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

To: Kerm Yerman who wrote (8526)	1/16/1998 8:52:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Archer Resources announces Asset Purchase & Swap Archer Resources Ltd., announces it has completed the acquisition of further interests in its Mannville core area for $3.55 million. The acquisition includes 6.4 bcf of proved reserves, 2.1 mmcf per day of net production and various interests in 82 sections of land. Through acquisition, exploration and recompletion activities Archer has raised its production in the Mannville area to 13 mmcf per day from 6.8 mmcf per day over the past year, while reducing operating costs to $0.37 per mcf from $0.43 per mcf. Archer has also completed a swap transaction that has low working interest, non-operated assets in the Cache area to an area operator company. In return, Archer has received incremental interests in several company operated producing assets and land in the Mannville-Whitford Colony trend, where Archer's down hole water injection technology has been successfully deployed. Archer's common shares trade through the facilities of The Toronto Stock Exchange under the symbol "ARC". The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. For further information please contact: Grant A. Bartlett Wayne Foo Bill Hogg Chairman & CEO President & COO Vice President, Finance & CFO Tel:(403)266-5522 Tel:(403)298-5593 Tel:(403)298-5510 Fax:(403)232-6008 Fax:(403)232-6008 Fax:(403)232-6008 Archer Resources Ltd. maintains an Internet website at www.arch-resources.com which includes quarterly and annual financial information, a corporate profile and press releases.

To: Kerm Yerman who wrote (8526)	1/16/1998 8:54:00 PM
From: Arnie	Respond to of 15196

FINANCING / Consolidated Beacon Resources closes Special Warrants 1998-01-16 CALGARY, ALBERTA Consolidated Beacon Resources Ltd. announced today that it has completed an offering of 500,000 Special Warrants, at a sale price of $0.80 per Special Warrant, for aggregate gross proceeds of $400,000. This offering constitutes the second tranche of a larger offering of 1,070,000 Special Warrants, the first tranche of which consisted of 570,000 Special Warrants and closed on November 4, 1998. Each Special Warrant is exercisable, at no additional cost to the holder, into one Common Share of the Corporation and one common share purchase warrant (a "Purchase Warrant"), at any time and from time to time until 4:30 p.m. (Calgary time) on the earlier of: (i) the date that is 10 business days following the date that receipts are received from the applicable securities commissions for a final prospectus qualifying the distribution of common shares and Purchase Warrants upon the exercise of the Special Warrants; and (ii) January 16, 1999. Each Purchase Warrant entitles the holder to acquire one common share in the capital of the Corporation, at any time and from time to time until 4:30 p.m. (Calgary time) on October 27, 1999, upon payment to the Corporation of the sum of $1.00, if the Purchase Warrant is exercised on or prior to October 27, 1998, and upon payment to the Corporation of the sum of $1.25, if the Purchase Warrant is exercised after October 27, 1998. The expiry date of the Purchase Warrants may be accelerated by the Corporation, on notice to the holders thereof, to a date not less than 60 days following the date of such notice, if the weighted average trading price of the Common Shares exceeds 175% of the exercise price for a period of 20 trading days. The net proceeds from the sale of Special Warrants were added to working capital and will be used for general commercial purposes. The Corporation expects to prepare and file a prospectus prior to the end of April 1998 to qualify the distribution of Common Shares and Purchase Warrants on the exercise of the Special Warrants. Consolidated Beacon Resources Ltd. is a Calgary based corporation engaged in the business of exploring for oil and natural gas in Western Canada and Nova Scotia. In addition, the Corporation manufactures and sells specialty lubricant products for the oil and gas and trucking industries, through its wholly-owned subsidiary, Elliott Industrial Petroleum Ltd. The issued and outstanding common shares of Consolidated Beacon are listed on the Alberta Stock Exchange under the trading symbol "KBC". For further information concerning this press release, please contact Mr. Vernon E. Gerlitz, President and Chief Executive Officer, Consolidated Beacon Resources Ltd., at (403) 221-8383.

To: Kerm Yerman who wrote (8526)	1/16/1998 8:58:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / K2 Energy goes High Tech CALGARY, Jan. 16 /CNW/ - K2 announces its recent purchase of 454 kilometres of modern trade seismic data which Susan Eaton, Vice-President of Exploration, says will advance K2's understanding of their foothills play during the next few months. K2 purchased 454 kilometres of 24-fold vibroseis seismic data acquired by BFR Geophysical in 1981 and which extends over K2's three exploration blocks in the Blackfeet Reserve (see attached map). Within the Blackfeet Indian Reserve, K2 holds 200,000 acres of exploration lands in the disturbed belt and 90,000 acres of exploration lands in the plains. K2's exploration commitment to the Blackfeet Indians is 15 wells during the next five years, with no relinquishments for 13 years. Included in this data purchase are two lines that provide templates of significant Mississippian gas fields on trend with K2's exploration acreage: to the south of the Reserve in Montana, Blackleaf Canyon (55 BCF in place); to the north of the Reserve in Canada, Waterton (4.6 TCF in place) and Pincher Creek (1.6 TCF in Place). The Geological Survey of Canada estimates gas reserves of 11 TCF in Montana's disturbed belt. According to Eaton, the U.S. Department of Energy estimates a 50-50 chance of finding between 6 to 7 TCF of gas in Montana's disturbed belt. The acquisition of 454 kilometres of foothills data represents -- in today's dollars -- a value of approximately $3.3 million CDN. K2 is currently reprocessing this new vibroseis 24-fold data set, as well as an additional 442 kilometres of six-fold dynamite data, also located in the Reserve. This new 24-fold seismic data base will infill the seismic grid that K2 has already purchased in the Reserve, and will preclude the company from having to shoot any regional foothills lines this winter, says Eaton. K2's current data base consists of about 2,160 kilometres of one- and six-fold data in addition to the 454 kilometres on new 24-fold vibroseis. K2 is currently seeking a partner or partners to share the risk and costs of exploration in the Blackfeet Indian Reserve. Seven major oil and gas companies, both American- and Canadian-based, have signed confidentiality agreements with K2 which may lead to the signing of a farm-in partner or partners during the next few months. K2 Energy Corp. is a publicly traded company on the Toronto Stock Exchange under the symbol ''KTO.''

To: Kerm Yerman who wrote (8526)	1/16/1998 9:00:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Terra Nova Development Approved ST. JOHN'S, Nfld, Jan. 16 /CNW/ - The Terra Nova Development proponents have received the Canada-Newfoundland Offshore Petroleum Board Decision Report on the Terra Nova Development Plan Application issued January 15, 1998. The Decision Report has approved the development of the Terra Nova oil field subject to certain conditions as stated in the report. While the proponents will require additional time to fully assess the implications for the project arising from the conditions, in a preliminary review the proponents feel the conditions are consistent with the recommendations of the Environmental Assessment Panel Report issued in August. The majority of the conditions have already been addressed through the development plan application process. Gary Bruce, Vice-President, Offshore Development and Operations for Petro-Canada, the Operator of the Terra Nova Development, said, ''This decision report is the final piece of external information we require to make a decision on whether to proceed.'' He added, ''Over the next few weeks the owners will assess the implications of the conditions on cost and schedule, after which we will be in a position to announce our decision.'' Greg Lever, Manager, Offshore Operations for Terra Nova and the Leader of the proponents' team responsible for the development application added, ''The Decision Report is the conclusion of the regulatory review process, a process that has taken over a year to complete. The Terra Nova development team will continue to work closely with the C-NOPB and other government departments and agencies to develop procedures and processes for the various aspects of the development. We are committed to safe and environmentally sound operations which will benefit the people of Newfoundland and Labrador.'' The development proponents are: Petro-Canada (operator), Mobil Oil Canada Properties, Husky Oil Operations Ltd., Norsk Hydro, Murphy Oil Company Ltd. and Mosbacher Operating Ltd. The Terra Nova oil field is located on the Grand Banks 350 kilometres east-southeast of St. John's, Newfoundland. Discovered in 1984, Terra Nova is the second largest field off Canada's East Coast. Estimated reserves are 300-400 million barrels of recoverable oil. The field will be developed using a floating production facility. Start up and first oil is expected by the end of 2000.

To: Kerm Yerman who wrote (8526)	1/16/1998 9:02:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Mantaur Petroleum signs Monogolian Oil Contracts TORONTO, Jan. 16 /CNW/ - Mantaur Petroleum Corporation (''Mantaur'') announced today that Production Sharing Contracts for the Ergel Block XII and Bayantumen Block XVII have been signed with the Petroleum Authority of Mongolia. These Contracts were ratified by the Government of Mongolia prior to year end 1997. Block XVII is in the northern section of the Tamtsag sedimentary Basin in northeastern Mongolia. The Block has an area of 12,250 km2 or 3 million acres and is adjacent to the regional railway centre of Choibalsan. A number of new light oil discoveries by the SOCO International (LSE) and NTI Resources (ASE) group have been reported in the Tamtsag Basin in 1997, primarily from Lower Cretaceous and Upper Jurassic reservoirs. The group drilled seven wells in this Basin in 1997, recorded four oil discoveries, and has contracted oil sales to China at international prices with sales beginning in early 1998. Block XII is in the East Gobi basin of southeastern Mongolia, directly south of the Zuunbayan and Tsagaan Els oil fields. The Block is comprised of 11,700 km2 or 2.9 million acres. In accordance with its agreement of March 17, 1997 Mantaur has issued 2 million common shares to acquire these interests. Mantaur is a Canadian oil company active in Mongolia and in the exploration of its two Trinidad oil projects to be drilled in early 1998. The presently issued share capital of Mantaur is 19,382,310 common shares (25 million shares fully diluted).

To: Kerm Yerman who wrote (8526)	1/16/1998 9:05:00 PM
From: Arnie	Respond to of 15196

CORP. / T & H Resources gets TSE Extension Trading Symbol: ''THE'' - T.S.E. TORONTO, Jan. 16 /CNW/ - T & H RESOURCES LTD. (''T & H'') is pleased to announce that The Toronto Stock Exchange (''T.S.E.'') has granted an extension from February 6, 1998 until May 14, 1998 to meet the original listing requirements of the T.S.E. T & H is actively sourcing projects of merit in order to comply with the T.S.E. listing requirements. On Behalf Of The Board of Directors ''John A. Pollock'' -------------------------------------- John A. Pollock, President.

To: Kerm Yerman who wrote (8526)	1/16/1998 9:11:00 PM
From: Arnie	Respond to of 15196

FINANCING / Monterey Energy closes Special Warrant Offering CALGARY, Jan. 16 /CNW/ - Monterey Energy Corp. (''Monterey'') is pleased to announce that it has completed a financing through McDermid St. Lawrence Securities Ltd. with closings on December 23 and December 31, 1997. The financing consisted of a private placement of 2,510,000 special warrants of Monterey at $0.30 per special warrant for total gross proceeds to Monterey of $753,000. The purchasers of the special warrants have the right to exchange one special warrant for one flow-through common share of Monterey without any further payment. On December 31, 1997 Monterey also closed a private placement consisting of the sale of 340,000 flow-through common shares at $0.30 per common share for total gross proceeds to Monterey of $102,000. Monterey will use the proceeds from the financing and the private placement to incur Qualifying Expenditures on or before December 31, 1998 for the 1997 taxation year. Monterey Energy Corp. is a junior oil and gas exploration and development corporation with producing properties in Alberta.

To: Kerm Yerman who wrote (8526)	1/17/1998 3:04:00 AM
From: Kerm Yerman	Respond to of 15196

CORP. / Odyssey Petroleum Extends Expiry Date of Warrants Friday January 16, 5:42 pm Eastern Time Company Press Release CALGARY, ALBERTA--(BUSINESS WIRE)--Jan. 16, 1998-- Odyssey Petroleum Co(NASDAQ:OILYF) announces that it has agreed to extend the expiry date of all of the Company's outstanding Series A and Series X warrants from January 15, 1998, to July 15, 1998. There are 600,000 Series A warrants outstanding, exercisable at US$3.75, and a total of 2,496,667 Series X warrants outstanding, exercisable at US$3.30. Odyssey currently has 12,863,106 shares outstanding. Odyssey, a Canadian-based energy resource company, is engaged in the exploration and development of oil and gas projects on an international basis, and in the production and distribution of ethanol, primarily in the western United States.