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

To: Herb Duncan who wrote (8577)	1/22/1998 1:26:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR - EARNINGS / NQL Drilling Tools 1st Quarter Report NQL DRILLING TOOLS INC. TSE SYMBOL: NQL.A JANUARY 21, 1998 NQL Drilling Tools Inc. Reports First Quarter Results for the Three Months Ended November 30, 1997 VANCOUVER, BRITISH COLUMBIA--FIRST QUARTER REVENUES of $15.8 million, up 53 percent; NET INCOME of $3.4 million, up 158 percent; and CASH FLOW of $4.5 million, up 103 percent. NQL Drilling Tools Inc. announces its first quarter results for the three months ended November 30, 1997. /T/ (dollars in thousands except per share figures) THREE MONTHS ENDED NOVEMBER 30 1997 1996 Percent Change Sales Downhole Tool Division $ 13,527 $ 8,364 + 62 percent Lube Division $ 2,261 $ 1,940 + 17 percent _____________________________________ $ 15,788 $ 10,304 + 53 percent Net Income $ 3,418 $ 1,324 + 158 percent Net Income Per Share $ 0.24 $ 0.12 + 100 percent Cash Flow $ 4,494 $ 2,209 + 103 percent Cash Flow Per Share $ 0.32 $ 0.20 + 60 percent Average Shares Outstanding 14,021,580 10,885,568 /T/ NQL Drilling Tools Inc. is pleased to announce financial results for the First Quarter ended November 30, 1997. Gross Revenues grew by 53 percent to $15.8 from $10.3 million in the corresponding period the previous year. Similarly, Net Income improved by 158 percent to $3.4 million ($0.24 per share) from $1.3 million ($0.12 per share) and Cash Flow grew by 103 percent to $4.5 million ($0.32 per share) from $2.2 million ($0.20 per share). The First Quarter results, reflecting continued growth, portray the activity level in the Oil & Gas Industry as well as continued demand for the Company's products. While the Company experienced growth in all of its markets, Canadian performance was particularly strong. In the U.S., the Company has now secured premises for a full service facility in Lafayette, Louisiana with an expected operational start up in late February. Until then, the Lafayette office will continue to operate as a stocking and sales point. This will bring the number of U.S. full service facilities to six (6) and allow the Company to increase its market share in the United States. The Company's management will continue to focus on the Downhole Tool Division and its core products as well as international expansion for the remainder of fiscal 1998. The new Nisku facilities will also enhance the Company's ability to complete Research & Development projects. NQL Drilling Tools Inc. shares are traded on the Toronto Stock Exchange under the symbol: "NQL.A". THE COMPANY NQL Drilling Tools Inc. is an industry leader in providing downhole tools and technology used primarily in drilling applications in the oil and gas, environmental and utility industries on a worldwide basis. Black Max(TM) is a registered trademark of Black Max Downhole Tool Ltd. Beaver(TM) is a registered trademark of NQL Drilling Tools Inc.

To: Herb Duncan who wrote (8577)	1/22/1998 1:35:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITY / Seventh Energy Ltd. 1997 Drilling Program Completed SEVENTH ENERGY LTD. TSE SYMBOL: SEV.A ASE SYMBOL: SEV.B JANUARY 21, 1998 Seventh Energy Ltd. Successful Year End Drilling Program CALGARY, ALBERTA--Seventh Energy Ltd. announces the completion of a successful year end drilling program. During the last three months of 1997, Seventh drilled a total of thirteen wells resulting in nine oil wells, one gas well, one well cased for future water injection, and two wells dry and abandoned. All wells except two were operated by Seventh, and the Company's working interest averaged 74 percent. The two outside operated wells were drilled at Gift Alberta in December and cased for oil. A third well finished drilling early in 1998 and was also cased for oil. Seventh now has an average 20 percent working interest in three Gilwood oil wells at Gift, one of which is producing and the other two completed and awaiting production equipment. Total net oil production from these three wells is expected to be 150 barrels of light, sweet oil per day. Two additional wells are scheduled to be drilled this winter at a similar working interest. One well drilled in southwest Saskatchewan was cased as a potential new field gas discovery. A dry hole was drilled at Provost Alberta and the remaining nine wells were drilled in southern Alberta. Two oil wells were drilled at Taber West and one oilwell was drilled at Turin. Two wells were drilled into the recently acquired Sawtooth oil pool at Hays, one of which will become an injector well. Two oil wells were drilled on previously owned company lands immediately offsetting the acquisition. One dry hole and one oil well were drilled at Enchant. Completion of the successful oil wells is proceeding during January 1998 and should increase daily oil production to 800 barrels of oil equivalent per day at sometime during the first quarter of 1998. Plans for 1998 call for the drilling of five exploratory wells in the Provost area and six development wells. Eight of the wells will be operated. The average working interest will be 71 percent.

To: Herb Duncan who wrote (8577)	1/22/1998 1:39:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / International Rochester Energy Estero #3 Well Status INTERNATIONAL ROCHESTER ENERGY CORP. TSE, VSE SYMBOL: ROH JANUARY 21, 1998 International Rochester Energy Announces Favourable Log Analysis on Estero No. 3 Well and Plans to Deepen Well VANCOUVER, BRITISH COLUMBIA--International Rochester Energy announced today that the formation evaluation of the Mirador, Guadalupe and Ubaque reservoirs in the Estero no. 3 well has been completed. This well located on the company's Alcaravan Association Contract in the Llanos Basin of Colombia, was drilled as a delineation well to confirm the extent of the Palo Blanco prospect and the reservoirs first discovered in the Estero no. 1 well, which tested 4000+ BOPD from only the Ubaque formation. Rochester owns a 25 percent beneficial interest in the Palo Blanco Field and similar rights to participate in the remaining area within the 210,000 acre Alcaravan Association Contract and the recently acquired 32,000 acre Miradores Association Contract. The Mirador, Guadalupe and Ubaque formations were evaluated in the Estero no. 3 with a series of electric logs resulting in the following characteristics which compare favourably to the results of Estero no. 1. /T/ Formation Characteristic Estero no. 3 Log and Formation Evaluation Analysis Results Formation Thickness: Gross Net Productive Mirador 90 feet 54 feet Guadalupe 213 feet 163 feet Ubaque 305 feet 12 feet Other Data: Porosity Oil Saturation Mirador 21 percent 46 percent Guadalupe 21 percent 42 percent Ubaque 22 percent 60 percent /T/ Prior to testing the three zones discussed above, Harken de Colombia, the operator of the well, has elected to drill deeper to test a seismically defined structural feature beneath the Ubaque formation. Based upon analysis of seismic data and subsurface information gathered from a well drilled by Ecopetrol to the north of Alcaravan, Rochester believes reservoir quality rocks could exist in the Paleozoic formation. If successful, this formation would establish a new productive interval in the Palo Blanco/Estero field area. At present 9 5/8" casing has been set to approximately 9400 feet. Drilling is currently resuming to evaluate the Paleozoic potential. Test results are not expected for several weeks. Rochester Energy also announced today that Mr. Erich Perroulaz has joined the Company's Board of Directors subject to regulatory approval. Mr. Perroulaz will represent the interest on Rochester's board of several financial institutions in Europe that participated in the $6.6 million convertible note financing last year. Mr. Perroulaz resides in Bern, Switzerland and is presently a partner with Egli & Portner. Mr. Perroulaz brings extensive experience in international financing to Rochester's board. Rochester Energy is a Canadian based oil and gas exploration company and is participating in the exploration and development of the 210,000 acre Alcaravan Association Contract and the 32,000 acre Miradores Association Contract located in the Llanos Basin of Central Colombia. The Company is also pursuing other, high potential, international oil and gas exploration opportunities.

To: Herb Duncan who wrote (8577)	1/22/1998 1:48:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Abacan Resource Corp. Completes Ima #9 Well ABACAN RESOURCE CORPORATION TSE SYMBOL: ABC NASDAQ SYMBOL: ABACF JANUARY 21, 1998 Abacan Completes Ima #9 Well CALGARY, ALBERTA--Abacan Resource Corporation today announced that it has completed drilling its Ima #9 well, an offshore development well located on the company's Ima Field in the Niger Delta. The well was drilled to the North Ima Field, to a true vertical depth of 12,940 feet (3,945 meters) and successfully logged through the "F" sand located at 11,400 feet (3,475 meters). The well is presently being completed in the "F" sand, on the North Ima Field, which was discovered in June 1997 by the Ima #6 well. The well will be tied into the Ima Field production facility upon completion and production testing is anticipated to commence early next week. The Ima #9 wellbore was also used to investigate a deep "X" prospect, located at a true vertical depth of 12,940 feet (3,945 meters), identified by 3-D seismic. Upon drilling into this objective, a high pressure regime was encountered which resulted in an underground blowout. For safety and operational reasons, drilling could not continue. The deeper "X" zone was controlled and cemented. Extensive sample analysis confirmed that new hydrocarbon fluids entered the wellbore from the "X" zone. The commerciality of this potential pay zone can only be confirmed by further drilling of a new well.

To: Herb Duncan who wrote (8577)	1/22/1998 1:51:00 AM
From: Kerm Yerman	Respond to of 15196

MERGERS - ACQUISITIONS / Inspan Investment Ltd. Drops Merger Plan INSPAN INVESTMENT LIMITED ASE SYMBOL: INY JANUARY 21, 1998 Inspan Investment Will Not Proceed With Merger CALGARY, ALBERTA--Inspan Investment Limited ("Inspan") announces that the proposed merger between Cairo Energy Inc. and Inspan will not proceed. Management will continue to pursue and evaluate other corporate opportunities. The acquisition of certain oil and gas properties previously announced on November 11, 1997 is scheduled to close January 30, 1998, the purchase will be funded with bank debt. Mr. Murray Scalf has resigned from the Board of Directors effective January 8, 1998.

To: Herb Duncan who wrote (8577)	1/22/1998 1:55:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Petrobank Announces Joint Venture With Pinnacle Resources PETROBANK ENERGY AND RESOURCES LTD. TSE SYMBOL: PBG JANUARY 21, 1998 Petrobank Blood Magrath Exploration Agreement Reached CALGARY, ALBERTA--Petrobank announces today that it has signed an agreement with Pinnacle Resources Ltd. whereby Petrobank will fund 75 percent of an initial two well Wabamun exploration program to earn an incremental 25 percent working interest in 44,000 hectares of largely contiguous exploration acreage on its Blood Magrath property. The earning provisions of the agreement also call for Petrobank to fund 75 percent of 72 kilometers of new 2-D seismic which will be gathered over the next few weeks. Currently Petrobank and Pinnacle share the acreage 25 percent and 75 percent, respectively and Pinnacle operates. Following the earning wells, the exploration rights will be owned on a 50/50 basis. Petrobank will also have the right to operate exploration and development prospects it brings forward. The Blood Magrath land block lies within the Blood Indian Reserve offsetting the city of Lethbridge along the southern Alberta foothills. Deep exploration horizons are relatively unexplored compared to other areas of the Western Canadian Sedimentary Basin. Petrobank has several drill-ready prospects identified on the block and expects to drill six (gross) wells in the first half of 1998. Petrobank's management expects its Blood Magrath asset to play a very significant role in the company's continued growth.

To: Herb Duncan who wrote (8577)	1/22/1998 1:59:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

FIELD ACTIVITIES / BXL Energy Ltd. Gift/Littlehorse Drilling Update BXL ENERGY LTD. ASE SYMBOL: BXL JANUARY 21, 1998 BXL Announces Additional Exploration Success CALGARY, ALBERTA--BXL Energy Ltd. advises that further to its announcement of November 19, 1997, the company has successfully drilled the second and third wells of its winter drilling program at Gift/Little Horse. The first well was put on stream in late November and is currently producing at approximately 350 (95 net) barrels of oil per day. The second well was drilled in December and put on stream in January at a rate of 300 (90 net) barrels per day. The third well was drilled in January and is expected to come on stream before month end at approximately 300 (70 net) barrels per day. For the balance of 1998, BXL estimates that these three wells will contribute 200 to 250 barrels of oil per day to its production base. Production from this area is light, sweet crude and once tied in to production facilities can be produced at low cost. The balance of BXL's Gift/Little Horse winter drilling program includes at least three and up to five additional wells, at working interests ranging from 24 percent to 75 percent. BXL Energy Ltd. is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in Alberta.

To: Herb Duncan who wrote (8577)	1/22/1998 2:04:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP. - TOP 21 LISTED / Northrock Resources Ltd. - Open Market Paragon Petroleum Share Purchases NORTHROCK RESOURCES LTD. TSE SYMBOL: NRK JANUARY 21, 1998 Northrock Resources Announces Paragon Share Purchases CALGARY, ALBERTA--Northrock Resources Ltd. ("Northrock") announced that it has purchased, through the facilities of The Toronto Stock Exchange, 459,500 common shares of Paragon Petroleum Corporation ("Paragon") for an aggregate purchase price of $1.7 million. The highest price paid was $3.80 per Paragon common share. The Paragon common shares purchased today, combined with purchases on January 19, 1998 of 944,400 common shares, represent 4.5 percent of the outstanding number of Paragon shares. To date, the average price paid for purchases of Paragon common shares by Northrock was $3.79 per share. Northrock has mailed to all holders of common shares of Paragon an offer and bid circular (the "Offer") dated January 12, 1998. Pursuant to the Offer, Northrock offers to purchase all of the issued and outstanding common shares of Paragon on the basis of $4.10 Canadian cash per Paragon common share or 0.19 of a Northrock common share for each Paragon common share, or a combination thereof. It is intended that the Paragon common shares acquired today by Northrock will be included in determining whether the 66 2/3 percent minimum acceptance condition set out in the Offer has been fulfilled. Northrock is an oil and gas company listed on The Toronto Stock Exchange trading under the symbol "NRK".