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

To: Kerm Yerman who wrote (8631)	1/23/1998 1:54:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

CORP / Denbury Resources Announces Year-end Proved Reserves TSE, NYSE SYMBOL: DNR JANUARY 23, 1998 DALLAS, TEXAS and CALGARY, ALBERTA--On January 22, 1998, Denbury Resources Inc. filed an amendment to its registration statement covering the proposed sale of $87.6 million of common shares and $125 million of Senior Subordinated Notes due 2008. In connection with the amendment, the Company updated its estimates of proved reserves to December 31, 1997. Total proved reserves were 52.0 million barrels of oil and 77.2 Bcf of gas, or 64.9 million BOEs on an equivalent basis, including 27.6 million BOEs relating to the properties recently acquired from Chevron. This compares to a total of 27.4 million BOEs as of December 31, 1996. The present value of these proved reserves at December 31, 1997 is $361 million, calculated in accordance with SEC requirements on an unescalated basis using year-end 1997 prices and a 10 percent discount rate ("PV10 Value"). The 1997 reserve report was based on a West Texas Intermediate oil price of $16.18 per Bbl and a NYMEX Henry Hub price of $2.58 per MMBtu, a price decline of 31 percent and 34 percent for oil and gas respectively, from the prior year-end prices. Using consistent oil and gas pricing, the PV10 Value would have increased 35 percent (excluding the properties acquired from Chevron) between December 31, 1996 and December 31, 1997. The reserves were estimated by Netherland, Sewell and Associates, an independent engineering firm located in Dallas, Texas. Denbury is a growing independent oil and gas company engaged in acquisitions, development and exploration activities primarily in the states of Louisiana and Mississippi.

To: Kerm Yerman who wrote (8631)	1/23/1998 2:11:00 PM
From: Herb Duncan	Respond to of 15196

DIVIDEND / Pioneer Natural Resources (Canada) Ltd. Declares Cash Dividend TSE SYMBOL: PCX JANUARY 23, 1998 DALLAS,TEXAS--The Board of Directors of Pioneer Natural Resources (Canada) Ltd. (TSE - PCX) announced that it has declared a semi-annual cash dividend of US five cents (US$.05) per Exchangeable Share payable March 17, 1998 to shareholders of record as of February 17, 1998.

To: Kerm Yerman who wrote (8631)	1/23/1998 2:13:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Redeco Energy Inc. Announces Commencement of Trading ASE SYMBOL: RE JANUARY 23, 1998 OKLAHOMA CITY, OKLAHOMA--Redeco Energy Inc. announced that its common shares have been cleared for trading on the Alberta Stock Exchange under the ticker symbol "RE" following its acquisition of Redex Co. Ventures, Ltd. in a reverse-takeover transaction. Roche Securities Inc. of Edmonton, Alberta [(403) 424-5131] acted as financial agent in the transaction. Redeco Energy Inc. is an international oil and gas exploration and production company active primarily in the Republic of Moldova and Republic of Romania. Redeco, through its subsidiaries, is a 50 percent holder of the exclusive oil and gas exploration and development concession covering the entirety of the Republic of Moldova. Through other subsidiaries, Redeco has also operated under an exploration permit in the Republic of Romania. The Moldovan concession is co-owned and operated by a subsidiary of Costilla Energy, Inc. of Midland, Texas, which holds the remaining 50 percent. Currently Costilla and Redeco are drilling the Valeni "CD" well in the Valeni Oil Field in Southern Moldova and have moved a rig on location to drill the Victorovca "W" well in the Victorovca gas field in south central Moldova. Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are "forward looking statements" within the meaning of the U.S. Securities Litigation Reform Act. The statements involve risks that could significantly impact Redeco Energy Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks.