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

To: Kerm Yerman who wrote (8491)	1/14/1998 9:47:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Alpine Oil Services negates Acquisition 1998-01-14 CALGARY, ALBERTA Alpine Oil Services Corporation today announced that its previously announced acquisition of Alpha Oil Services S.A., an Argentinean service company, will not be proceeding. The transaction was originally scheduled to close in September 1997, but was extended until January 1, 1998. Negotiations ended, as Alpha was not willing to sign a non-competition clause and accept responsibility for tax liabilities incurred during 1997. For these reasons, Alpine felt it was not in the corporations's best interest to finalize the acquisition. Existing service contracts and the Corporations's operations in Argentina remain unaffected by this development. Alpine is currently pursuing additional corporate transactions for its Argentine operations to increase its market presence in Argentina. Alpine Oil Services is a vertically integrated oil field service company, providing specialized technology to the international petroleum exploration, production and processing industries worldwide. Alpine operates in these sectors by developing, manufacturing, operating and marketing proprietary, leading-edge technologies for companies in North and South America, South East Asia, the Middle East and Europe. Investor Relations :Jason Krueger Telephone :(403)263-7800 Internet :www.alpineoil.com Email :invest@alpineoilcom

To: Kerm Yerman who wrote (8491)	1/14/1998 9:57:00 PM
From: Arnie	Respond to of 15196

FINANCING - TOP 21 / Genesis Exploration strengthens Balance Sheet CALGARY, Jan. 14 /CNW/ - Genesis Exploration Ltd. has closed a deal to sell its indirect interest in the Alliance Pipeline project for $8.7 million resulting in a gain to the Company of approximately $4.9 million ($0.11 net income per share based on year end outstanding shares of 29.4 million). Genesis has been a partner in the Alliance project since its early stages and maintains its belief in the project as a cost effective method for moving its high BTU gas from Northern Alberta to the Chicago hub. The Company will maintain its commitment to ship gas on the Alliance Pipeline. In addition to the cash consideration, Genesis has obtained an option to move 20 mmcf per day of gas from the Chicago hub via the Duke Energy pipeline transportation system. After this transaction, Genesis will have a net debt level of approximately $17 million. This will leave the Company at a current debt to 1998 cash flow level of 0.5 years, providing an excellent balance sheet as a platform for the Company's 1998 capital expenditure program. Genesis will not be reducing its 1998 capital expenditure budget of $60 million excluding acquisitions and expects to drill 15 of its projected 50 wells during the first quarter of 1998.

To: Kerm Yerman who wrote (8491)	1/14/1998 9:59:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Unocal Corp. increases stake in Alliance Pipeline Project BREA, Calif., Jan. 14 /CNW/ -_ Unocal Corporation (NYSE: UCL) said today it has increased its interest in the Alliance Pipeline project to 9.1 percent, by acquiring the partnership interests of Ranger Oil Limited and Pinnacle Resources Ltd. Details of the transactions, including share and unit prices, were not disclosed. Prior to the transactions, various Unocal subsidiaries held a 5.0 percent equity stake in the Alliance Pipeline limited partnerships. "The Alliance Pipeline project is an excellent long-term market-to- resource opportunity for Unocal," said Brian C. Conners, Unocal's general manager for pipelines. "This pipeline provides us with three major earnings sources -- increased value of our Aitken Creek and other upstream gas assets in Canada, a strong revenue stream from pipeline tariffs, and good returns on the natural gas liquids plant." The Alliance Pipeline system is designed to carry natural gas from western Canada to the Chicago-area market center for distribution throughout North America. Unocal's Aitken Creek gas storage and processing facility is located at the origin of the pipeline. The $US3.0 billion, 1,900-mile-long, large- diameter pipeline and natural gas liquids extraction plant are being developed by Canadian and U.S. limited partnerships comprised of gas producing, marketing and pipeline companies. The projects are scheduled for start-up in late 1999 subject to receiving necessary Canadian and U.S. approvals. The Alliance Pipeline currently has long-term shipper commitments to transport 1.3 billion cubic feet of gas per day from Canada into the U.S.

To: Kerm Yerman who wrote (8491)	1/14/1998 10:03:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Fox Energy updates Drilling CALGARY, Jan. 14 /CNW/ - Fox Energy Corporation announced that it has recently completed the initial phase of drilling, recompletions and workovers on its 54% operated Medicine Hat Hilda Gas Project in southeastern Alberta. The Company's average daily gas production for the project during the last week of December 1997 increased to 2,500,000 cubic feet of gas up from 1,000,000 million cubic feet per day. The production increase represents initial rates and is sold under a natural gas sales contract at a December blended selling price of $2.00/Mcf. In November, the Company had received an average price of $2.53/Mcf for its natural gas produced from the Hilda property. Fox has plans to continue optimizing the Hilda Gas Project in early 1998 through new drilling and workovers on existing wells. In 1997 Fox drilled 21 wells, completed a major natural gas acquisition, and achieved a balanced production mix of light oil and natural gas by year end. Fox achieved an average net daily production of 460 barrels of oil equivalent during the last week of December 31, 1997.

To: Kerm Yerman who wrote (8491)	1/14/1998 10:07:00 PM
From: Arnie	Respond to of 15196

INSIDER TRADING / Chairman of Mercantile International Petroleum NASSAU, Bahamas, Jan. 14 /CNW/ - Jeffrey M. Waterous, Chairman of Mercantile International Petroleum Inc. announced the purchase of 1,000,000 common shares of Mercantile on The Toronto Stock Exchange. Together with his previous holdings of common shares, and assuming the exercise of his warrants and options, Mr. Waterous would hold 5,143,155 common (approximately 11.4%) of the then outstanding common shares of Mercantile, assuming no other options or warrants were exercised. Mercantile's prospectus of September 4, 1997 disclosed that Mercantile had agreed to issue 1,000,000 common shares to Mr. Waterous or to pay to Mr. Waterous a cash bonus sufficient to purchase 1,000,000 shares of Mercantile in consideration for past services and to remove certain obligations owed by the Corporation to Mr. Waterous in his retainer contracts. In satisfaction of this obligation, Mr. Waterous has received a US$1,000,000 cash bonus from Mercantile which was used to purchase the common shares. Mr. Waterous has no current intention to acquire further securities of Mercantile. Mr. Waterous may, however, decide from time to time in the future to increase his ownership of securities of the Mercantile or to dispose of all or a portion of such securities. Mercantile is an ''oil exploitation company'' with interest in Peru, Colombia and Myanmar. The company continues to look for international on-shore properties where the application of leading edge technologies will allow the company to recover more oil. Mercantile's common shares are listed on The Toronto Stock Exchange and traded under the symbol MPT.U., while its debentures are listed on the Winnipeg Stock Exchange.

To: Kerm Yerman who wrote (8491)	1/14/1998 10:11:00 PM
From: Arnie	Respond to of 15196

NORMAL COURSE ISSURER BID / Encal Energy Ltd CALGARY, Jan. 14 /CNW/ - Encal Energy Ltd. (TSE: ENL, NYSE: ECA) (the ''Corporation'') announced today that The Toronto Stock Exchange has accepted notice filed by the Corporation of its intention to make a Normal Course Issuer Bid. The notice provides that the Corporation may, during the 12 month period commencing January 19, 1998 and ending January 18, 1999, purchase on The Toronto Stock Exchange up to a maximum of 6,192,116 common shares in total, being approximately 10% of the ''public float''. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. There are approximately 104,410,031 common shares of the Corporation outstanding with the public float consisting of approximately 61,921,159 common shares. The Corporation believes that its common shares have been trading at a price range which does not adequately reflect their value in relation to the Corporation's assets, business and future business prospects. As a result, depending on future trading prices and other factors, the Corporation believes that the acquisition of its outstanding common shares in connection with the Normal Course Issuer Bid may represent a desirable use of a portion of the Corporation's available funds. Encal Energy Ltd. is an intermediate exploration and production company, with operations focused in West Central Alberta and Northern British Columbia, Canada.

To: Kerm Yerman who wrote (8491)	1/14/1998 10:13:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Imperial Oil announces Pipeline Joint Venture CALGARY, Jan. 14 /CNW/ - Imperial Oil Limited and Amoco Canada Petroleum Company Ltd. today announced that Koch Oil Co. Ltd. has joined as a participant in the proposed ThickSilver Pipeline project. Koch Oil and Amoco Canada each have a 2l-percent interest in the project. Imperial has a 58-percent interest and will be the pipeline operator. An application for approval of ThickSilver was submitted to the Alberta Energy and Utilities Board on November 14, 1997. The proposed ThickSilver project includes two parallel pipelines, about 250 kilometres in length, to be built from Cold Lake to Hardisty, Alberta. A 914-mm (36-inch) diameter line is proposed to transport blended bitumen from the Cold Lake area to the Hardisty pipeline terminal, and a smaller 324-mm (12-inch) diameter line to transport lighter hydrocarbon-liquid diluent from Hardisty to Cold Lake. The proposed pipelines will have initial capacities of 330,000 barrels a day and 64,000 barrels a day respectively. The pipeline will accommodate bitumen production from existing facilities operated by Imperial, Amoco and Koch in the Cold Lake area. With additional pumping stations, the pipeline will have the capacity to transport up to 700,000 barrels a day of blended bitumen. This capacity will accommodate future expansions from ThickSilver participants, volumes from other Cold Lake area producers and an extension of the pipeline to the Fort McMurray area after the turn of the century. Assuming timely regulatory approval, pipeline construction would begin in

To: Kerm Yerman who wrote (8491)	1/14/1998 10:17:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

ACQUISITION / Calibre Energy & Trego Energy announce Amendment CALGARY, Jan. 14 /CNW/ - Calibre Energy Inc. (Calibre) and Trego Energy Inc. (Trego) today jointly announce that due to existing market conditions, the Offer dated December 19, 1997 has been amended to provide that Calibre will make an Offer for all of the Common Share's of Trego on the basis of $1.20 Cash plus 1/5 of a Calibre share for each Common share of Trego. This represents a cash reduction of $.10/share under the revised offer. Trego's major shareholders representing approximately 40% of the total outstanding shares have already tendered their shares, pursuant to the offer and have agreed not to withdraw their shares as a result of a revised offer price. The Directors of Trego have agreed to recommend to Trego shareholders the acceptance of the amended offer. The amended offer is expected to be mailed to Trego shareholders on or before January 16, 1998, and the amended offer is open for acceptance until 11:59 p.m. (local time) on Monday, January 26, 1998. Trego had agreed, in certain circumstances, to pay Calibre a non-completion fee of $500,000, which is still payable if a higher tender is accepted. Similarily, Calibre has now agreed to pay to Trego a $500,000 fee in the event 66 2/3% of the Trego shares are tendered and not withdrawn and Calibre elects not to take up the tendered shares by 5:00 p.m. January 27, 1998.