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

To: Kerm Yerman who wrote (8617)	1/22/1998 8:13:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR SERV 9 LISTED / Petro Well Energy Services Normal Course Issuer Bid And Merger Update PETRO WELL ENERGY SERVICES INC. CALGARY, Jan. 22 /CNW/ - Petro Well Energy Services Inc. (''Petro Well'') announces that it has filed a notice with The Toronto Stock Exchange of its intention to make a normal course issuer bid. The maximum number of common shares which Petro Well may acquire under the bid is 514,569, representing approximately 5% of the 10,291,398 common shares which are currently outstanding. All shares will be canceled upon acquisition by Petro Well. The notice is subject to acceptance by The Toronto Stock Exchange. Petro Well is putting this normal course issuer bid in place because, in the view of Petro Well management, recent trading prices for the Corporation's have not reflected the value of Petro Well. Any purchases made by Petro Well under the bid will be made through the facilities of, and in accordance with the rules of, The Toronto Stock Exchange. In addition, Petro Well and Crown Well Servicing Ltd. (''Crown'') today announced that they have jointly agreed to an extension for the closing of the proposed merger of their companies to February 27, 1997. The effective date of the transaction remains at January 1, 1998. The transaction is subject to several conditions being fulfilled including approval of The Toronto Stock Exchange and other regulatory bodies and satisfactory due diligence reviews. The transaction is also subject to the shareholders of Crown entering into an agreement by February 20, 1998 with one or more underwriters to sell by way of a secondary offering 7.5 million of the 9.5 million common shares to be received as a result of the transaction. Crown is an Edmonton based private oil and gas well servicing company which owns eleven service rigs. Petro Well is a publicly owned oil and gas well servicing company which owns eleven service rigs and is currently constructing one additional service rig. The combined entity which will initially own 23 service rigs expects to become a significant operator in this segment of the Western Canadian service sector. Included as part of the expanded asset base is a shop and yard in Edmonton. Petro Well's common shares trade on The Toronto Stock Exchange under the symbol ''PWS''.

To: Kerm Yerman who wrote (8617)	1/22/1998 8:18:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Mantaur Petroleum Trinidad Plans MANTAUR PETROLEUM CORPORATION - TRINIDAD OFFSHORE DRILLING SCHEDULED TORONTO, Jan. 22 /CNW/ - Mantaur Petroleum Corporation (''Mantaur'') expects that its East Brighton offshore well, Gulf of Paria, Trinidad will be drilled in July, 1998. Enron Gas & Oil Trinidad Limited has agreed to farm-in to Mantaur's 70% interest in the East Brighton project which is held through Mantaur's wholly owned Eastern Petroleum subsidiary. Enron will drill the initial exploratory well at its sole cost to earn a 50% interest. The Cliffs Drilling jackup Rig 202 will move to Trinidad on June 8 to begin a one year contract to Enron in the region and the East Brighton test is presently scheduled as the first well in the contract. The East Brighton block is directly offsetting the Brighton Marine oil field which has produced 73 million barrels of 30 degrees to 36 degrees API oil from the Nariva formation. The main objective of the Enron/Mantaur well is the 100 to 600 feet thick blanket sandstone formation at the base of the Nariva. A new 3D seismic survey over the western one third of the 82 square kilometer East Brighton offshore block has defined the drilling target. The well is expected to encounter the Nariva oil sands at approximately 3500 feet subsea depth. Enron has contracted to earn 50% of the East Brighton property by drilling the initial well. Petrotrin, the Trinidadian State oil company holds a 30% interest which is carried through the exploratory phase. In the development phase Mantaur/Eastern will have a 20% participating interest. Mantaur Petroleum is a Canadian oil exploration company focussing on its projects in Trinidad and Mongolia. The presently issued share capital of Mantaur is 19,382,310 common shares (25 million shares fully diluted).

To: Kerm Yerman who wrote (8617)	1/22/1998 8:24:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Circa Enterprises Inc. May Be Selling Tri-Ener-Tech Petroleum Services CIRCA ENTERPRISES INC. DISCUSSING DISPOSITION OF ITS TRI-ENER-TECH SUBSIDIARY CALGARY, Jan. 22 /CNW/ - Circa Enterprises Inc. announced today that it is negotiating a disposition of its Tri-Ener-Tech Petroleum Services Ltd. subsidiary to a United States based organization. Completion of the disposition transaction is subject to the execution and delivery of the definitive purchase and sale agreement. There can be no assurance that a definitive agreement will be reached or as to the timing or terms thereof. Circa Enterprises Inc. is a Calgary based corporation, the common shares of which are listed on The Toronto Stock Exchange under the trading symbol ''CTO''.

To: Kerm Yerman who wrote (8617)	1/22/1998 8:28:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Delbancor Industries Change in Organization DELBANCOR INDUSTRIES INC. TORONTO, Jan. 22 /CNW/ - Delbancor Industries Inc. (the ''Corporation'') announces that it has completed a change in management effective December 31, 1997. The change involved the appointment of new members to the board of directors and appointment of new senior executives. The current directors of the Corporation are as follows: Joseph De Felice Richard Zanchin Gary Troll The current officers of the Corporation are as follows: Name Position Joseph De Felice President Richard Zanchin Secretary/Treasurer The appointment of the new directors and executives is subject to regulatory approval. There has been no change in the controlling shareholders of the Corporation and the Corporation has not changed its current business as a diversified holding company. The Corporation currently has a wholly-owned subsidiary, Deltex Petroleum Corp., which is engaged in the business of exploration and development of oil and natural gas resources.

To: Kerm Yerman who wrote (8617)	1/22/1998 8:35:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / PanCanadian Petroleum 1997 Results (Part 2) COMPARATIVE HIGHLIGHTS Three Months Ended Year Ended FINANCIAL December 31 December 31 ------------------ ------------------ (millions of dollars, except amounts per share) 1997 1996 1997 1996 ------------------------------------------------------------------------- Revenues $ 918.7 $ 951.6 $ 3,258.3 $ 2,786.0 Cash flow 254.5 337.5 961.4 1,000.8 Per share 1.01 1.35 3.82 3.99 Net income 69.4 122.2 329.7 345.8 Per share 0.27 0.49 1.31 1.38 Capital expenditures 382.3 224.2 1,136.2 755.5 (excludes net acquisitions) DAILY PRODUCTION (before royalty) ------------------------------------------------------------------------- Crude oil (barrels) Conventional Canada 133,085 138,878 124,912 128,829 Russia - 3,351 1,898 3,894 ------- ------- ------- ------- 133,085 142,229 126,810 132,723 Field natural gas liquids (barrels) 15,025 13,924 13,213 13,608 ------- ------- ------- ------- Total crude oil and field natural gas liquids 148,110 156,153 140,023 146,331 ------- ------- ------- ------- ------- ------- ------- ------- Empress plants (barrels) Production 13,996 12,135 13,184 11,577 Sales 14,219 18,892 12,675 12,432 ------- ------- ------- ------- ------- ------- ------- ------- Natural gas (million cubic feet) Production 808 697 744 722 (x)Sales 787 694 725 717 ------- ------- ------- ------- ------- ------- ------- ------- Synthetic (barrels) - - - 8,724 ------- ------- ------- ------- (x)Sales represent total gas production, less a portion that is upgraded and sold as natural gas liquids. >> OPERATIONAL HIGHLIGHTS Canada: Load Retention Service rate decision In November, the Alberta Energy and Utilities Board (EUB) approved the new Load Retention Service (LRS) rates on the NOVA Pipeline System for natural gas transmission services in southeastern Alberta effective January 1, 1998. This ruling impacts 600 million cubic feet per day of natural gas for PanCanadian, and will result in annual gas transmission savings of up to $23 million. Alliance Pipeline In November, PanCanadian sold its remaining four percent ownership in the Alliance Pipeline Limited Partnership to IPL Energy Inc. PanCanadian invested in Alliance to secure increased natural gas pipeline capacity out of Western Canada. PanCanadian believes Alliance is now well positioned to achieve that goal. Copan Project In October, upon completion of the scheduled inspection and re-configuration, the rig returned offshore to the Panuke field and resumed production. In November, an unanticipated mechanical problem forced a shutdown in production, and a diving support vessel was brought in from the Gulf of Mexico to replace the damaged equipment. Production resumed very late in the year. As a result of these two separate events, East Coast production was down for the majority of the quarter. PanCanadian's share of production averaged approximately 13,000 barrels per day through the first half of January this year. Gulf of Mexico: The Company is encouraged by the progress made at the Llano prospect, in which PanCanadian holds a 20 percent interest. In December, several hydrocarbon bearing intervals were encountered in the well between depths of 23,000 feet and 25,340 feet. Drilling was suspended at a depth of 25,342 feet due to equipment limitations of the semi-submersible rig. The well has been temporarily suspended to facilitate the evaluation of additional seismic information and to assess options utilizing a larger drilling rig with greater depth capabilities. Further information on this well is expected in the second quarter. International: In December, PanCanadian and its partner were given approval from Britain's Department of Trade and Industry for the development plan for the Waveney gas field in the UK North Sea. The Waveney field holds estimated recoverable reserves of 84 billion cubic feet of natural gas and is scheduled to start production in the fourth quarter of this year. PanCanadian holds a 14.29 percent interest in the project, which will be operated by ARCO British Ltd. The field is located 250 kilometres northeast of London with pipeline and processing infrastructure nearby. Also in December, the first Woollybutt appraisal well was spudded on Australia's Northwest Shelf. The initial discovery was made in May of 1997 and PanCanadian holds a 40 percent interest. CORPORATE HIGHLIGHTS Effective January 1, 1998 PanCanadian consolidated its recently formed operations business units under a single entity, PanCanadian Resources. PanCanadian Resources is headed by G. J. Protti and is comprised of the five domestic operations business units: Palliser, South Central Alberta, Heavy Oil, Weyburn and East Coast. PanCanadian's Board of Directors approved a dividend of 10 cents per share, payable on December 31, 1997 to shareholders of record as of December 8, 1997. AVERAGE SALES PRICES Three Months Ended Year Ended December 31 December 31 ------------------ ------------------ (dollars per unit) 1997 1996 1997 1996 ------------------------------------------------------------------------- Crude oil (per barrel) Conventional $ 19.64 $ 26.30 $ 21.17 $ 24.47 Hedging (1.52) (2.57) (0.91) (2.45) -------- -------- -------- -------- $ 18.12 $ 23.73 $ 20.26 $ 22.02 -------- -------- -------- -------- -------- -------- -------- -------- Field natural gas liquids (per barrel) $ 17.80 $ 23.84 $ 20.58 $ 18.08 -------- -------- -------- -------- Empress plants (per barrel) $ 21.61 $ 27.48 $ 23.18 $ 22.71 -------- -------- -------- -------- Natural gas (per thousand cubic feet) $ 2.31 $ 1.93 $ 1.99 $ 1.60 Hedging (0.01) 0.05 0.08 (0.19) -------- -------- -------- -------- $ 2.30 $ 1.98 $ 2.07 $ 1.41 -------- -------- -------- -------- -------- -------- -------- -------- Synthetic (per barrel) $ - $ - $ - $ 26.66 -------- -------- -------- -------- -------- -------- -------- -------- CONSOLIDATED STATEMENT OF INCOME Three Months Ended Year Ended December 31 December 31 ------------------ ------------------ (Unaudited) (millions of dollars) 1997 1996 1997 1996 ------------------------------------------------------------------------- REVENUES Operating $ 458.0 $ 527.3 $1,750.9 $1,754.2 Crown royalties and similar payments (31.6) (52.6) (141.8) (171.6) Marketing 491.1 446.4 1,629.5 1,144.8 Interest 2.5 3.7 21.5 14.9 Miscellaneous (1.3) 26.8 (1.8) 43.7 --------- --------- --------- --------- 918.7 951.6 3,258.3 2,786.0 --------- --------- --------- --------- EXPENSES Operating 127.4 125.2 474.4 456.1 Purchased product 481.3 430.6 1,602.4 1,098.1 Administrative 33.2 18.3 111.0 90.4 Interest 19.5 14.3 67.4 62.7 Depletion, depreciation and amortization 158.4 181.8 552.9 611.6 --------- --------- --------- --------- 819.8 770.2 2,808.1 2,318.9 --------- --------- --------- --------- INCOME BEFORE INCOME TAXES 98.9 181.4 450.2 467.1 --------- --------- --------- --------- PROVISION FOR INCOME TAXES Current 7.3 8.6 51.1 52.9 Deferred 22.2 50.6 69.4 68.4 --------- --------- --------- --------- 29.5 59.2 120.5 121.3 --------- --------- --------- --------- NET INCOME $ 69.4 $ 122.2 $ 329.7 $ 345.8 --------- --------- --------- --------- --------- --------- --------- --------- Note: In 1997, the Company recognized income tax related gains of $34.1 million (1996 - $65.1 million). These reflect gains from the utilization of acquired tax losses of $40.5 million (1996 - $85.1 million), offset by other adjustments of $6.4 million (1996 - $20.0 million). The gain recognized in the fourth quarter was $3.7 million (1996 - $20.5 million). CONSOLIDATED STATEMENT OF CHANGES IN CASH POSITION Three Months Ended Year Ended December 31 December 31 ------------------ ------------------ (Unaudited) (millions of dollars) 1997 1996 1997 1996 ------------------------------------------------------------------------- OPERATING ACTIVITIES Net income $ 69.4 $ 122.2 $ 329.7 $ 345.8 Amounts not requiring a current outlay of cash 185.1 215.3 631.7 655.0 --------- --------- --------- --------- Cash flow 254.5 337.5 961.4 1,000.8 Net change in deferred items (47.9) 19.0 (77.0) 42.3 Net change in non-cash working capital 115.5 (190.4) 285.7 (305.2) --------- --------- --------- --------- Cash from operating activities 322.1 166.1 1,170.1 737.9 --------- --------- --------- --------- FINANCING ACTIVITIES Increase in long-term debt 100.6 39.2 223.8 33.6 Issue of common shares 0.1 1.0 9.4 5.4 Dividends (25.1) (25.1) (100.6) (100.4) Net change in non-cash working capital 1.2 - 44.3 - --------- --------- --------- --------- 76.8 15.1 176.9 (61.4) --------- --------- --------- --------- INVESTING ACTIVITIES Conventional Petroleum, natural gas and mineral properties (273.6) (152.8) (828.1) (499.9) Plant, production and other equipment (108.7) (71.4) (308.1) (248.7) Synthetic - - - (6.9) --------- --------- --------- --------- (382.3) (224.2) (1,136.2) (755.5) Net (acquisitions) dispositions 1.8 (18.1) (421.9) 314.9 Net change in non-cash working capital (28.4) 148.3 (33.5) 64.9 Net change in other assets (2.6) (14.1) (21.0) (26.7) --------- --------- --------- --------- (411.5) (108.1) (1,612.6) (402.4) --------- --------- --------- --------- INCREASE (DECREASE) IN CASH (12.6) 73.1 (265.6) 274.1 CASH AT BEGINNING OF PERIOD 102.2 282.1 355.2 81.1 --------- --------- --------- --------- CASH AT END OF PERIOD $ 89.6 $ 355.2 $ 89.6 $ 355.2 --------- --------- --------- --------- --------- --------- --------- --------- CONSOLIDATED CONDENSED BALANCE SHEET (Unaudited) As at December 31 (millions of dollars) 1997 1996 ------------------------------------------------------------------------- ASSETS Cash and short-term investments $ 89.6 $ 355.2 Other current assets 517.8 741.3 Property, plant and equipment - net 4,800.2 3,741.8 Deferred charges and other assets 202.2 113.3 --------- --------- $5,609.8 $4,951.6 --------- --------- --------- --------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 571.2 $ 504.3 Long-term debt 1,133.7 897.8 Deferred credits and liabilities 192.3 156.2 Deferred income taxes 1,093.2 1,002.1 Shareholders' equity 2,619.4 2,391.2 --------- --------- $5,609.8 $4,951.6 --------- --------- --------- --------- Weighted average number of shares outstanding (millions) 251.5 251.0 1997 OPERATING REVENUE VARIANCES FROM 1996 Three Months Ended Year Ended December 31 December 31 ------------------ ------------------ (millions of dollars) Price Volume Price Volume ------------------------------------------------------------------------- Crude oil Conventional $ (69.0) $ (19.6) $ (82.9) $ (49.0) Synthetic - - - (85.2) --------- --------- --------- --------- (69.0) (19.6) (82.9) (134.2) Field natural gas liquids (8.5) 2.6 12.1 (2.9) Empress plants (7.3) (11.3) 5.8 1.6 Natural gas 22.9 17.0 175.5 3.5 Other 3.9 - 18.4 (0.2) --------- --------- --------- --------- Total operating revenue $ (58.0) $ (11.3) $ 128.9 $ (132.2) --------- --------- --------- --------- --------- --------- --------- --------- DRILLING SUMMARY Three Months Ended Year Ended December 31 December 31 (gross number of working ------------------ ------------------ interest wells drilled) 1997 1996 1997 1996 ------------------------------------------------------------------------- Crude oil 246 137 771 638 Natural gas 180 53 707 372 Service 38 4 116 21 Dry 83 59 226 190 -------- -------- ------- ------- 547 253 1,820 1,221 -------- -------- ------- ------- -------- -------- ------- ------- Success ratio 85% 77% 88% 84% Average working interest 87% 86% 92% 90% SELECTED FINANCIAL INFORMATION Year Ended December 31 ----------------- 1997 1996 ------------------------------------------------------------------------- Net debt to cash flow 1.1 0.5 Return on average shareholders' equity 13.2% 15.3% Return on average invested capital 10.4% 12.1% Net interest coverage 10.8x 10.8x

To: Kerm Yerman who wrote (8617)	1/22/1998 8:54:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Para-Tech Energy Corp. Management Appointments PARA-TECH ENERGY CORPORATION ANNOUNCEMENT CALGARY, Jan. 22 /CNW/ - Para-Tech Energy Corporation is pleased to announce the appointment of Stuart King to the Board of Directors as of January 19, 1998. Mr. King brings extensive international and domestic oil and gas experience with companies and individuals which were developed over 40 years. Laurie Wickwire was appointed President and Director of Para-Tech Energy Corporation on January 1, 1998. Mr. Wickwire has over 25 years of experience in the oil and gas industry with the latter 17 years in the international market place. He brings extensive oil and gas contacts from over 25 countries including Eastern Europe, Asia, Central and South America. Para-Tech Energy Corporation has the exclusive world wide marketing and manufacturing rights to the ''Enercat'' downhole paraffin tool which eliminates the build up of paraffin and scale in tubulars. The ''Enercat'' technology is presently being used to eliminate paraffin and scale problems in over 1,200 producing wells worldwide. Shares outstanding - 26,902,250

To: Kerm Yerman who wrote (8617)	1/22/1998 8:58:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Pacalta Resources Drilling & Production Update PACALTA RESOURCES LTD. ANNOUNCES NEW PRODUCTION LEVELS AND RECENT EXPLORATION DISCOVERIES QUITO, ECUADOR, Jan. 22 /CNW/ - Pacalta Resources Ltd.'s 100% subsidiary in Ecuador, City Investing Company Limited (''City Investing''), announced today that new apportionment rates have been set for deliveries into the SOTE/OTA pipeline system. Effective 6:00 AM, January 21, 1998, City Investing has been granted an increase of approximately 45% in its apportioned allowable to 19,553 BOPD. Due to ongoing capacity restrictions on the SOTE system and a recent Ministerial Decree which reserves an allocation of 300,000 BOPD for PetroProduccion (the operating arm of the state oil company, PetroEcuador) all other producers in Ecuador experienced a decline, of between 8% and 41% in production levels. These apportioned production volumes do not include any production from the Dorine, Anne and Aleluya discoveries which, to date, have not been assigned production allowables. City Investing also reported today that the Constitutional President of the Republic of Ecuador, Doctor Fabian Alarcon, has announced the appointment of the new Minister of Energy and Mines, Alvaro Bermeo. Minister Bermeo served as Undersecretary to the Minister of Energy and Mines prior to this appointment. During the fourth quarter of 1997, City Investing drilled two new field exploration discoveries. The first, Aleluya 1, encountered 20 degree API oil in the middle U zone and tested at 500 BOPD. The second discovery, Anne 1, tested at rates of up to 1,000 BOPD of 24 degree API oil from the M-I zone. As a result of prematurely high water-cuts, the current plan is to develop the Anne discovery with a horizontal re-entry well. City Investing has now completed the drilling of the remaining development wells on the Fanny 6 pad, as well as drilled an additional two development wells on the new Dorine discovery. The two most recent delineation wells on the Dorine discovery have confirmed the significant areal extent of the pool and have increased the Company's estimate of total sand thickness To date on the City Block, the Company has drilled a total of 19 wells including one water injector well. Of the 18 wells, all have encountered oil, and three new field discoveries have been made. Pacalta is currently in the process of updating its independent reserve report for the City Block to include the recent delineation of the Fanny and Mariann pools, as well as the new discoveries at Dorine, Aleluya, and Anne.

To: Kerm Yerman who wrote (8617)	1/22/1998 9:02:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Avid Oil & Gas Ltd. Class B Shares Now Trading AVID OIL & GAS LTD. ANNOUNCES THE TRADING OF CLASS B SHARES AND STAFF APPOINTMENTS CALGARY, Jan. 22 /CNW/ - Avid Oil & Gas Ltd. (Avid) is pleased to announce their Class B common shares will be listed for trading on the Alberta Stock Exchange under the symbol AVO.B effective January 22,1998. Avid issued 843,324 Class B shares in their initial public offering on July 18,1997. Avid is also pleased to announce the promotions of Dan Connelly to Vice President, Land and Stuart Symon to Vice President, Finance. Dan brings over twelve years of industry experience to the team, most recently with Stampeder Exploration Ltd., while Stuart has over seventeen years of industry experience most recently with Barrington Petroleum Ltd. Avid Oil & Gas Ltd. is a new emerging Alberta based public company engaged in oil and gas exploration and production and began trading on The Alberta Stock Exchange on August 15,1997 under the symbol AVO.A.

To: Kerm Yerman who wrote (8617)	1/22/1998 9:06:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Benz Energy Ltd. $15 Million Acquisition Benz Energy Ltd. (Vancouver: BZG) today announced the purchase of 24.28 billion cubic feet of gas and 149,641 barrels of oil and condensate in proved reserves as estimated by independent petroleum engineers. The purchase includes substantial probable reserves and 21 development drilling locations and is effective as of December 1, 1997. The purchase price of $15 million is in the form of a note, convertible into $3 million of common stock, based on an average stock price over the last 30 days, plus $12 million of a new issue of non convertible preferred stock. Benz can elect to pay the preferred dividend with common stock for the first two years. The transaction is subject to regulatory approval and shareholder approval of the new preferred stock issue as well as the adjustment for further due diligence by Benz. Prentis Tomlinson, Chairman of the Board, commented, "This transaction more than doubles our proved reserves and increases near term cash flows. Further, the Company is strengthening its balance sheet with new equity without significantly diluting our existing shareholders." Benz Energy Ltd. is an exploration and development oil and gas company based in Houston, Texas, focused on the onshore Gulf Coast of the U.S. The Company utilizes an extensive base of 3-D seismic data, acquires significant acreage positions and presently has an inventory of 28 exploration prospects. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

To: Kerm Yerman who wrote (8617)	1/22/1998 9:11:00 PM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

CORP. / Calibre Energy Inc. Appoints New Director CALIBRE ENERGY INC. ANNOUNCES APPOINTMENT OF ROGER HAINES TO ITS BOARD OF DIRECTORS CALGARY, Jan. 22 /CNW/ - Mr. R. Dean Smith, President and Chief Executive Officer of Calibre Energy Inc. is pleased to announce that Mr. Roger A. Haines has joined the Board of Directors of the Company. Mr. Haines is currently President of Gulfstream Resources Limited, a TSE listed oil and natural gas exploration and development company with international operations in several countries. Mr. Haines has over 25 years of experience in the oil and gas industry primarily focused in the international arena. Mr. Haines was instrumental in developing the forward vision of Gulfstream, identifying certain critical ventures and leading the negotiations to acquire the concessions presently held by Gulfstream. Prior to joining Gulfstream, Mr. Haines was Vice President and General Manager of Canadian Occidental's Yemen Project, leading the appraisal team and subsequent development of this significant offshore asset. Mr. Smith stated, ''the addition of Mr. Haines to our Board fills a very important vacancy when considering the imminent closing of our Trego Energy Inc. takeover bid on January 26, 1998 which includes the massive 17.3 million acre Niger oil concession. Mr. Haines' 25 year varied international experience will be of critical importance to the development of this important asset and to the Company's future.