFLY........... 1. The industry benchmark for a project similar to SOEP is a 29 month schedule measured from the start of detailed design to project completion. SOEP has compressed this schedule into 23 months. 2. Prior to December 31, 1997 the SOEP proponents had commited more than $260 million to the project. 3. A further $800 million in contractual commitments were made December 31, 1997. 4. More than 70 purchase orders for equipment and materials were confirmed December 31. 5. Alliance contracts were confirmed December 31, 1997 with the key contractors covering engineering and project management, transportation, installation and heavy lift services, subsea pipelay services, fabrication of offshore platforms and jackets, onshore facilities construction management, automation control systems. 6. Tier 1 construction of SOEP will be completed by December, 1999. This $2 billion phase includes facilities and gathering lines at Thebaud, North Triumph and Venture fields and all onshore facilities. 7. Tier 2 development cost is estimated at more than $1 billion and includes the facilities and gathering lines for the Alma, Glenelg and South Venture fields and will be progressively completed by 2006. 8. The central offshore Thebaud platform provides the critical path for the construction schedule. The contractor began cutting steel and started welding on January 5. 9. The Thebaud platform is expected to be installed on location during the good weather window in the summer of 1999. 10. The Rowan Gorilla II drilling rig services have been confirmed and the jackup rig is due on site April 1998. 11. SOEP confirmed the commitment December 31 of about $310 million for the services of the Sante Fe Galaxy II jackup drilling rig due on location September 1998. 12. Twelve production wells will be drilled during Tier 1 drilling, five at Thebaud, five at Venture and two at North Triumph fields. 13. Pipe and equipment costing about $75 million have been confirmed to support the drilling operations. 14. Fabrication of the Thebaud and Venture drilling jackets is proceeding well at the MMIndustra/Brown & Root JV Dartmouth yard. The jackets are scheduled to be lifted by the heavy lift transportation vessel S7000 and placed on site in March ready for drilling activity in April. 15. Protecting the environment, the health and safety of employees and the communities in which we work is a priority and in 1997 the SOEP team, working in many parts of the world, completed 860,000 persons hours of work without a lost time accident. 16. SOEP's Halifax offices will expand to about 43,000 square feet and will provide accommodation for drilling, alliance partners and support activities. 17. More than 400 people are working directly on the project at present, including almost 100 in the Halifax offices. 18. The Halifax based staffing will peak at about 180 later in 1998. 19. SOEP will be built concurrent with the $1 billion Maritimes and Northeast Pipeline which will transport quality sales gas into Nova Scotia, New Brunswick and New England markets.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:29:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Hurricane Hydrocarbons brings Field into Production CALGARY, Jan. 8 /CNW/ - Hurricane Hydrocarbons Ltd., a Calgary based company with extensive oil reserves and operations in the Republic of Kazakhstan, ended 1997 by successfully bringing the South Kumkol field into production. South Kumkol has estimated proven and probable reserves of 33 million barrels of oil. Three wells are currently producing at a rate totaling more than 5,000 barrels of oil per day (bopd). Four wells are in the process of being tied in and additional delineation wells will be drilled in 1998. The company's production exit rate for 1997 was approximately 58,600 bopd. Hurricane targets a 1998 exit rate of 90,000 bopd with an average of 72,600 bopd. The domestic Kazakhstani selling price for crude remained firm in 1997 and the company expects the same in 1998. The product sold in Kazakhstan is independent of world oil pricing. Hurricane's fiscal year end has been changed from June 30 to December 31, starting December 31, 1997. The company's estimated capital budget for 1998 is US $169 million. The focus will be on field and infrastructure development to increase reserves and production with a continued commitment to occupational health and safety, and employee training. Hurricane is an international exploration and development company focused on Kazakhstan, a resource rich country in Central Asia. Hurricane's oil reserves have been estimated at 389 million barrels by McDaniel & Associates Consultants Ltd., as at September 1, 1997. Hurricane Hydrocarbons Ltd. is listed on the Alberta (ASE) and Toronto (TSE) stock exchanges under the trading symbol HHL.A and on NASDAQ under the symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 composite indices.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:31:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

CORRECTION / Tekerra Gas Inc ( Jan 7,1998 Release ) CALGARY, Jan. 8 /CNW/ - The press release of January 7, 1998 was sent out with an error regarding the two new wells that have recently come onstream. The information should have read: The 6-12-46-16 W5M is currently averaging 500 THOUSAND cubic feet per day of gas and 18 barrels per day of liquids. The 16-11-46-16 W5 is producing initial rates of 825 THOUSAND cubic feet per day of gas and 48 barrels per day of liquids.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:35:00 PM
From: Arnie	Respond to of 15196

PIPELINES / TransCanada Pipelines proposes Expansion CALGARY, Jan. 8 /CNW/ - TransCanada PipeLines Limited today announced it intends to file a 1999 facilities application this winter with the National Energy Board that will include a proposed 1.4 billion cubic foot (Bcf) per day expansion to serve the proposed Viking Voyageur pipeline. The expansion is expected to require construction of pipeline facilities in Saskatchewan and Manitoba by November 1999 to meet downstream market requirements in the U.S. midwest. Wayne Lunt, president of TransCanada' North American Pipeline Investments, said the TransCanada expansion, combined with Viking Voyageur, will provide a competitive toll into the premium markets in the U.S. upper midwest. ''Voyageur offers natural gas producers the opportunity to directly serve the immense Chicago market as well as growing upstream markets in Minnesota and Wisconsin,'' said Mr. Lunt. ''Equally, the project offers energy consumers in the U.S. midwest a direct connection to western Canadian natural gas which will improve upon the region's natural gas prices and supply reliability. Add to that transportation agreements with competitive rates and flexible terms, and you see a project with tremendous benefits for both the market and producers.'' Bob Reid, president of TransCanada's Canadian Mainline, said the 1999 facilities expansion to Viking Voyageur replaces TransCanada's proposed TransVoyageur project. ''TransVoyageur was created to offer Canadian producers an opportunity for pipeline ownership,'' said Mr. Reid. ''It became evident the producers are less interested in ownership and more interested in low transportation costs. The most cost effective way to connect to Viking Voyageur is through an expansion of our Canadian Mainline. The result is a better project for the U.S. upper midwest than other announced alternatives.'' The proposed 773-mile, 42-inch diameter Viking Voyageur pipeline is owned by subsidiaries of TransCanada, Northern States Power and Nicor. It has received strong U.S. market and political support. Viking Voyageur filed an extensive application with the Federal Energy Regulatory Commission in October 1997. TransCanada PipeLines Limited is one of North America's leading transporters of natural gas through its energy transmission businesses. TransCanada also operates significant complementary businesses in energy marketing and energy processing in North America, and is extending its operations internationally.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:37:00 PM
From: Arnie	Respond to of 15196

CORP. / Hegco Canada to host reception for Financial Community EDMOND, Oklahoma, Jan. 8 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, announced today that HEGCO will host receptions in Toronto, Ontario and Calgary, Alberta, for members of the financial community. Key topics will be discussion of progress within the Company's Oklahoma operations, related to recent discoveries and expanding reserves, and the reentry of the El Grande No. 1 well in the Arkoma Basin of Arkansas. The reentry strategy for the target area, the geology of the Arkoma Basin and the potential of HEGCO's secured land position will be reviewed. Management will also review recent log analysis and growing interest and activity surrounding the HEGCO resource. The initial reception will be held on Tuesday, January 13, at the Sheraton Centre, Toronto, Ontario, in Conference Room G, from 4:30-7:30. A reception will be held the following evening in Calgary, Alberta, at the Westin Calgary, in the Lake Louise Room, from 4:00-7:30. In each location, there will be formal presentations as well as open discussion. Refreshments, as well as hot and cold hors d'oeuvres, will be served. Attendance is open to all members of the financial community. Please RSVP to HEGCO's Investor Relations office at 1-800-492-9572. Please respond by the close of business on Monday, January 12th. 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 (8364)	1/8/1998 8:39:00 PM
From: Arnie	Respond to of 15196

CORP. / Trimark Mutual Fund's Holdings of Tarragon Oil & Gas Stock Symbol: TMF (TSE, ME) TORONTO, Jan. 7 /CNW/ - Trimark Investment Management Inc.(''Trimark''), Toronto, Ontario, announced that 164,200 common shares (''Shares'') of Tarragon Oil and Gas Limited have been acquired by mutual funds sponsored by Trimark (''Trimark Funds'') in open-market purchases through the facilities of The Toronto Stock Exchange. Trimark Funds now hold in aggregate 7,472,700 Shares, or 14.6 per cent of the issued and outstanding Shares of Tarragon Oil and Gas Limited. The purchases by Trimark on behalf of Trimark Funds were made in the ordinary course of business for investment purposes and not for the purpose of influencing the control or direction of Tarragon Oil and Gas Limited. Trimark Funds may from time to time acquire additional Shares, dispose of all or some of those Shares or may continue to hold those Shares. Trimark Financial Corporation (TMF: TSE, ME) became a publicly traded company in 1992. Its principal business is conducted through Trimark Investment Management Inc. (TIMI), a mutual fund management company that is sponsor, manager and distributor of mutual funds in Canada. Since its founding in 1981, TIMI has grown to manage assets totaling more than $27 billion in 15 mutual funds and operates through offices in Toronto, Montreal, Vancouver and Calgary. In addition to its retail and pension mutual fund operations, Trimark Financial Corporation also owns and operates Trimark Trust and Trimark International Inc. Trimark has over 600 permanent staff members.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:42:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

GENERAL INTEREST / Occidental Energy & Conoco to build Facilty LOS ANGELES, Jan. 8 /CNW/ -- Occidental Energy Ventures Corp., a subsidiary of Occidental Petroleum Corporation (NYSE: OXY), and Conoco Global Power Inc., a wholly owned subsidiary of Conoco, the energy arm of DuPont, announced today that they have completed financing for a jointly developed 440-megawatt natural gas-fired cogeneration power plant near Ingleside, Texas. The plant will be developed, constructed and owned by Ingleside Cogeneration Limited Partnership, which is equally owned by indirect, wholly owned subsidiaries of Occidental and DuPont. Construction will begin in early 1998, and commercial operation is expected in January 2000. The new plant will he adjacent to chemical complexes owned by Occidental's chemical division, OxyChem, and DuPont. OxyChem will manage construction and operate the plant under a long-term contract and will purchase a majority of the plant's electricity and steam production. The plant is designed to produce 440 megawatts of electric power and 1.1 million pounds per hour of process steam. The plant will be a qualifying facility under the Public Utility Regulatory Policies Act and will sell excess electricity in the Texas power markets. Societe Generale was arranger and sole underwriter for the $210 million financing.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:45:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

NEB / NEB sets Public Hearing for Coleman Pipeline Project CALGARY, Jan. 8 /CNW/ - The National Energy Board has set down for public hearing an application by Northstar Energy Corporation Ltd. (Northstar) of Calgary to construct and operate a natural gas pipeline project in southwestern Alberta and southeastern British Columbia. Northstar has applied for permission to construct and operate a natural gas pipeline. The 406 millimetre (16 inch) pipeline would extend approximately 7.2 kilometres (4.5 miles) from Northstar's Coleman Gas Plant, located west of Coleman in Savanna, Alberta, through the Phillips Pass, to connect to the Alberta Natural Gas Company Ltd main transmission pipeline west of the Alberta/British Columbia border. The capital cost of the project is estimated to be $6.467 million. The initial contracted capacity is anticipated to be 620 thousand cubic metres (22 million cubic feet) of natural gas per day. The public hearing will commence Tuesday, 30 March 1998 at a location to be announced at a later date. Interventions are to be filed by 2 February 1998. Board staff will be conducting public seminars in advance of the hearing to explain the hearing procedures, routing and land acquisition matters and to answer related questions. A public seminar has been scheduled at the Crowsnest Pass Sports Complex in Coleman, Alberta from 7 p.m. to 10 p.m., 12 March 1998. For a copy of Hearing Order GH-1-98: Publications Officer Ground Floor 311 Sixth Avenue S.W. Calgary, Alberta T2P 3H2 (403) 299-3562

To: Kerm Yerman who wrote (8364)	1/8/1998 8:46:00 PM
From: Arnie	Respond to of 15196

DIVIDEND / CanUtilities Holdings Ltd. CALGARY, Jan. 8 /CNW/ - Please be advised that CanUtilities Holdings Ltd. declared a cash dividend of $0.0791 per share on the outstanding Cumulative Redeemable Preferred Shares, Series B of the Corporation with a Record Date as at the close of business on January 20, 1998 and a Payment Date of January 21, 1998.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:49:00 PM
From: Arnie	Respond to of 15196

FINANCING - SPEC 15 / Colony Energy completes Private Placement CALGARY, Jan. 8 /CNW/ - Colony Energy Ltd. (''Colony'') announced today that it has completed the previously announced sale on a private placement basis of 8,462,000 Special Warrants at a price of $2.10 per Special Warrant for gross proceeds of $17,770,200. Griffiths, McBurney & Partners led a syndicate of underwriters which included Newcrest Capital Inc., Peters & Co. Limited, Midland Walwyn Capital Inc. and Canaccord Capital Corporation. These Special Warrants are, subject to adjustment in certain circumstances, exchangeable without further payment for common shares of Colony on a one for one basis. Colony also announced that on December 19, 1997 it completed its previously announced private placement sale of 2,000,000 flow-through shares at a price of $2.50 per share. The net proceeds of these equity issuance's will be used in conjunction with its bank credit facility, to fund the purchase of one of the Corporation's property acquisitions and its 1998 drilling program. On the acquisition front, Colony announced the completion of various previously announced transactions which included the closing today of its purchase of assets in the Rainbow Lake area of Alberta from Pinnacle Resources Ltd. for an aggregate price of approximately $27 million, the closing on December 24, 1997 of the acquisition of all of the outstanding shares of a private corporation called Big Bear Energy Ltd. that resulted in a change of the management of Colony and the acquisition on December 24, 1997 pursuant to its take-over bid of approximately 94% of the issued and outstanding shares of Black Jack Energy Ltd., a junior capital pool company. The assets of each of Big Bear and Black Jack consisted primarily of cash. This press release is not for distribution to United States Newswire Services or for dissemination in the United States. The Alberta Stock Exchange has neither approved nor disapproved the contents of this news release. Colony Energy Ltd, is a Calgary based oil and gas company listed on The Alberta Stock Exchange under the symbol ''CYG''.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:52:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Dominion Equity Resource Fund Management Structure CALGARY, Jan. 8 /CNW/ - Immediately following the Special meeting of Shareholders, Dominion Equity Resource Fund Inc. confirmed the corporation's change in investment advisory and portfolio management services to Crescent Capital Corp. under Dean Prodan, President. ''The change reflects shareholders on-going interest in achieving better than average returns through direct exposure to the Canadian oil and gas sector'' commented Ron Coleman, Chairman, Dominion Equity. Prodan brings to Dominion Equity a fresh approach, and the added depth of specialized knowledge gained through direct experience in the oil and gas industry. Prior to establishing Crescent Capital Corp. he provided investment advice to some of the largest Canadian and U.S. fund managers, first as an institutional salesman with Peters & Co. and subsequently as a Managing Director, Institutional Sales with FirstEnergy Capital Corp. Prodan joined FirstEnergy in September 1993 as a founding shareholder and director. ''Being on the ground in Calgary and directly connected to the industry, is key to making sound, timely oil and gas investments'' Prodan responded, when asked to summarize the advantage Crescent Capital brings to Dominion Equity shareholders. ''Further, fund management continuity is assured as Ron Coleman will continue to provide advisory services in his role as Chairman.'' Established as a mutual fund company in 1951, Dominion Equity Resource Fund Inc. is Canada's first energy resource fund. Based in Calgary, Dominion Equity Resource Fund Inc. specializes in Canadian oil and gas stocks.

To: Kerm Yerman who wrote (8364)	1/8/1998 8:58:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

CORP. / 18.75% Of Tri Link Resources owned by Management Company TORONTO, Jan. 8 /CNW/ - Knight, Bain, Seath & Holbrook Capital Management Inc. (''KBSH'') today announced that the aggregate shares of Tri Link Resources Ltd. held on behalf of its client accounts as at December 31, 1997, was 3,936,946 common shares, representing approximately 18.75% of all outstanding shares of that class. The shares were acquired through the facilities of a stock exchange in the ordinary course of business. All transactions were for investment purposes only and not for the purpose of exercising control or direction over Tri Link Resources Ltd. KBSH specifically disclaims any beneficial ownership of the reported shares, but as investment manager it maintains exclusive power to exercise investment control or direction over such shares for its client accounts. KBSH client accounts may from time to time acquire additional shares, dispose of some or all of the existing or additional shares or may continue to hold the same number of common shares. This press release and the related early warning report are issued in accordance with the proposed alternative system respecting Early Warning Reporting. Neither KBSH nor any of its client accounts presently intend to: a) make a formal take-over bid for shares of Tri Link Resources Ltd.; b) propose a transaction that would constitute a take-over bid in reliance on an exemption in the Securities Act (Ontario) or the equivalent provisions in the securities legislation of any other jurisdiction; or c) propose a reorganization, amalgamation, merger, arrangement or similar business combination with Tri Link Resources Ltd. which would result in KBSH's client accounts controlling the company, alone or jointly with others. To the best of its knowledge, KBSH and its client accounts do not in the ordinary course of business receive material facts or changes about Tri Link Resources Ltd. which have not been publicly disclosed.