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

To: Kerm Yerman who wrote (8451)	1/13/1998 1:03:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Hawk Oil announces Astronomical Production Hawk Oil Inc. ("Hawk Oil") is pleased to announce the results of its highly successful 1997 year end drilling program. Production has dramatically increased from 11 net barrels of oil per day in September, 1997 to current production of 275 net barrels of oil per day. The bulk of Hawk Oil's production (70%) is comprised of light 34 to 38 degree API oil and the balance is comprised of heavier 13 to 18 degree API oil. The majority of Hawk Oil's activity has been focused on light oil in SE Saskatchewan. In Queensdale, Hawk Oil drilled and completed one (1 net) horizontal oil well which flowed during the 6 day completion period at rates in excess of 400 barrels of oil per day. In order to prevent premature water coning the production rate has been held to 175 barrels of oil per day. The company plans to drill a second horizontal well location which it has identified on this prospect. Hawk Oil also drilled a shallow vertical well (1 net) in Wapella and participated in a horizontal well (0.5 net) at Ingoldsby which were abandoned. Hawk Oil drilled and cased an exploration well (0.5 net) in Griffin (SE Saskatchewan) in January, 1998 and anticipates completing the well later this month. Successful completion of this potentially new pool will prove up multiple development locations on company lands. Hawk Oil made two new pool discoveries in Epping (West Central Saskatchewan) successfully drilling and completing three (3 net) oil wells. The wells are producing from three different zones (McLaren, Cummings and G.P.). Hawk Oil has identified 12 follow up locations on 100% owned Hawk Oil lands. However, the company will delay the development of these lands until the market price for heavier oil improves. Effective January 1, 1998 Hawk Oil acquired a 50% interest in 560 acres of land and 10.5 net barrels of light oil per day in Glen Ewen (SE Saskatchewan) at a cost of $227,000. This acquisition, from a private oil and gas company, includes 4 oil wells, 1 battery, 1 water disposal facility and operatorship. The company plans to drill a horizontal well between the producing vertical wells in early 1998. One or more follow up horizontal wells may be drilled on this prospect. Hawk Oil anticipates drilling a minimum of 3 horizontal wells and 3 exploration wells on existing company prospects in SE Saskatchewan in the first half of 1998. The company continues to generate both high impact exploration prospects and development opportunities that yield immediate cash flow. As well, Hawk Oil continues to maintain working interests in the 50% to 100% range and operates the vast majority of its production. The company is also pleased to announce that its Class B Subordinate Voting Shares will be listed for trading on the Alberta Stock Exchange under the symbol HWK.B on January 19, 1998. Hawk Oil has 712,752 Class B Shares outstanding. For further information please contact: Steve Fitzmaurice, President Hawk Oil Inc. Phone: (403) 262-1131 Fax: (403) 233-7354 Email: hawkoil@cadvision.com

To: Kerm Yerman who wrote (8451)	1/13/1998 1:08:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Black Sea Energy achieves Production Target CALGARY, Alta. Jan. 13 /CNW/ - Clint Hussin, President, Black Sea Energy Ltd., announced today that the company's Tura joint venture in Russia achieved a year-end oil production exit rate of 8,850 barrels per day (Black Sea's share is 50%, or 4,425 barrels per day). Of Tura's total fourth quarter production of approximately 706,000 barrels (7,700 barrels per day), 73% was sold into export markets with the balance held for delivery in 1998. The production milestone exceeded Black Sea's year end target rate of 8,800 barrels per day and was reached despite record cold temperatures experienced in Russia throughout November and December. ''We are extremely pleased with the team effort displayed by our joint venture which allowed us to exceed our target. We expect these efforts will contribute to planned production increases during 1998'', said Mr. Hussin. Post year-end production temporarily dropped back to approximately 8,000 barrels per day as Tura took advantage of warmer temperatures to catch-up on scheduled well maintenance and pump replacement. Black Sea Energy completed a successful exploration program in 1997 and is currently evaluating the program's impact on the company's reserve base. It is expected that the results of the evaluation will be released at the end of January, 1998. Black Sea Energy is a Canadian company focused exclusively on the initiation, rehabilitation, exploration and development of major oil properties in Russia, where the company's objective is to become one of the most significant foreign oil producers. Black Sea Energy's common shares trade on the Toronto Stock Exchange under the symbol BSX.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:10:00 PM
From: Arnie	Respond to of 15196

FINANCING / Gulfstream Resources concludes New Credit Facility CALGARY, Jan. 13 /CNW/ - Gulfstream Resources Canada Limited - GUR, Toronto - announced today that it has secured a Cdn. $73 million (U.S. $51 million) corporate credit facility with a consortium of international banks. The recently executed Credit Agreement is for a three year revolving term. ''This new facility combined with approximately Cdn. $35 million cash in the bank at December 31, 1997 leaves Gulfstream in a very strong position to further the development of our asset base through 1998 and beyond,'' stated Angus McKee, Chairman of Gulfstream. Completion of the financing facility enhances the corporation's ability to aggressively pursue 1998 development plans for both oil and gas projects within Qatar, to further expand cash flow during the year, and to support activities in Oman and Madagascar. This credit facility is a significant component in Gulfstream's ongoing financing initiatives which also included a Cdn. $45 million equity placement during the 1997 fiscal year. Gulfstream is a diversified international oil and gas company with interests in the Middle East, Far East and Africa. The company currently has no long-term debt. Gulfstream trades on The Toronto Stock Exchange and is a member of the TSE 100 and TSE 200 indices.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:12:00 PM
From: Arnie	Respond to of 15196

CORP. / Torex Resources announces V.P. OPerations CALGARY, Jan. 13 /CNW/ - Torex Resources Inc. is pleased to announce the appointment of David S. Dart, P. Eng. as Vice-President Operations. David Dart holds a B.Sc. in Petroleum Engineering (with Distinction) from the University of Alberta and has over 9 years of experience in production, reservoir and exploitation engineering. Mr. Dart has valuable experience in Torex's two core areas, SE Alberta and SE Saskatchewan. Most recently, Mr. Dart was employed by the Enerplus Group of Companies in the capacity of Engineering Manager Robert Besse, C.E.T. will focus more specifically on the company's production and drilling activities in his new role as Manager of Production.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:14:00 PM
From: Arnie	Respond to of 15196

TIGHT HOLE STATUS / Bearcat Explorations & Stampede Oils Inc. CALGARY, Jan. 13 /CNW/ - Bearcat Explorations Ltd. and Stampede Oils Inc. have been requested by The Alberta Stock Exchange to issue a news release regarding any current operations in the Turner Valley prospect that may have contributed to the current heavy volume of trading in the Companies' shares. Because of the CONFIDENTIAL TIGHT HOLE STATUS of the drilling operations regarding the two currently operating wells in the Turner Valley project, the Companies are not in a position to divulge detailed information. The operations of both wells are ongoing at this time. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. BEARCAT EXPLORATIONS LTD. is listed on The Alberta Stock Exchange under the symbol BEA. STAMPEDE OILS INC. is listed on The Alberta Stock Exchange under the symbol STF.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:16:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Seven Seas signs New Association Contracts HOUSTON, Jan. 13 /CNW/ -- Seven Seas Petroleum Inc. (Amex: SEV; Toronto: SVS.U) announced today that its wholly owned subsidiary, Seven Seas Petroleum Colombia Inc., signed two new Association Contracts with Ecopetrol, the state owned oil company of Colombia, for prospects in the Middle Magdalena Basin in north-central Colombia, South America. The Rosablanca contract contains 317,000 acres and the Montecristo contract contains 375,000 acres in the Cesar, Bolivar and Santander Departments. Years one and two of each contract require the reprocessing and shooting of 2-D seismic and both contain the option to drill one well in year three. Seven Seas has also entered into an agreement to assign an undivided 25% interest in the Rosablanca and Montecristo contracts to Potomac Energy (Bermuda) Ltd., subject to the requisite governmental approvals. Seven Seas also owns an 11.875% interest in the Tapir Association Contract in the Central Llanos Basin, operated by Heritage Minerals Inc. and with its wholly owned subsidiary, GHK Company Colombia, owns a 57.7% interest and operates the Rio Seco and Dindal Association Contracts in the Magdalena Basin. Seven Seas Petroleum now has interests in approximately 1,033,000 acres in Colombia under five Association Contracts, four of which it operates. Robert A. Hefner III, Chairman and CEO of Seven Seas Petroleum Inc. said "These two contract areas are prospective for oil and gas from Tertiary and Cretaceous aged formations that are associated with large structures, faulting and fracturing". The new properties adjoin Harken Energy Corporation's Bolivar Association Contract, where in November 1997 it commenced drilling the first of a three well exploration program. Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are "forward looking statements" within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact Seven Seas Petroleum Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks discussed in detail in the Seven Seas Petroleum Inc.'s filings with the U.S. Securities and Exchange Commission. Seven Seas Petroleum Inc. is an international oil and gas exploration and production company. For more information, contact Herbert C. Williamson III, Chief Financial Officer at 713-622-8218.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:19:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Startech Energy acquires Laurasia Shares & Extends Offer CALGARY, Jan. 13 /CNW/ - Startech Energy Inc. (''Startech'') (SEH: TSE) announced today that, pursuant to its offer to acquire all of the issued and outstanding Common Shares of Laurasia Resources Limited (''Laurasia'') for $0.24 (Canadian) and 0.0362 of a common share of Startech for each Laurasia Common Share, approximately 43.5 million Common Shares, representing approximately 87.7% of the issued and outstanding Common Shares, have been deposited. As a result, Startech has taken-up and paid for all of the Common Shares deposited to the offer and extended the period during which Common Shares may be deposited until 6:00 p.m. (Calgary time) on January 26, 1998. A Notice of Extension is currently being prepared which will be mailed to all registered shareholders of Laurasia and intermediaries. A meeting of the board of directors of Laurasia has been called to facilitate the resignation of Laurasia's existing directors and the appointment of the following nominees of Startech: Paul Colborne, Everett Koeller and James Pasieka. The newly appointed officers of Laurasia will be Paul Colborne, President and Chief Executive Officer and Ned Studer, Treasurer and Chief Financial Officer. Nesbitt Burns Inc., in Canada, and Nesbitt Burns Securities Inc., in the United States, are acting as dealer managers in respect of the offer. The depository is Montreal Trust Company of Canada which has established depositories in Toronto, Montreal, Calgary and Vancouver.

To: Kerm Yerman who wrote (8451)	1/13/1998 1:22:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Syncrude Canada sets New Production Record FORT MCMURRAY, Jan. 13 /CNW/ - Syncrude Canada believes records are made to be broken. And that's exactly what the huge oil sands operator did last year. Syncrude broke its annual production record by producing 75.7 million barrels of high quality, light, Syncrude Sweet Blend, equivalent to over 207,000 barrels per day. It was the l6th annual record since Syncrude began production 19 years ago. In 1996, 73.5 million barrels were produced (201,000 barrels per day). Shipments for the fourth quarter also set a new record at 21.6 million barrels or 232,000 barrels per day, bettering the old record just set in the third quarter when 21.3 million barrels were produced. Environmental performance was also outstanding with SO(2) nice CO(2) emissions actually declining, even with the increased production. ''This record-setting production is the result of steady, safe, and very reliable plant operations. Production also benefitted from the tie-in of some of the facilities associated with the first-stage debottleneck of the Upgrading plant and the smooth start-up of the North Mine with the full-size hydrotransport system,'' said Jim Carter, Syncrude's president. ''I have to also congratulate all our employees for their excellent contribution and hard work throughout the year.'' Syncrude Canada is a joint venture owned by AEC Oil Sands, L.P., AEC Oil Sands Limited Partnership, Athabasca Oil Sands Investments Inc., Canadian Occidental Petroleum Ltd., Canadian Oil Sands Investments Inc., Gulf Canada Resources Ltd., Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd., and Petro-Canada.

To: Kerm Yerman who wrote (8451)	1/13/1998 7:36:00 PM
From: Arnie	Respond to of 15196

PIPELINES / TransCanada Pipelines signs Technical Agreement MEXICO CITY, Jan. 13 /CNW/ - TransCanada PipeLines Limited joined the Team Canada trade mission in Mexico today to sign a technical agreement with Pemex Gas and Petrochemical S.A. (PGPB) that will facilitate the ongoing development of the Energia Mayakan S. de R. L. de C.V. pipeline project. In 1997, TransCanada and its partners, Gutsa Construcciones and InterGen, won a 26-year contract to build, own and operate a 700-kilometre natural gas pipeline that will transport natural gas from Ciudad Pemex to the Yucatan Peninsula. The US$266 million Energia Mayakan pipeline system is the first project of its kind to be awarded since Mexico allowed foreign sector investment in the energy sector. ''The signing of this agreement marks the beginning of a new energy era for PGPB and Mexico,'' said Jake Epp, president TransCanada International Business Development Ltd. ''It will allow PGPB to connect with Mayakan and lays the foundation for PGPB to sell 270 million cubic feet per day of natural gas to the Comision Federal de Electricidad as well as other industrial consumers in the Yucatan Peninsula.'' Scheduled to begin construction in February 1998, Energia Mayakan will bring lasting benefits to communities along the pipeline route, as well as people living in the Yucatan Peninsula, providing a clean low-cost alternative to fuel oil and diesel. It will also produce spin off investments and related employment opportunities resulting from the availability of natural gas, and will generate more than 1,000 jobs for skilled workers and labourers in engineering, construction and managerial positions. It is scheduled to go into service in September of 1999. Earlier in the day, TransCanada officially opened its new international Latin America business development office in Mexico City. ''TransCanada decided to take its Canadian knowledge and experience into the international marketplace five years ago and Mexico is a key focal point because of the North American Free Trade Agreement and the recent opening of the Mexican natural gas industry to foreign investment,'' said George Watson, president and chief executive officer. ''The opening of our new office is a further demonstration of our commitment to Mexico's natural gas industry and a testament to our ongoing desire to invest in the country's future,'' said Mr. Epp. TransCanada PipeLines Limited is one of North America's leading transporters of natural gas through its energy transmission businesses. TransCanada operates significant complementary businesses in energy marketing and energy processing in North America and is extending its operations internationally. Visit TransCanada's website at: transcanada.com

To: Kerm Yerman who wrote (8451)	1/13/1998 7:40:00 PM
From: Arnie	Respond to of 15196

PIPELINES / BC Gas announce Initiatives to Lower Costs VANCOUVER, Jan. 13 /CNW/ - BC Gas today announced a number of initiatives designed to lower costs while providing better service to customers in the Interior of B.C. - Bill payments ---------------- Although BC Gas continued accepting bill payments in its offices after other utilities had stopped, this practice will be discontinued effective March 23, 1998. Currently, 90 per cent of the utility's customers utilize various other bill payment options and the continued expense of over-the- counter payments can no longer be justified. Before ending the practice, customers who regularly pay at the office will be contacted to identify the best alternative payment option open to them. - Expanded service hours ------------------------- All customers will now be able to obtain information on their accounts, apply for service or terminate an account through toll-free telephone access from 7.00 a.m. to 6:00 p.m. Pacific Time, Monday through Friday. - 24-hour emergency call centre -------------------------------- A province-wide toll-free number will access an emergency call centre which will co-ordinate the response to all emergent situations. Today's announcement follows the November announcement that the company would discontinue selling gas appliances. BC Gas believes local merchants are well suited to meeting the needs of today's retail appliance market. As a result of these changes, company facilities in the following communities will convert to Field Centres that will serve as work headquarters for service technicians, construction personnel and management staff: Chetwynd Mackenzie Quesnel Williams Lake 100 Mile House Cache Creek Merritt Salmon Arm Revelstoke Osoyoos Grand Forks Nelson Castlegar Trail Creston Fernie In addition, the following locations will continue as Operations Centres to provide customer account services through telephone access, as well as serve as work headquarters for service technicians, construction and operations Personnel, planning technologists and management staff: Prince George Kamloops Vernon Penticton Cranbrook Kelowna These initiatives will eliminate 30 full-time and 64 part-time positions. To assist affected employees through this transition, the company has worked with the unions representing the employees to provide comprehensive counseling and financial support packages to help them with re-training, job search, setting up their own businesses, or to prepare for early retirement.

To: Kerm Yerman who wrote (8451)	1/13/1998 7:43:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Circle Energy cased Brazeau River, Alberta Well CALGARY, Jan. 13 /CNW/ - Circle Energy Inc. announced today that it has cased its Brazeau River Shunda well. Completion and testing of several prospective zones is expected to begin by mid-February. Circle Energy Inc. has a 37 1/2 percent working interest in this well. ''We are very pleased to have cased the first well in our ten well drilling program,'' says Circle President Bill Baker. ''We are on rig standby for our second well and are finalizing licensing of the Nisku well.'' Circle has raised $1,138,500 under the Public Offering announced in the December 10, 1997 press release. The Flow-Through component of the offering is now closed raising $826,800 of the total. The Equity portion of the offering with the associated warrant remains available until January 28, 1998. A portion of the proceeds will be used in the completion of the Shunda well. Circle Energy Inc. is a petroleum and natural gas exploration company that holds oil and gas leases in the Brazeau, Morinville and Waskatenau areas of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA. The Company's shares trade on The Alberta Stock Exchange under the symbol CEN.

To: Kerm Yerman who wrote (8451)	1/13/1998 7:44:00 PM
From: Arnie	Respond to of 15196

CORP. / Range Petroleum Incentive Stock Options Granted VANCOUVER, Jan. 13 /CNW/ - Range Petroleum Corporation VSE: 'RAN' The Company has granted 950,000 Employee Incentive Stock Options exercisable at $1.69 per share, expiring January 12, 2003.

To: Kerm Yerman who wrote (8451)	1/13/1998 7:46:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Alliance Pipeline Notification of Media Briefing CALGARY, Jan. 13 /CNW/ - ATTENTION: Alliance will hold a dial-in conference call at 9:30 am EST, 8:30 am CST, 7:30 am MST, 6:30 am PST, January 14, 1998. A news release will be issued later today outlining the reason for the conference. Alliance Vice-President of Public, Government and Regulatory Affairs, Jack Crawford will be available to answer questions. The telephone number to access the conference is 1.800.997.8512. The conference operator will provide instructions on how to participate. The registration process will begin 15 minutes prior to the scheduled conference. No additional calls will be taken today. Thank you for your cooperation. For those wishing to access the taped version of the conference call, dial 416.626.4100 and quote 770238 to access the tape for 24 hours following the conference call. Note: the taped call is at the caller's expense.

To: Kerm Yerman who wrote (8451)	1/13/1998 7:49:00 PM
From: Arnie	Respond to of 15196

FINANCING / Cantex Energy completes Financing Cantex Energy Inc. (formerly Findore Minerals Inc.) (FNDR-OTC; FIMIF-BB) (the "Company") wishes to announce that it has successfully completed the offering of seventy-two (72) flow-through units of the Company pursuant to an Offering Memorandum raising $100,800. The funds will be expended on the Sheraton Township Property which is held by Cantex's (formerly Findore's) wholly-owned subsidiary, Findore Gold Resources Ltd. ("FGRL") and on other qualifying properties held by FGRL. Each unit was priced at $1.40 per share. In addition, Cantex (formerly Findore) wishes to announce that it has recently completed a $150,000. Private placement into the Company in consideration of the issuance of 136,362 common shares of the Company priced at $1.10 per share pursuant to a private placement agreement dated December 9, 1997. For further information, please contact Mr. James Lee, President, or Mr, Colin Halanen, Investor Relations Representative at Cantex formerly Findore at (416) 363-1570 or visit Cantex's formerly Findore's website at web.licity.com

To: Kerm Yerman who wrote (8451)	1/13/1998 7:52:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Colt Energy enters Farm-In Agreement 1998-01-13 MONTREAL, QUEBEC Colt Energy Inc. ("Colt") (ASE:COE) today announced that Colt has entered into the formal farm-in/exploration agreement with Ultra Resources, Inc. and Ultra Petroleum (USA) Inc. (collectively known as "Ultra"), to formalize the terms of its previously announced farm-in with Ultra, pursuant to which Colt has acquired certain rights to earn interests in acreage within the Green River Basin, including the North Lizardhead, the Northeast Lizardhead, the, Antelope Ranch and the West Billy areas, all located in Sublette County, Wyoming. The Corporation will advise of further developments concerning the farm-in as operations continue in Wyoming. The Alberta Stock Exchange has neither approved nor disapproved of the informationcontained herein, For further information contact: Alain Lambert, Chief Executive Officer Colt Energy Inc. 137 rue St. Pierre, Suite P105 Montreal, PQ H2Y 3T5 Telephone: (514) 844-7212 Telecopier: (514) 844-748

To: Kerm Yerman who wrote (8451)	1/13/1998 7:55:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Taro Industries announces Amalgamation 1998-01-13 CALGARY, ALBERTA Taro Industries Limited ("Taro") announced today that at a Special Meeting of its Securityholders, approval was obtained for the amalgamation of Taro with a wholly owned subsidiary of EVI, Inc. ("EVI"). Under the terms of the amalgamation, each Taro shareholder will receive 0.123 shares of EVI for each Taro share held prior to the amalgamation. The effective date of the transaction is expected to be January 15, 1998. EVI, Inc. is an international manufacturer of engineered oilfield products. It manufactures drilling tools, premium tubulars, production equipment and marine connectors. The shares of EVI are listed on the New York Stock Exchange under the symbol "EVI". Taro is a Canadian market leader in the design, fabrication and distribution of pumping, compression and related fluids management systems and equipment for a customer base that includes the upstream and downstream petroluem industry and a wide range of industrial and municipal end users. For further information Frank J. Killoran or T. Jerrold Jackson President and Chief Executive Officer Senior Vice-President Finance and CFO Tel: (403) 219-0241 Tel: (403) 219-0242

To: Kerm Yerman who wrote (8451)	1/13/1998 7:57:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FINANCING / Ascot Energy Resources closes Private Placement 1998-01-13 CALGARY, ALBERTA Ascot Energy Resources Ltd. has successfully closed a private placement of $1,330,000.00 by way of a flow through common shares issue, priced at $ 0.35 per share. Proceeds from this issue will be used to partially finance its ongoing 1998 exploration and development program. For further information please contact: Joe Worobec (403) 531-9022 or Andre Arrata (403) 263-2412

To: Kerm Yerman who wrote (8451)	1/13/1998 11:57:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS / Highview Resources Cancels Amalgamation Plans HIGHVIEW RESOURCES LTD. ASE SYMBOL: HVW JANUARY 13, 1998 Highview Announces It Will Not Proceed With Amalgamation With Nu-Sky CALGARY, ALBERTA--Highview Resources Ltd. (HVW-ASE) announces today that it will not be proceeding with its previously announced intentions to amalgamate with Nu-Sky Energy Inc. (NUS-VSE). Highview has now cancelled its annual and special meeting of its shareholders which was scheduled for February 19, 1998. No further regulatory approvals will be sought in this regard.

To: Kerm Yerman who wrote (8451)	1/14/1998
From: Kerm Yerman	Respond to of 15196

MERGERS / Torrington Resources & Lodestar Energy Amalgamation Agreement TORRINGTON RESOURCES LTD. TSE SYMBOL: TRN AND LODESTAR ENERGY INC. ASE SYMBOL: LEI.A LEI.B JANUARY 13, 1998 Torrington Resources and Lodestar Energy Announce Amalgamation Agreement CALGARY, ALBERTA--TORRINGTON RESOURCES LTD. and LODESTAR ENERGY INC. jointly announce that they have entered into an Amalgamation Agreement effective January 12, 1998. The Amalgamation Agreement amends the terms of the previously announced agreement between Torrington and Lodestar. Under the terms of the Amalgamation Agreement, holders of Lodestar Class A Shares, other than the founders of Lodestar (the "Founders"), will receive $1.15 cash for each Lodestar Class A Share. The Founders will receive $0.765 per Class A Share in respect of an aggregate 1,339,211 Class A Shares. The holders of Lodestar Class B Shares will receive, at their election, either 0.6 of one Torrington Common Share or $3.00 cash for each Lodestar Class B Share held, subject to a maximum cash amount of $720,000. The Founders have entered into lock-up agreements whereby they have agreed to vote an aggregate of 1,370,711 Lodestar Class A Shares (25.3 percent of the outstanding Lodestar Class A Shares) and 11,250 Lodestar Class B Shares (1.5 percent of the outstanding Lodestar Class B Shares) which they hold in favour of the amalgamation, and have agreed to elect to receive $0.765 cash in respect of 1,339,211 Lodestar Class A Shares which they hold. The amalgamation will constitute a "going private transaction" to the holders of Lodestar Class A Shares. Under OSC Policy 9.1, approval of the transaction by the holders of Lodestar Class A Shares will be required, based on a majority of the minority calculation. Relief has been obtained from the Ontario Securities Commission to allow the Founders to vote their shares and to be included in the calculation of the "minority". Research Capital Corporation has delivered to Lodestar's board a fairness opinion which states that, subject to the qualifications set forth therein, the amalgamation is fair, from a financial point of view, to the holders of Lodestar Class A Shares and to the holders of the Lodestar Class B Shares. The cash payments to Lodestar shareholders will be effected through the use of redeemable shares which will be issued upon the amalgamation becoming effective and immediately redeemed for cash. The amalgamation is subject to a number of conditions, including compliance with regulatory requirements. Lodestar's directors have agreed to support the amalgamation and recommend that it be approved by Lodestar shareholders. In the event a superior offer is made by a third party to acquire Lodestar, Torrington has been granted a first right to match or better the competing offer and if the competing offer is completed, Lodestar has agreed to pay Torrington a break fee of $400,000. Prior to January 16, 1998 Lodestar will mail a notice and accompanying information circular to its shareholders calling a meeting of the holders of both of its Class A Shares and Class B Shares on February 10, 1998. Torrington is a public, Calgary-based oil and gas company. Torrington's Common Shares trade on The Toronto Stock Exchange under the symbol "TRN". Lodestar is a public, Calgary-based oil and gas company. Lodestar's Class A Shares and Class B Shares trade on the Alberta Stock Exchange under the symbols "LEI.A" and "LEI.B", respectively. Lodestar and Torrington each have a 50 percent interest in the farm-in from Talisman Energy Inc. on approximately 122,000 net acres in the Edson area of west central Alberta.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:12:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Ramarro Resources Drilliing 2nd Orion Well RAMARRO RESOURCES INC. ASE SYMBOL: RMA JANUARY 13, 1998 Ramarro Resources Commences Second Orion Well CALGARY, ALBERTA--Ramarro announces that drilling operations commenced January 10, 1998 on a second well on the Orion prospect, in the Fort Neson area of B.C., jointly owned by Ramarro and Panoil Resources Ltd. The partners have contracted Brinkerhoff Rig #2 to drill a 2000 meter test well. Several prospective gas horizons will be evaluated by a conventional vertical well which is expected to reach total depth at the end of January.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:14:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Q Energy Drilling Update Q ENERGY LIMITED ASE SYMBOL: QE JANUARY 13, 1998 Q Energy Limited Updates Operations CALGARY, ALBERTA--Q Energy Limited announces that its Sundance exploratory well has been cased to a total depth of 8800 feet as an indicated Viking gas well. During the drilling of the well, the Company, by way of a farmin, increased its working interest from 22 percent to 29 percent. Depending upon completion results, several follow-up locations are available on adjacent company lands. The Sundance farmin also enabled, the Company to earn a 20 percent working interest in approximately 480 gross sections (96 net sections) in a high-potential multi-zone Devonian oil play in central Saskatchewan. The first of several exploratory wells is scheduled to spud in the second quarter. At Talbot Lake, Q Energy drilled and abandoned a 2300 foot exploratory test which encountered non-commercial quantities of gas and heavy oil. Also, Q Energy has entered into a two year Joint Venture with a private company which has been very successful exclusively targeting light gravity Mississippian oil opportunities in southeast Saskatchewan. The potential to drill up to fourteen (14) low to medium risk horizontal wells has already been identified on eight separate prospects.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:18:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / TransGlobe Energy Drilling Results TRANSGLOBE ENERGY CORPORATION TSE, ASE SYMBOL: TGL ASE SYMBOL: TGL.S NASDAQ SYMBOL: TGLEF JANUARY 13, 1998 TransGlobe Energy Corporation Announces Drilling Results in East Meridian Project, Richland County, Montana CALGARY, ALBERTA--TransGlobe Energy Corporation, (ASE, symbols "TGL" and "TGL.S"; TSE, symbol "TGL"; NASDAQ, symbol "TGLEF") TransGlobe Energy Corporation announced today that the BROG #19-1 located in Richland County, Montana has discovered oil in the Red River "C" formation and will be completed by drilling a one thousand foot horizontal section through the Red River "C" porosity zone. The operator, Burlington Resources Inc., expects to complete the horizontal section in the next two weeks. TransGlobe has increased its interest in the BROG 19-1 prospect from 25 percent to a 50 percent working interest (40 percent net revenue interest) by paying Mantaur Petroleum Corporation's 25 percent share of the BROG 19-1 well. TransGlobe has a 25 percent working interest (20 percent net revenue interest) in the remainder of the East Meridian lands. TransGlobe has participated in seven wells on the East Meridian project resulting in five oil discoveries and two dry holes. The Company expects to drill a Tyler sand test immediately after the completion of the BROG 19-1 well.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:21:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / AltaQuest Energy Updates UK Activities & Announces Sylvan Lake Acquisition ALTAQUEST ENERGY CORPORATION ASE SYMBOL: AQF JANUARY 13, 1998 AltaQuest Energy Corporation Announces Sylvan Lake Acquisition and Updates U.K. Activities CALGARY, ALBERTA--ALTAQUEST ENERGY CORPORATION ("AQF") announces that the purchase and sale agreement has been signed for a property purchase in the Sylvan Lake area of Alberta. This $9.3 million cash acquisition is effective December 1, 1997 and is anticipated to close February 19, 1998. The property acquired consists of operatorship and a 62 percent working interest in a 14 mmscfd gas plant, 20 kilometres of pipeline infrastructure, 300 barrels of oil equivalent per day (BOE/d) and 1,000,000 BOE of proven plus probable reserves. The property has strategic value in AltaQuest's core area of Sylvan Lake and has upside potential that will be realized in 1998 with well recompletions, development drilling and plant optimization. With this purchase, to the end of 1997, AltaQuest has spent $12.5 million to acquire 635 BOE/d of production and 1,700,000 BOE of proven plus probable reserves as of December 31, 1997. This acquisition increases AltaQuest's existing production to 650 boepd and will provide cash flow to supplement our ongoing exploration activities in the United Kingdom and Western Canada. In the United Kingdom, AltaQuest has commenced its 3D seismic program over its recent Fiskerton discovery. The program is 16.5 sq. km. and will be shot, processed and interpreted by March 1, 1998. The discovery well, Fiskerton Airfield #1, is currently being completed and will be put on a 60 day production test to evaluate reserves and deliverability. An application is being submitted to The Department of Trade and Industry in London to drill six delineation wells off the Fiskerton pad for June of this year. As well, AltaQuest has secured a rig for its next exploration location at Newton-on-Trent (20 kilometres to the west of Fiskerton) and anticipates a spud date of the second week of February. AltaQuest has a 50 percent APO working interest in Newton-on-Trent which will test a separate geologic feature from Fiskerton. AltaQuest has applied for 100,000 net additional acres surrounding our East Midlands acreage and it is anticipated that these licenses will be awarded by February 2nd. Corporately, AltaQuest is pleased to announce that Daniel K. Halyk has been appointed to the board of directors. AltaQuest Energy Corporation ("AQF") is a publicly traded company on the Alberta Stock Exchange.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:26:00 AM
From: Kerm Yerman	Respond to of 15196

CORP - SPEC 15 LISTED / Pan East Petroleum Appoints VP Finance PAN EAST PETROLEUM CORP. TSE SYMBOL: PEC JANUARY 13, 1998 Pan East Announces Appointment of New Vice President, Finance CALGARY, ALBERTA--Pan East Petroleum Corp. ("Pan East") is pleased to announce the appointment of Mr. Robert A. Maitland, C.A. as Vice President, Finance effective immediately. Mr. Maitland is a member of the Canadian and Alberta Institute of Chartered Accountants, a member and past director of the Canadian Petroleum Tax Society and a member of the Financial Executives Institute. Mr. Maitland has held positions in both public practice and in the independent sector of the oil and gas industry, and brings 22 years of senior experience in business and finance as he joins the management team of Pan East Petroleum Corp. Pan East is a Canadian public company traded on the Toronto Stock Exchange under the symbol "PEC". Pan East explores for significant deep gas reserves in the Western Canadian Sedimentary Basin in Alberta and British Columbia.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:31:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Panoil Resources Closes Financing PANOIL RESOURCES LTD. ASE SYMBOL: PRE JANUARY 13, 1998 PanOil Resources Closes Financing on Schedule CALGARY, ALBERTA--PanOil Resources Ltd. closed a financing on schedule on December 31, 1997 through McDermid St-Lawrence. The company issued 920,875 units at $1.60 for proceeds of $1,473,400. Each unit is comprised of three flow through flows, one non-flow through share and two warrants. Each warrant entitles the holder to an additional share @ $0.75 on or before June 30, 1998. The proceeds will be used in part to finance drilling at the Orion prospect in N.E. British Columbia. In regards to the Orion prospect, PanOil and partner Ramarro Resources have contracted the rig Brinkerhoff #2. Drilling operations commenced on January 10, 1998. The well is scheduled to be a 2000 meter test and several prospective gas horizons will be tested. The well is anticipated to reach total depth at the end of January.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:34:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Summit Resources 4th Quarter Update SUMMIT RESOURCES LIMITED TSE SYMBOL: SUI JANUARY 13, 1998 Summit Fourth Quarter Activities Update CALGARY, ALBERTA--Summit Resources Limited announced today an update on its 1997 fourth quarter activities. As part of the Company's 1997 asset rationalization program, non-core asset dispositions comprising 1,000 BOE's of production were concluded during the fourth quarter of 1997, fetching the Company $38 million in sales proceeds. These funds were applied against Summit's long-term debt. During the fourth quarter Summit sold its interest in the Alliance pipeline projects to Fort Chicago Energy Partners L.P. (Fort Chicago) and acquired 3,040,000 units ($17.6 million) in Fort Chicago which are listed for trading on Canadian stock exchanges. Summit also provided its shareholders an opportunity to invest in Fort Chicago along with Summit, which resulted in a $50 million investment through private placements and a successful rights offering. Fort Chicago is the largest owner in the Alliance pipeline project with a 28 per cent ownership. This exciting new project includes the construction of a new high pressure natural gas and liquids pipeline from N.E. British Columbia to Chicago, Illinois, plus the construction of a liquids extraction plant at Aux Sable, Illinois. Subject to final regulatory approvals, these projects are scheduled for completion in late 1999. DRILLING OPERATIONS: An active fourth quarter drilling program saw 22 wells being drilled, resulting in 14 oil wells and 4 gas wells for an 82 per cent success rate. In addition to successful oil development drilling at Parkman, Ingoldsby, Hartaven and Hayter, Summit drilled three successful wells, two of which were new field discoveries in the U.S. portion of the Williston Basin. In North Dakota, Summit drilled an 11,200 foot discovery on its Bob Creek prospect which encountered 42 degree API oil in the Duperow formation. The well has been placed on production as a flowing oil well with an initial production rate of 300 barrels of oil per day. A solution gas sales line is currently being constructed which will enable the Company to conserve natural gas and associated liquids. Summit holds a 100 per cent working interest in the discovery well and controls 2,240 acres on the prospect located in McKenzie and Dunn Counties. A second oil discovery was made on Summit's Parrott prospect located in Sheridan County, Montana where an 11,100 foot test well has been completed in the Red River formation. The discovery well was placed on production at an initial rate of 175 barrels of oil per day. Summit holds a 50 per cent working interest in this 40 degree API discovery. A further Red River exploration test is being drilled on the Nielsen prospect located seven miles southeast of the Parrott discovery. Results on this 11,200 test are expected late in January 1998. Summit has a 41 per cent working interest in this prospect. Both the Parrott and Nielsen prospects are part of the Summit's Big Sky project area where the Company holds 75,000 gross acres (50,000 net) in northeast Montana. Summit also successfully extended the Knutson field in North Dakota with a 100 per cent working interest step-out well drilled to the Mission Canyon formation at 9,000 feet. This well was placed on production at a rate of 100 barrels of oil per day. Additional development is planned on this 36 degree API project during the summer of 1998. Natural gas drilling during the fourth quarter 1997 resulted in a third successful Jean Marie horizontal well at Gunnel, British Columbia, where Summit holds a 75 per cent working interest; and a 100 per cent working interest well at Clarke Lake in the Slave Point formation. Tie-in of these wells and facility expansions at Gunnel and Mirage are expected to add 6 to 7 MMcf/d to Summit's natural gas production in February 1998. 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 (8451)	1/14/1998 12:39:00 AM
From: Kerm Yerman	Respond to of 15196

CORP / Arakis Energy Announces EPC Contract Awards for Sudan Project ARAKIS ENERGY CORPORATION NASDAQ SYMBOL: AKSEF JANUARY 13, 1998 Arakis Announces EPC Contract Awards for Sudan Project CALGARY, ALBERTA--Arakis Energy Corporation (NASDAQ: AKSEF), announces the award of the Engineering Procurement and Construction (EPC) contracts for the export pipeline and certain related field facilities for the Company's concession in south central Sudan. Arakis is a 25 percent partner in both the pipeline and the field concession together with China National Petroleum Company (40 percent), Petronas Carigali Overseas SND BHD (30 percent), and Sudapet Limited (5 percent). The bidding process for the EPC contracts, amongst prequalified international bidders, was supervised by independent Project Management Consultant, OGP Technical Services Inc., a joint venture between Petronas (60 percent) and NOVA Gas International (40 percent). The total value of the construction and supply contracts awarded to date for both the pipeline and field facilities, including estimated project management fees, aggregates approximately U.S.$1.2 billion. Contracts have been awarded as follows: /T/ EPC 1 - Field facilities - China Petroleum Engineering Construction Corporation (PRC) EPC 2 - Line pipe - China Petroleum Engineering Construction Corporation (PRC) Pumps and SCADA - TECHINT International Construction Corp. (Argentina) EPC 3 - Marine terminal - TECHINT International Construction Corp. (Argentina) Supply contracts: Pumps and drivers - Weir Pumps Ltd. (Scotland) Generators - Allan Power Engineering Limited (England) Line pipe supply (as previously announced) China Petroleum Technology & Development Corporation (PRC) - 70 percent Mannesmann Handel (Germany) - 30 percent /T/ Pipeline construction will commence at the earliest date that logistics will allow. Pipeline completion and production startup is anticipated in late 1999. Commenting on the financial aspects of the project, Tom G. Milne, Vice President and Chief Financial Officer of Arakis said: "Arakis will be carried with respect to approximately U.S.$247 million of initial Consortium expenditures on the pipeline in addition to being carried for approximately the first U.S.$280 million (U.S.$300 million inclusive of a U.S. $5 million loan from Arakis to Sudapet) of Consortium expenditures in respect to ongoing field development. Arakis currently has working capital of approximately U.S.$50 million and is in discussions with several alternative sources for additional capital with the expectation that committed financing will be in place when required during the second half of 1998 and throughout 1999". Mr. Milne went on to say: "The commencement of pipeline construction will be a catalyst for growth and revitalization of Sudan's economy". Accelerating exploration and development activity on the Sudan concession in 1997 included the drilling of 25 wells which resulted in 18 oil discoveries or extensions, five dry and abandoned wells and two exploratory wells which have yet to be tested. Drilling at four additional well locations was in progress at year-end. Management of the Company is directing its full attention to the Sudan Petroleum Project. Arakis recently sold all of its assets in the United States for proceeds of approximately U.S.$3 million in cash and assumed liabilities.

To: Kerm Yerman who wrote (8451)	1/14/1998 12:43:00 AM
From: Kerm Yerman	Respond to of 15196

ACQUISITIONS - MERGERS / Maxwell Oil & Gas Activity Update MAXWELL OIL & GAS LTD. ASE, VSE SYMBOL: MWL JANUARY 13, 1998 Maxwell Closes Two Acquisitions, Updates Activities CALGARY, ALBERTA--The Board of Directors of Maxwell Oil & Gas Ltd. wish to advise that on December 19, 1997, the Company closed its previously announced acquisition of a private Alberta-based gas marketing and commodity trading company for a cash consideration of $1.67 million. Additionally, on January 6, 1998, Maxwell closed its acquisition of additional interests in the Mica area of B.C. for a cash consideration of $0.4 million. Collectively, the two acquisitions will generate cash flow of approximately $1.5 million net to Maxwell in 1998. On December 31, 1997 the Company closed its private placement of flow-through shares priced at $1.30 per share. Each flow-through share also has attached a one-third warrant, with one full warrant entitling the holder to purchase one additional share in the Company at a price of $1.50 per share anytime prior to July 15, 1998. Due to demand, the size of the offering was increased, with Maxwell receiving net proceeds of $0.86 million, versus the $0.65 million originally anticipated. Recent drilling has resulted in a new pool gas discovery at Turin, Alberta (25 percent WI), a cased Rock Creek gas well at Blue Rapids, Alberta (33.75 percent WI) and a dryhole at the Company's West Central, Alberta prospect (75 percent WI), where an additional 2.5 sections were purchased at last week's Crown land sale. The Company is currently drilling its Wabamun Lake oil prospect (75 percent WI), with preliminary results expected in February, 1998. The Company enters 1998 producing 500 barrels of oil equivalent ("boe") per day net to Maxwell, with an additional 150 boe per day of shut-in production awaiting tie-in at the Company's Blue Rapids and Turin properties.