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

To: Kerm Yerman who wrote (8565)	1/20/1998 8:08:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / Shiningbank Energy Announces Acquisitions TSE SYMBOL: SHN.UN JANUARY 20, 1998 CALGARY, ALBERTA--Shiningbank Energy Income Fund today announced five property acquisitions which have closed in the last month or are expected to close in the near future. The acquisitions consist of increased working interests in two previously owned properties together with interests in additional Alberta properties at Penhold, Strachan and Doe Creek. Shiningbank will operate 65 percent of these long life producing properties which are located in and adjacent to its core area of west-central Alberta. In addition, approximately 11,000 net acres of undeveloped land were acquired with these transactions. The additional interests acquired total $12.6 million and have added 2.3 million barrels of oil equivalent established reserves (proven plus 50 percent probable). Approximately 85 percent of the reserves are natural gas. The acquisitions will add an estimated 475 barrels of oil equivalent per day to production in 1998, an increase of 14 percent over projected 1998 base production levels. The additional reserves replace more than 140 percent of anticipated 1998 production and are expected to increase 1998 net operating income by approximately $3.0 million. The purchases will be funded using existing bank credit facilities. Shiningbank Energy Income Fund is a conventional oil and gas royalty trust with 7.489 million units issued and is listed on The Toronto Stock Exchange under the symbol "SHN.UN".

To: Kerm Yerman who wrote (8565)	1/20/1998 8:12:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISTION / Cotton Valley Completes Zama Field Acquisition; Subsequently Sells Zama for Cash and Contract to Purchase Significant Oklahoma Producing Property CANADIAN DEALING NETWORK SYMBOL: CVZC AMEX SYMBOL: KTN JANUARY 20, 1998 Cotton Valley Completes Zama Field Acquisition; Subsequently Sells Zama for Cash and Contract to Purchase Significant Oklahoma Producing Property DALLAS, TEXAS--Cotton Valley Resources Corporation today announced that it completed its previously announced acquisition of oil and gas interests in the Zama Lake area in Alberta, Canada from Paramount Resources, Ltd. Following the closing of this transaction, Cotton Valley exchanged this property with Phillips Petroleum Company of Bartlesville, Okla., for cash and a contract to purchase an interest in the East Binger Unit, a significant producing oil and gas property in Caddo County, Okla. "This transaction benefits Cotton Valley in a number of ways," stated Gene Soltero, chairman and chief executive officer of Cotton Valley. "First, we obtained immediate cash, and if the purchase of the Oklahoma property is completed, we will be securing a steady stream of future production cash flow. The Oklahoma property also contains significantly longer life reserves than those at Zama Field, better complementing those already owned by Cotton Valley. Third, the new property is beneficially located in Oklahoma, allowing Cotton Valley to better utilize the knowledge, expertise, equipment and personnel already assembled for our Texas and Oklahoma properties, which we expect will result in greater efficiency and recoverability. Furthermore, this transaction is anticipated to result in higher earnings for fiscal 1998 than would have been reportable had we retained the Zama property." Cotton Valley received cash from Phillips and the right to purchase for $4 million all of Phillips' interest in the 80-well enhanced oil recovery project at the East Binger Unit. Cotton Valley engineers have estimated that the reserves at East Binger range from 1.0 million barrels oil equivalent ("BOE") of light sweet crude oil, natural gas and natural gas liquids to a maximum of 2.5 million BOE. The present value of future net revenues (discounted at 10 percent) could range net from $4 million to $10 million, depending upon production decline rates, future percentage recovery rates and oil prices. There is general agreement that there were originally 90-100 million barrels of oil in place at East Binger, of which approximately 16 percent have been produced. A $200,000 three-dimensional reservoir similation study is scheduled to be completed during 1998 which will be used to more closely estimate the remaining reserves and the procedures to be used to optimize production rates over the next 10 to 20 years. The East Binger Unit is the first commercially successful application of nitrogen injection pressure maintenance for enhanced oil recovery and has been operating since the early 1980's. With 56 producing wells and 25 injection wells, a cryogenic air separation plant and 20 million cubic feet per day compression capacity, the East Binger Unit currently produces approximately 2,000 BOE daily. The Cotton Valley interest will be approximately 23.4 percent in the 13,000 acre unit and nitrogen plant. Cotton Valley will also obtain all of Phillips' interest in the other shallower zones in the approximately 3,000 net acres of oil and gas leases contributed by Phillips to the East Binger Unit. Continued Soltero, "We now have more than $3 million in cash available to accelerate the development of our oil properties in West Texas. This new property would also provide us with access to additional demonstrated and successful enhanced recovery technology. We see this transaction bringing Cotton Valley into the forefront of oil and gas industry standards, increasing our stature and enhancing relationships, both in the energy sector and the financial community." Cotton Valley is a fast growing, independent oil and gas company with producing property interests in the states of Texas and Oklahoma. Cotton Valley also purchases and resells oilfield equipment and provides horizontal drilling services through its Mustang subsidiaries. There are approximately 17 million common shares outstanding.

To: Kerm Yerman who wrote (8565)	1/20/1998 8:18:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / Sands Petroleum AB: Three Exploration Blocks Onshore Albania Awarded TSE SYMBOL: SPB JANUARY 20, 1998 VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB ("Sands") has, through its 95.5 percent owned subsidiary International Petroleum Corporation ("IPC"), been awarded three exploration blocks onshore Albania. The agreements were signed with the Albanian government in Tirana on Monday, January 19th. Blocks 2, 3 and A were awarded to a consortium comprising IPC who have a 20 percent interest, Occidental International Exploration and Production Company ("Oxy") with 50 percent and Anschutz Albania ("Anschutz") with a 30 percent interest. Oxy will act as operator for the group. The blocks were part of a bid round which was opened in 1996 and included 8 blocks which had not previously been offered. Preliminary award of Blocks 2, 3 and A to the group was made in the 3rd quarter of 1996. The blocks are located within and on trend with the proven petroleum system in Albania where an estimated 1 billion barrels of recoverable reserves have been discovered (please see attached map). Most of the existing oilfields in Albania are located within the boundaries of Blocks 2 and 3. The current producing area of these fields have been excluded from the permits, however, rights to deeper exploration objectives below these fields are included. The primary exploration target will be sub-thrust fractured carbonate reservoirs similar to those recently discovered in the southern Appenines of Italy (including Monte Alpi field with an estimated 1 to 2 billion barrels of recoverable reserves). Several large leads have been identified on existing seismic and landsat images. Work commitments in the primary 3 year exploration phase are 650 kilometers of 2D seismic and the drilling of two exploration wells. During 1998 an initial 150 km seismic program including the extensive testing of specialized acquisition and processing techniques will be undertaken to address the primary technical risk which is the seismic imaging of sub-thrust structural prospects. Acquisition of the remainder of the seismic program and commencement of the drilling program are planned for 1999. Sands Petroleum AB is quoted on the Stockholm Stock Exchange O- list, and, as of today, on the Toronto Stock Exchange under the symbol "SPB", and expects to be listed on NASDAQ, under the symbol "SANPY", shortly. Note: Location map available from the Company at the phone number listed below.

To: Kerm Yerman who wrote (8565)	1/20/1998 8:25:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Highridge Achieves 3,000 BOE/D Target And Appoints Vice President, Finance TSE SYMBOL: HRE JANUARY 20, 1998 CALGARY, ALBERTA--HIGHRIDGE EXPLORATION LTD. ("HRE" - TSE) is extremely pleased to announce that the target exit rate of 3,000 BOE/d for 1997 was achieved with production of 16 MMcf/d and 1,400 Bbl/d. This continues the significant production growth Highridge has exhibited from 976 BOE/d in the first quarter of 1996 to 1,944 BOE/d in the first quarter of 1997 and now entering the first quarter 1998 at 3,000 BOE/d. The McLeod gas plant started up December 20, 1997. Highridge owns approximately 10 MMcf/d of capacity in this plant. Additional production is expected from a well (100 percent BPO (before payout)) which tested at rates in excess of five MMcf/d from the Gething and is being tied in this week. Plant capacity will result in this new well's production being restricted to less than five MMcf/d. Two other wells which were drilled late in 1997 are currently being completed. In Redwater, Highridge has recently drilled and completed a (100 percent working interest) gaswell. Testing of this well is underway with production of 1 1/2 MMcf/d net to Highridge expected by the end of February. The 1997 drilling program has taken net production from 140 to over 400 barrels per day. Up to 20 development oilwells are planned to be drilled this summer. Highridge has closed acquisitions of 95 percent of the working interest in a Glauconitic Formation oil pool in Central Alberta as previously announced. Highridge has also disposed of minor interests in three non-operated areas in Alberta for $2.8 million. Mr. Martin Wares, C.A. was appointed Vice President, Finance effective December 1, 1997. Mr. Wares is a Chartered Accountant, with extensive experience in the junior Oil and Gas sector. Mr. Wares has been employed at Highridge since mid-1994 as Controller. This appointment reflects Mr. Wares increasing responsibilities due to the continuing growth of Highridge. Highridge is a public oil and gas company active in central Alberta, Canada. The common shares of Highridge are listed on The Toronto Stock Exchange and trade under the symbol "HRE".

To: Kerm Yerman who wrote (8565)	1/20/1998 8:30:00 PM
From: Herb Duncan	Read Replies (8) \| Respond to of 15196

CORP / Pioneer Announces Stock Option and Stock Purchase Plans for All Employees and a $100 Million Stock Repurchase Program NYSE SYMBOL: PXD JANUARY 20, 1998 DALLAS, TEXAS-- Employee Stock Option and Stock Purchase Plans Pioneer Natural Resources Company ("Pioneer") announced that its Board of Directors has approved one of the oil and gas industry's first stock option plans for employees at all levels. The Board further encouraged employee ownership by approving an employee stock purchase plan through which all employees can purchase Pioneer shares at a discount. Under the employee stock option plan, all employees of Pioneer previously not eligible for stock options will receive an annual award of options to purchase common stock of Pioneer at the price prevailing on the date of the grant. Under this plan, the Company expects to issue approximately 350,000 options to the above group in 1998 based on current employment levels. The employee stock purchase plan allows all non-officer employees to purchase Pioneer stock at a 15 percent discount through payroll deductions. Under this plan, employees have elected to allocate approximately $850,000 of their 1998 compensation to purchase Pioneer stock. Based on current stock prices, approximately 40,000 shares would be issued under this plan. "The Board has approved these plans to support Pioneer's philosophy of aligning the interests of employees with the interests of shareholders. This program is one of the first in the oil and gas industry and highlights our commitment to foster a spirit of teamwork and a sense of ownership for all employees of Pioneer," stated Jon Brumley, Pioneer's Chairman. Stock Repurchase Program Pioneer also announced that its Board of Directors has approved a program allowing the Company to repurchase up to $100 million of Pioneer common stock in the open market. Scott Sheffield, Pioneer's President and Chief Executive Officer, said, "The volatility in commodity prices coupled with our growth prospects provide Pioneer the opportunity to repurchase its shares at attractive prices. Additionally, the repurchase program allows the Company to offset the dilutive effect of the Company's employee stock option and stock purchase plans." Headquartered in Dallas, Pioneer is one of the largest independent (non-integrated) exploration and production oil and gas companies in North America, with major operations in the United States, Canada and Argentina. Safe Harbor for forward-looking statements: Except for historical information contained herein, the statements in this News Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Pioneer Natural Resources Company, are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

To: Kerm Yerman who wrote (8565)	1/22/1998 1:43:00 AM
From: Kerm Yerman	Respond to of 15196

JCP - MAJOR TREANSACTION / ABX Resources Property Acquisition ABX RESOURCES INC. ASE SYMBOL: ABR JANUARY 21, 1998 ABX Resources Inc. Announces Completion of Major Transaction CALGARY, ALBERTA--ABX Resources Inc. (the "Corporation") (ASE: "ABR") is pleased to announce that it has closed its Major Transaction and a private placement of 1,200,000 common shares. Approval of the Major Transaction and private placement was obtained from the shareholders of the Corporation at an annual general and special meeting of the Corporation's shareholders which was held on January 6, 1998. The Corporation's Major Transaction was comprised of the purchase of a 2.5 percent working interest in well 5-29-48-12-W5, located in the Brazeau River area in Alberta, which includes a 2.5 percent working interest in the natural gas rights covering Section 29 and a 2.5 percent working interest in the oil rights in the oil spacing unit of well 5-29. Production from these properties will be subject to new crown royalty and a small gross overriding royalty. Chapman Petroleum Engineering Ltd., independent engineering consultants, evaluated the properties and valued the reserves at $474,200.00, for the proven producing reserves, and $30,800.00, for the proven non-producing reserves (net to the Corporation's appraised interest; based on a discount of 15 percent). In consideration for the properties, the Corporation paid to Prairie Pacific Energy Corporation the sum of four hundred thousand dollars ($400,000.00) in cash. In conjunction with the Major Transaction, the Corporation also completed a private placement of 1,200,000 common shares at a price of $0.25 per common share. The private placement was, in part, non-arms' length. The completion of the private placement was a condition precedent to the closing of the Major Transaction. The Corporation expects to shortly file final documentation with The Alberta Stock Exchange regarding the Major Transaction and private placement in order that it may be removed from the JCP Board of The Alberta Stock Exchange.