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

To: Arnie who wrote (8729)	1/29/1998 9:11:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Venture Seismic Announces First Quarter Results; Revenue and Net Income Up Sharply NASDAQ SYMBOL: VSEIF JANUARY 29, 1998 CALGARY, ALBERTA--Venture Seismic Ltd. (NASDAQ NMS-VSEIF) today reported results for the three months ended Dec. 31, 1997 ("first quarter of fiscal 1998"). Revenue for the first quarter of fiscal 1998 increased 54 percent to $8.6 million from revenue of $5.6 million for the same quarter last year. Net income for the first quarter of fiscal 1998 increased 153 percent to $390,703, or $0.12 per share, compared with net income of $154,260, or $0.05 per share, for the same quarter last year. The company attributed the increase in revenue and income to its increased base of seismic data acquisition equipment and the continued growth of U.S. operations. The company's subsidiary, Boone Geophysical Inc. ("Boone"), accounted for 54 percent of the company's revenue in the first quarter of fiscal 1998 compared with 32 percent for the same quarter last year. Brian Kozun, president and CEO of Venture, stated, "Our improved first quarter financial performance reflected continued good demand for seismic services in Canada and increased activity at Texas-based Boone. We have a larger number of channels available in the United States and this enhanced capacity, combined with an increase in the amount of 3D work in progress, has resulted in greater activity in the first quarter of fiscal 1998." Venture Seismic Ltd. is traded on the Nasdaq National Market System and is engaged primarily in the acquisition of land and wetlands seismic data for use in the exploration for and development and field management of oil and gas reserves. The company utilizes both traditional two-dimensional ("2D") and more technologically advanced three-dimensional ("3D") seismic data technology to acquire data on possible oil and gas reserves for its customers, which range from junior exploration companies to fully-integrated multi-national corporations. /T/ (All amounts in U.S. dollars) Three months ended December 31, 1997 1996 Revenue $ 8,627,748 $ 5,584,771 Direct expenses 6,388,399 4,246,748 Gross margin 2,239,349 1,338,023 General & administrative expenses 501,444 397,954 Depreciation 702,846 498,604 Amortization of goodwill 44,580 38,580 1,248,870 935,138 Income from operations 990,479 402,885 Other income (expense) Interest expense (354,417) (138,570) Gain on sale of capital assets 32,870 -- Interest and other income 20,271 5,707 (301,276) (132,863) Income before income taxes 689,203 270,022 Income tax provision 298,500 115,762 Net income for the period $ 390,703 $ 154,260 Net income per common share (see note) Basic (Cdn & US GAAP) $0.12 $0.05 Fully diluted (Cdn GAAP) $0.09 $0.05 Fully diluted (US GAAP) $0.10 $0.05 /T/ Note: There is no difference in the calculation of net income or basic income per share under U.S. and Canadian GAAP for the above periods. However, there is a difference in the method of calculating fully-diluted income per share amounts using U.S. and Canadian GAAP, thus resulting in different fully-diluted income per share amounts for the period ended Dec. 31, 1997. There is no difference between basic and fully-diluted income per share amounts for the period ended Dec. 31, 1996 since the potential conversion was anti-dilutive during this period. This news release contains certain forward-looking statements that involve risks and uncertainties as detailed from time to time in Venture's SEC filings under "Risk Factors" and elsewhere. Actual results could differ from those anticipated due to a number of factors including the capital intensive nature of the company's business, its need for additional funds for operations and debt service requirements, seasonal fluctuations in operating results, dependence upon principal customers and on the activity of the oil and gas industry, risks associated with international operations and regulatory, competitive and contractual risks.

To: Arnie who wrote (8729)	1/29/1998 9:13:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Berkley Petroleum Corp. Announces Financing TSE, ASE SYMBOL: BKP JANUARY 29, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION IN U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Berkley Petroleum Corp. announces it has entered into a "bought deal" financing agreement with a syndicate of underwriters led by Nesbitt Burns Inc. and First Marathon Securities Limited, and including Bunting Warburg Inc., FirstEnergy Capital Corp., CIBC Wood Gundy Securities Inc., TD Securities Inc., and Peters and Co. Limited, to issue from treasury on a "Flow Through" basis, 2,000,000 Common Shares at $17.00 per Common Share. Gross proceeds will be $34,000,000 and closing is expected on or before February 24, 1998. Proceeds from the issue will be used to fund Berkley's ongoing exploration activities. Berkley Petroleum Corp. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. Berkley's common shares are listed on the Toronto and Alberta stock exchanges under the trading symbol "BKP." This news release shall not constitute an offer to sell, or the solicitation of an offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration, or an applicable exemption from the registration requirement. Berkley Petroleum's News Releases for the past 14 months can be accessed electronically through Canadian Corporate News website at cdn-news.com and Berkley's home page at berkleypete.com. Neither the Toronto nor Alberta stock exchange has approved or disapproved the information contained herein.

To: Arnie who wrote (8729)	1/29/1998 9:15:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / First Wells in Scarlet Exploration's Drilling Program Achieve Success ASE SYMBOL: SCO JANUARY 29, 1998 CALGARY, ALBERTA--Scarlet Exploration Inc. (ASE: SCO) announced today the first two wells in its winter drilling program in the Rainbow Lake region have been completed as successful oil wells. The first well was placed on production in December 1997 at 150 BOPD (120 BOPD net). The second well has recently been placed on production at an initial production rate of 250 BOPD (gross). Scarlet owns a 50 percent interest in this well after payout. The third horizontal well in Scarlet's winter drilling program at Rainbow was spudded last week and is expected to be completed some time in early February. In the Paddle River region, Scarlet's second core area, a successful horizontal oil well was drilled and is waiting for a service rig for production testing and completion. In its third core area in southeast Saskatchewan, Scarlet expects to commence drilling the first well in a four well program early in February. THREE GAS PLAYS ALSO BEING DRILLED In the Fort Kent area of northeast Alberta, Scarlet has tested a gas well at three million cubic feet per day and it is now being tied into a nearby pipeline. At present, the company is evaluating additional drilling locations on the three contiguous sections of land which offset this well. In the La Glace area of Alberta, Scarlet has cased a well with over four meters of indicated gas pay. This is Scarlet's second well in the La Glace area and completion of this well is scheduled for early February. At Snowfall in northwestern Alberta, the third of Scarlet's gas plays, a well commenced drilling January 26th; Scarlet anticipates it will reach total depth by the first week of February.

To: Arnie who wrote (8729)	1/29/1998 9:21:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Westcoast Energy, Columbia Electric Form Joint Venture to Develop Three Gas-Fired Power Plants TSE, VSE, ME SYMBOL: W NYSE SYMBOL: WE AND COLUMBIA ENERGY GROUP NYSE SYMBOL: CG JANUARY 29, 1998 VANCOUVER, BRITISH COLUMBIA--Subsidiaries of Westcoast Energy Inc. (Westcoast) and the Columbia Energy Group (Columbia) of Reston, Virginia today announced that they have signed a development accord under which they will jointly pursue the development of three natural gas-fired electricity generating plants in northeastern North America, providing a total of 1,000 megawatts of electricity. The subsidiaries, Westcoast Energy (U.S.) Inc., and Columbia Electric Corp. will have created a 50-50 joint venture. Gerry Backeland, President of Westcoast's power operations, stated that "the combined expertise of the two organizations, coupled with Westcoast's successful power generation development and operations track-record in Canada makes this a natural extension of our current development activities into a marketplace that allows Westcoast to leverage its strategic pipeline, storage and distribution assets". Michael J. Gluckman, President and CEO of Columbia Electric Corp., said that the two companies "will combine our fuel management skills and experience in the construction and operation of gas-fired power plants to develop low-cost, reliable and clean-burning electricity production facilities to compete in the expanding deregulated generation marketplace." Westcoast Energy (U.S.) Inc. is a subsidiary of Vancouver, British Columbia-based Westcoast Energy Inc. (TSE:W; NYSE:WE). Westcoast Energy Inc.'s interests include natural gas gathering and processing facilities, gas transportation and storage facilities, gas distribution companies as well as power generation, international and energy services businesses. The Company has assets of approximately $10 billion. The Columbia Energy Group, located in Reston, Virginia, is one of the U.S.' largest natural gas systems, with assets of more than US$6 billion. Its operating companies are engaged in all phases of the natural gas business plus marketing, energy management services, propane sales and electric power generation, sales and trading. Columbia companies, directly or indirectly, serve more than 7 million natural gas customers - 12 percent of the U.S. total - in 15 states and the District of Columbia. Columbia stock trades on the New York Stock Exchange under the symbol CG. Website: westcoastenergy.com. columbiaenergygroup.com.

To: Arnie who wrote (8729)	1/29/1998 9:29:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Windsor Energy Corporation Enters Into U.S. $170 Million (Can. $248 Million) Agreement TSE, AMEX SYMBOL: WNS JANUARY 29, 1998 CALGARY, ALBERTA--Windsor Energy Corporation is pleased to announce that it has signed an agreement with Stanton Capital Corporation relating to the sale of its 90 percent owned joint venture, Windsor Corporation S.A., through a leveraged recapitalization. The acquiring company will be named "Winfield Energy Corporation" and the properties to be included in the transaction consist of Rincon, Hermosa Beach, SMK and certain others. If, through the purchase of all the shares of Windsor Corporation S.A., Winfield Energy Corporation acquires all of the assets from the joint venture as contemplated by the agreement, the purchase price would be U.S. $170 million (or approximately Can. $248 million) (less indebtedness and other liabilities assumed). The acquisition is expected to be financed with a combination of debt, U.S. $15 million (or approximately Can. $22 million) of preferred equity invested by Windsor Energy Corporation, and an expected equity investment by each of Windsor Energy Corp. and Stanton Capital Corporation of up to U.S. $17.5 million (or approximately Can. $25.5 million). Upon completion of the acquisition, in addition to the preferred equity, Windsor Energy Corp. will own an approximate 50 percent common equity interest in Winfield Energy Corporation, leaving Windsor Energy Corp. with cash from the transaction of approximately U.S. $137.5 million (or approximately Can. $200 million) less net debt of approximately U.S. $18 million (or approximately Can. $26 million) repaid or transferred to Winfield Energy Corporation (leaving Windsor Energy Corp. debt free). Also, Windsor Energy Corp. will retain all of its interests in businesses and properties located in Canada and its principal exploration assets located in the United States. Further, Winfield Energy Corporation will provide administrative management services for the U.S. assets retained by Windsor Energy Corp. A primary objective of Winfield Energy Corporation is to access increased capital resources, enabling it to accelerate the development of its oil and gas exploration and production assets. The agreement is subject to, among other things, approval of the Board of Directors of Windsor Energy Corp. of the final terms of the transaction, regulatory approval, and the successful completion of the acquisition financing. Stanton Capital Corporation is a private equity investment firm based in New York, New York, and has completed several investments with an aggregate transaction value exceeding U.S. $500 million over the past two years. The financial resources of Stanton Capital Corporation are provided by several major investment groups based in the U.S. and Canada, which groups have total assets exceeding U.S. $10 billion. Principals of Stanton Capital Corporation have many years of experience in transactions involving oil and gas exploration and production companies. Windsor is a Calgary, Alberta and Dallas, Texas based international exploration and production company traded on the Toronto Stock Exchange (TSE:WNS) and the American Stock Exchange (AMX:WNS).

To: Arnie who wrote (8729)	1/29/1998 9:33:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / Westcoast Purchases Additional Interest in Alliance Pipeline Project TSE, ME, VSE SYMBOL: W NYSE SYMBOL: WE JANUARY 29, 1998 VANCOUVER, BRITISH COLUMBIA--Westcoast Energy Inc. (Westcoast) today announced that it has agreed to purchase the eight (8) per cent interest in Alliance Pipeline (Alliance) from Gulf Canada Resources Limited (Gulf). Under a separate arrangement, Westcoast has agreed to sell one half of this interest to another existing Alliance partner. The remaining four (4) per cent interest will bring Westcoast's total interest in Alliance to approximately 14.5 per cent. In addition, Gulf has retained an option, through Westcoast, to acquire an effective five (5) per cent interest in the natural gas liquids extraction and marketing facilities associated with the project. "We are committed to ensuring Alliance is successful and believe it has the full support of the producer community," said Michael Stewart, Westcoast's Executive Vice President, Business Development. "Our goal is to provide new market outlets for northeast British Columbia natural gas production." Michael Phelps, Westcoast's Chairman and CEO said, "Our involvement in Alliance is a principal part of our North America-wide strategy to participate in significant west-to-east gas transportation projects. These include the TriState Pipeline project, certain transmission investments in Ontario, the Millennium Pipeline project and the Maritimes & Northeast Pipeline Project. Taken together, these projects will expand Westcoast's market reach well beyond our original northeast British Columbia service territory" Phelps also said, "The development of a competitive alternative for companies in eastern markets who are sourcing gas is highly desirable." Westcoast Energy Inc., (TSE:W; NYSE:WE) headquartered in Vancouver, British Columbia, has assets of approximately $10 billion. The Company's interests include natural gas gathering and processing facilities, gas transportation and storage facilities, gas distribution companies as well as power generation, international and energy services businesses.