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

To: Kerm Yerman who wrote (8834)	2/4/1998 6:20:00 PM
From: Arnie	Respond to of 15196

PROPERTY DISPOSITION / Parkland Industries sells 13 Gasoline Stations Parkland Industries Ltd. today announced that it has completed the previously announced intent for the sale of 13 gasoline service stations, located in Winnipeg, Edmonton and Calgary. Purchaser is Husky Oil Marketing Company, a division of Husky Oil Ltd. The transaction was at approximate book value so that no material gain or loss will be booked. Jack Donald, Parkland's President and C.E.O., said the divestiture was the natural outgrowth of Parkland's strategy emphasizing the niche markets of the vibrant small towns of western and northern Canada. Parkland Industries Ltd. is a diversified petroleum company with refining, retailing and transportation operations and, in addition, has an equity investment in a publicly traded oil and gas exploration and production company (TSE: Crestar Energy Inc.). Parkland Industries Ltd. is listed on the Toronto and Alberta Stock Exchanges (PKI).

To: Kerm Yerman who wrote (8834)	2/4/1998 6:23:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Northline Energy Services acquires Company NORTHLINE ENERGY SERVICES INC. ("Northline") (ASE: NES) is pleased to announce that it has entered into a non-arm's-length letter of intent with Northline Energy Ltd. ("NEL"), as well as Norbert Loiselle and R. Frank Wilson, directors and officers of Northline who are the shareholders of NEL. Pursuant to the letter of intent, Northline has agreed to acquire all of the issued and outstanding securities of NEL for $2,000 in cash and the payment by Northline of all outstanding shareholder loans of NEL, which loans the parties estimate will be approximately $700,000 and are not anticipated to exceed $900,000, plus interest at a rate of 5.5% per annum. The acquisition of the shares of NEL is expected to constitute a major transaction of the Corporation as defined in ASC Policy 4.11 and ASE Circular Number 7. Consequently, Northline also announces that it will not be proceeding with the acquisition of Co-Dan Coil Tubing Ltd., which was the proposed acquisition disclosed in the Prospectus of Northline dated December 15, 1997. Also in conjunction with the acquisition of the shares of NEL, Northline may also raise gross proceeds of a minimum of $200,000 and a maximum of $1,200,000 by way of the private placement of units of Northline (the "Units") at a price per unit yet to be determined by the board of directors of Northline and to be in compliance with the policies of The Alberta Stock Exchange. Each Unit will consist of one common share of Northline and one share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one additional common share of Northline for a period of two years at a price yet to be determined by the board of directors of Northline and to be in compliance with the policies of The Alberta Stock Exchange. NEL is a new formed private company that is engaged in the business of marketing, selling and providing endless coiled tubing and related services to the oil and gas industry in Alberta. NEL has completed the construction of its first coiled tubing unit and began operations on January 15, 1998. The completion of the transaction is subject to several conditions precedent, including regulatory approval, minority shareholder approval, satisfactory completion of due diligence reviews and the entering into a formal share purchase agreement among the parties. Finally, Northline is pleased to announce its common shares will commence trading on The Alberta Stock Exchange under the trading symbol "NES" on Thursday, February 5, 1998. For further information contact Norbert Loiselle, President of Northline, at (403) 918-1171.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:25:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Alpine Oil Services completes New Technology Design Alpine Oil Services today announced that a full design has been completed to implement their proprietary electromagnetic (E-M) telemetry communication techniques in conjunction with the manipulation of downhole valves and switches in various oil and gas related tools. Although this technology has been used successfully for measurement while drilling (MWD) and for Alpine's present pressure/temperature monitoring systems for drill stem tests (DST) and production surveys, Alpine will be the first company to implement E-M technology to directly control downhole mechanical instrumentation. Present technology requires downhole tools to be manipulated mechanically from surface through the use of wireline-assisted techniques. Recently, micro-processor controlled electronic instrumentation allowed for the equipment to cycle using a pre-programmed time base. This technology improved the gathering of critical well data, but did not allow for versatility and changing of cycle times once a tool had been programmed and lowered to test depth. Well conditions change often, and circumstances force the opening of a downhole valve sooner than expected, or a valve is required to stay closed for a longer duration. Presently, downhole tools must be manipulated from surface with the aid of a slickline truck or skid-mounted system. Alpine's new design involves the use of their E-M telemetry technology to transmit a low frequency radio wave to a shut-in-tool encased with a downhole power amplifier, receiver and central processor unit. The system interprets specific digital commands from surface, and automatically activates the tools. The cycle of commands can be repeated as many times as is required. The new design is expected to be conducive to most geologic environments, except highly concentrated salt formations or thick zones of anhydrite. For these environments, Alpine will continue to use their pre-programmed time-based electronic instrumentation. By giving the operator the total flexibility associated with this technology, expanded well data can be gathered in a more efficient and economic manner. This technology complements Alpine's already proven commercial tools that measure pressure and temperature in real-time during a DST and Extended Production Test. Future development will include the use of E-M technology to activate downhole pumps to inflate packers during DST's. The addition of this now technology is expected to further strengthen Alpine's dominance as a leading provider of telemetry services related to the collection of reservoir data relevant to the life of a well. The Company expects to have commercial systems available by the fourth quarter of 1998. Alpine Oil Services is a vertically integrated oil field service company, providing specialized technology to the international petroleum exploration, production and processing industries worldwide. Alpine operates in these sectors by developing, manufacturing, operating and marketing proprietary, leading-edge technologies for companies in North and South America, South East Asia, the Middle East and Europe. Investor Relations: Jason Krueger Telephone: (403) 263-7800 Internet: www.alpineoil.com Email:invest@alpineoil.com

To: Kerm Yerman who wrote (8834)	2/4/1998 6:27:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / GHP Exploration testing Well at Sud Nefta, Tunisia GHP Exploration Corporation (CDN:GHPX.U) is pleased to announce testing plans to evaluate the hydrocarbon potential of the Sud Nefta (NF-1) well located in Tunisia in which GHP has an 8% working interest. The NF-1 well has reached a total depth of 4,675 meters in the Cambrian formation. The NF-1 well was drilled to evaluate the Alpha prospect, a large paleo structure with over 43,000 acres of closure. The well confirmed the presence of the structure and found it to be some 340 meters higher than the prognosis at the Cambrian level. Based on the encouraging results obtained from shows while drilling, evaluation of multiple wireline logs (including repeat formation test) and whole core data, the joint venture has elected to run seven inch production casing to total depth in preparation for perforating and testing. Specifically, potential pay in the Cambrian, the Triassic-Tagi and the Tags formations are planned to be tested. Additionally, in the portion of the hole covered by 9 5/8 inch casing, the Lias and Dogger formations had mudlog and wireline log shows and may be tested. All together there may be up to 11 sets of perforations covering five separate potentially productive formations. The encouraging whole core data results mentioned above was restricted to the lower portion of the regionally productive Tagi formation. Additional details of the tests will be reported when available. The Company's West Delta 78 prospect is currently drilling in the Gulf of Mexico at 17,114 feet towards a proposed total depth of 17,500 feet. GHP engages in the exploration for and development and production of crude oil and natural gas in the United States and Internationally with operations and interests in acreage in the Gulf of Mexico, onshore Texas, Utah and in Tunisia. The Company currently has 17.7 million common shares outstanding. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) George H. Plewes - (604) 669-2525 Barry D. Lasker - (713) 626-9373 Internet: ghpexploration.com

To: Kerm Yerman who wrote (8834)	2/4/1998 6:35:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Petro-Canada announces Gas Discovery in Algeria CALGARY, Feb. 4 /CNW/ - Petro-Canada has made a second natural gas and condensate discovery in its exploration program in Algeria. The latest well, Timellouline Sud-1 (TMLS-1), follows the gas and condensate discovery at Hassi Imoulaye-1, announced on December 3, 1997. TMLS-1 is the third discovery in Petro-Canada's exploration program on the Tinrhert block. The first discovery led to development of the Tamadanet oil field, where Petro-Canada's 1997 share of production averaged 5,700 barrels of oil a day before royalty and production sharing. The TMLS-1 well encountered 80 metres (262 feet) of gas-condensate pay from five different zones within the Siluro-Devonian formation. Six drill stem tests were conducted with cumulative stabilized daily rates of 117 million cubic feet of gas and 5,280 barrels of condensate. A seventh test produced only water, and an eighth test had no recovery. Petro-Canada and SONATRACH, the Algerian national oil company, are evaluating the results of these tests and those at Hassi Imoulaye-1 to determine the commercial potential of the discoveries. The 8,000 square kilometre (2.0 million acre) Tinrhert Block is located in the Sahara Desert about 1,000 kilometres southeast of Algiers. Existing production from SONATRACH in the block supports a highly developed pipeline infrastructure for gas, oil and condensate throughout the block. The drilling rig is currently moving to the Ouine Eslak location, where it will spud the next exploration well in mid February. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:38:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Syncrude Canada reports 1997 results FORT MCMURRAY, Feb. 4 /CNW/ - Syncrude Canada announced the operating and business results of Syncrude today for the fourth quarter and full year for 1997. For the 16th time in 19 years of operations, Syncrude set another annual production record with shipments of over 75.7 million barrels (207,000 barrels/day). In 1996, annual production totaled 73.5 million barrels (201,000 barrels/day). In addition, shipments in the fourth quarter established a new record and were 21.6 million barrels (235,000 barrels/day), compared to 19.1 million barrels (207,000 barrels/day) in 1996. The previous quarterly record was set in the third quarter of 1997 when 21.3 million barrels (232,000 barrels/day) were produced. 1997 Operating Results The overall unit cost for the year was the third lowest in Syncrude's history at $13.78/barrel. Total unit costs include production, general and administrative costs, research and certain financing costs. The 1996 total unit cost was $13.70/barrel. Production costs were $13.06/barrel in 1997 versus $12.95/barrel in 1996. 4Q 1997 Operating Results Total unit costs for the last quarter of 1997 were $11.14/barrel, the lowest in Syncrude's history. Unit costs were $12.23/barrel in the final quarter of 1996. Production costs for the last quarter were $10.42/barrel, compared to $11.54 for the same quarter in 1996. 1997 Business Results For the second consecutive year, the Syncrude owners' revenue exceeded $2 billion, based on Deemed Unit Price. Revenue for the year was $2,107 million, compared to $2,137 million in 1996. The lower revenue was primarily due to a four percent reduction in average crude oil prices that more than offset the increased production. The Deemed Unit Price for Syncrude Sweet Blend (SSB) averaged $27.84/barrel ($20.61/barrel U.S.-W.T.I.) at the plant gate. In 1996, SSB averaged $29.08/barrel ($22.02/barrel U.S.-W.T.I.). Operating cash flow increased 21 percent to $858 million ($11.34/barrel) in 1997, compared to $712 million ($9.68/barrel) in 1996. 4Q 1997 Business Results The Syncrude owners' revenue for the latest quarter was $593 million, based on Deemed Unit Price, compared to $618 million in the same quarter of 1996. This was largely the result of significantly lower crude oil prices. The Deemed Unit Price for Syncrude Sweet Blend (SSB) averaged $27.44/barrel ($19.94/barrel U.S.-W.T.I.) at the plant gate. In 1996, SSB averaged $32.41/barrel ($24.57/barrel U.S.-W.T.I.). Operating cash flow for the fourth quarter was $258 million ($11.97/barrel), compared to $246 million ($12.86/barrel) for the same quarter of 1996. Capital Expenditures Capital expenditures were $355 million in 1997, 66 percent higher than the $214 million expended in 1996. Major projects included the extraction recovery improvement and tailings line replacements, the start up of the new North Mine and its associated hydrotransport facilities, completion of most of the first stage of upgrading debottleneck, and development work on the Aurora Mine, the second stage of upgrading debottleneck, and the Mildred Lake Upgrader Expansion project. ''There were many other highlights for 1997,'' noted Chairman and CEO Eric Newell. ''The extremely reliable, steady operation not only led to several production records, but also outstanding environmental performance and a six percent year-over-year improvement in our energy intensity. This means that CO(2) emissions per barrel declined, as did total SO(2) emissions. ''Corporately, the regulatory approval of the Aurora Mine and the announcement of our major Syncrude 21 investment program of $6 billion all rank as major milestones during an outstanding year,'' he added. ''Looking ahead, 1998 will be another challenging year as our goal is to produce 80 million barrels at an even lower unit cost.'' Syncrude is a joint venture owned by AEC Oil Sands, L.P. (NYSE- AOG/ TSE-AEC), AEC Oil Sands Limited Partnership, Athabasca Oil Sands Investments Inc.(TSE-AOS.UN), Canadian Occidental Petroleum Ltd (ASE/TSE-CXY), Canadian Oil Sands Investments Inc.(TSE-CO.UN) , Gulf Canada Resources Ltd.(NYSE/TSE-GOU), Imperial Oil Resources(ASE/TSE-IMO), Mocal Energy Ltd., Murphy Oil Company Ltd., and Petro-Canada (NYSE-PCZ/TSE-PCA). NOTE: Visit our web site at syncrude.com for more information about Syncrude as well as downloadable photographs of the operation located in the Library area of the site. SYNCRUDE: HIGHLIGHTS OF OPERATING AND BUSINESS RESULTS FOR 1997 Operating Results For the 3 months For the 12 months ending December 31 ending December 31 1997 1996 1997 1996 ------------------------------------------------------------------------- Shipments (millions of barrels) 21.6 19.1 75.7 73.5 Shipments (thousands of barrels per day) 235 207 207 201 Direct operating expenditures (millions of $Cdn) 225 220 989 952 Production unit costs ($/bbl/Cdn) 10.42 11.54 13.06 12.95 Corporate G&A/research/ financing (millions of $Cdn) 16 13 54 55 Total expense (millions of $Cdn) 241 233 1,043 1,007 Total unit costs ($/bbl/Cdn) 11.14 12.23 13.78 13.70 Capital expenditures (millions of $Cdn) 75 81 355 214 Development/Investment 43 56 202 122 Sustaining and Maintenance 32 25 153 92 ------------------------------------------------------------------------- The business results of Syncrude are prepared by management to estimate what the financial position, results of operations, and changes in financial position might have been if Syncrude operated on a stand-alone separate company basis. Business Results For the 3 months For the 12 months ending December 31 ending December 31 1997 1996 1997 1996 ------------------------------------------------------------------------- Deemed Unit Price ($/bbl/Cdn) 27.44 32.41 27.84 29.08 Owners Revenue (millions of $Cdn) 593 618 2,107 2,137 Operating Cash Flow (millions of $Cdn) 258 246 858 712 Net Cash Flow (millions of $Cdn) 167 152 449 443 ------------------------------------------------------------------------- NOTES - Revenue is based on the weighted average price received by the individual Syncrude Joint Venture Owners from their sales to third parties, applied to the total volumes shipped (before royalty payments). This is the same as the Deemed Unit Price. - Operating cash flow is revenue net of production costs, royalties and working capital adjustments. - Net cash flow is after corporate G&A, research, certain financing costs and all capital expenditures, before tax. - This financial model reflects the unaudited financial position and results of operations as if Syncrude operated as a stand-alone company. These results are not intended to represent the actual consolidated financial results of the individual Syncrude Joint Venture Owners, whose tax positions and financial reporting bases vary.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:41:00 PM
From: Arnie	Respond to of 15196

CORP. / BelAir Energy announces Appointment of Director CALGARY, Feb. 04 /CNW/ - BelAir Energy Corporation announced today that Donald R. Burns has joined the Board of Directors of BelAir Energy Corporation. Mr. Burns brings to BelAir over 40 years of experience in public and private companies in the Canadian oil and gas industry. Most recently, Mr. Burns formed Denali Petroleum Ltd., a public oil and gas company, which merged with Windstar Energy Ltd in 1997. Late in 1997, Windstar was purchased by BelAir. Mr. Burns was a Director on the Board of Windstar, Mr. Burns is a professional geologist and a member of both APEGGA and the Canadian Society of Professional Geologists. ''We place a high value on the experience and skills Don Burns brings to the board at a strategic time in BelAir's growth,'' said Vic Luhowy, President and CEO of BelAir. ''BelAir will benefit from his extensive experience in the western Canadian petroleum industry and from the success he has achieved in leading the growth of small exploration and production companies.'' BelAir Energy Corporation is based in Calgary and is involved in the exploration and exploitation of petroleum reserves in Western Canada, BelAir is listed on The Alberta Stock Exchange and trades under the symbol ''BGY''.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:44:00 PM
From: Arnie	Respond to of 15196

FINANCING / Occidental Petroleum to redeem Voting Preferred Stock LOS ANGELES, Feb. 4 /CNW/ -- Occidental Petroleum Corporation (NYSE: OXY) today announced that it will redeem on March 6, 1998, all of the 3,606,484 outstanding shares of its $3.875 cumulative convertible voting preferred stock issued in connection with the 1994 acquisition of Placid Oil Company at a call price of $51.9375 per share plus accumulated and unpaid dividends to the redemption date. Each share of $3.875 preferred stock is currently convertible at the option of the holder into approximately 2.2 shares of common stock of Occidental. The closing price of the common stock on the New York Stock Exchange on February 3, 1988, was $25.8125 per share. Notice of the redemption and instructions for delivery of the preferred stock certificates will be mailed today to the registered holders. ChaseMellon Shareholder Services, L.L.C., will act as redemption agent.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:48:00 PM
From: Arnie	Respond to of 15196

CORP. / Harris Exploration appointments CALGARY, Feb. 04 /CNW/ - The Board of Directors of Proprietary Energy Industries Inc. wishes to announce that Peter J. Workum and Theodor Hennig, C.A., have been appointed to the Board of Directors and to the positions of President and Vice-President Finance respectively of Harris Exploration Inc. (''Harris''). Deborah J. Mitchel, Vice-President of EnerGCorp, Inc has been appointed as secretary. The former President and Chairman of the Board, Mr. Norris Harris along with all of his staff, have been relieved of their duties effective immediately. Harris Exploration Inc. is a public oil and gas company currently traded on the NASDAQ over the counter market. Proprietary has also reached an agreement in principle to acquire Harris through a share exchange within one year subject to the acceptable outcome of engineering evaluations and the receipt of Board, shareholder and regulatory approval. Additional information will be made public as it becomes available.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:50:00 PM
From: Arnie	Respond to of 15196

FINANCING / Radiant Energy enters into Financing Agreement TORONTO, Feb. 4 /CNW/ - Radiant Energy Corporation today announced that it has entered into an agreement with BancBoston Securities Inc. To raise US $30 to US $50 million, on a best efforts basis, by way of a private placement of Radiant's securities. BancBoston Securities Inc. has agreed to act as Radiant's financial advisor and placement agent in connection with the private placement, the terms of which have yet to be determined. The proceeds from the private placement would be used primarily to construct and put into commercial operation several new aircraft pre-flight deicing systems, and for general corporate purposes. Radiant Energy Corporation's InfraTek(R) aircraft pre-flight, chemical free, deicing system developed in conjunction with the Federal Aviation Administration under Cooperative Research & Development Agreement 95-CRDA-0077 provides an environmentally friendly solution to current deicing technologies and at considerably lower costs. InfraTek(R) now in daily use at Buffalo Niagara International Airport, is effectively and economically deicing many different types of aircraft. The patented InfraTek(R) pre-flight deicing system is powered by clean burning natural gas, generating infrared radiant energy at an electromagnetic wavelength conducive to melting ice rapidly in a safe and efficient manner. Securities of Radiant Energy Corporation are quoted for trading on the Canadian Dealing Network (stock symbol MELT). There are 7,020,459 Common Shares outstanding and 4,474,719 Warrants outstanding.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:52:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / OTATCO Inc restructures to Enhance Growth CALGARY, Feb. 4 /CNW/ - OTATCO Inc. (''OTATCO'') wishes to announce that it has restructured its operations in order to enhance growth within its core business units. Three divisions will be merged into one creating a single Production Solutions Services entity. Oil and gas well optimization services, Production Management services and support technology (data management) will be merged into the Production Solutions Services group. This combination will increase efficiency, reduce costs, simplify OTATCO's Services presentation to customers, and build on OTATCO's base of management projects which currently exceeds 1,000 wells. OTATCO's artificial lift tool division and its well diagnostic instrument division will be merged into a single entity, the Products group. This combination will reduce costs and increase marketing effectiveness. OTATCO will continue to distribute its products through distributors, primarily supply companies that sell and service artificial lift systems. Both the Services and Products divisions will have dedicated marketing personnel, and will retain most of their staff. OTATCO's production engineering and management software products are not considered to be core to either the Services or Products division. Therefore, OTATCO will seek a new business arrangement for these products that maintains support for the existing client base and maximizes the benefit for OTATCO's shareholders. Stephen Kenny has resigned as a director and officer of OTATCO and will focus all of his energies on managing the new and larger Services division. He will be replaced on OTATCO's Board of Directors by Robert Dunstan, Chief Financial Officer. David Yager, Chairman and Chief Executive Officer, will assume Mr. Kenny's responsibilities as President and Chief Operating Officer of OTATCO, as well as managing the new and larger Products division.

To: Kerm Yerman who wrote (8834)	2/4/1998 6:56:00 PM
From: Arnie	Respond to of 15196

EARNINGS / National-Oilwell reports 1997 results HOUSTON, TX., Feb. 2 /CNW/ - National-Oilwell, Inc. (NYSE:NOI) today announced 1997 revenues and operating income before special charges of $1,005.6 million and $97.9 million versus $761.8 million and $44.1 million in 1996. Excluding special charges and the extraordinary write-off of deferred debt costs in each year, net income in 1997 was $59.4 million ($1.14 per share) compared to $20.4 million ($0.50 per share) in 1996. Net income was $50.7 million ($0.98 per share) in 1997 and $6.1 million ($0.15 per share) in 1996 after special charges and extraordinary write-offs. For the fourth quarter of 1997, revenues and operating income were $299.9 million and $34.6 million, compared to $200.8 million and $13.4 million before special charges for the comparable 1996 period. Net income in the fourth quarter of 1997 was $21.1 million ($0.41 per share) compared to $7.4 million ($0.16 per share) excluding special and extraordinary items in 1996. After special and extraordinary items, the Company reported a loss in the fourth quarter of 1996 of $6.9 million ($0.15 per share). Special charges of $10.7 million ($8.1 million after tax) were recorded in the third quarter of 1997 related to the acquisition of Dreco Energy Services Ltd. Special charges of $16.6 million ($10.3 million after tax) were recorded in the fourth quarter of 1996 in connection with the Company's initial public offering. Extraordinary write-offs in each year resulted from the write-off of deferred debt costs incurred in connection with the replaced credit facility. Joel Staff, Chairman, President and CEO, stated ''The financial performance of each of our segments in 1997 was exceptional, contributing to our consolidated revenues exceeding $1 billion. Exclusive of the one-time merger and extraordinary charges recorded at the time of the acquisition of Dreco Energy Services, net income exceeded $59 million, representing a 25% after tax return on average equity. The Products and Technology segment generated a 106% increase in 1997 operating income. The construction of new rigs and the refurbishment and upgrading of existing rigs for both onshore and offshore applications has dramatically increased demand for our oilfield machinery and equipment. In spite of increasing deliveries, our backlog has continued to grow, reaching $270 million at the end of 1997 compared to $38 million just one year ago. Clearly our internal expansion and aggressive acquisition efforts have positioned this segment for the future. The Downhole Products and Distribution Services segments also generated strong results, with year over year revenue increases of 141% and 22%, respectively. Improvements in operating income in these segments also helped our consolidated operating income before special items to increase by 122% over the prior year to $97.9 million.'' National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Statements made in this press release that are forward-looking in nature are intended to be ''forward-looking statements'' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. The following table sets forth comparative data (in thousands, except per share data): << Quarter Ended Year Ended December 31 December 31 ------------- ----------- 1997 1996 1997 1996 ---- ---- ---- ---- Revenues $ 299,853 $ 200,793 $ 1,005,572 $ 761,816 Operating income before special charges 34,559 13,442 97,899 44,110 Income before extraordinary item 21,070 (2,911) (b) 51,281 (a) 10,147 (b) Extraordinary item - (4,000) (c) (623)(c) (4,000)(c) Net income 21,070 (6,911) (b) 50,658 (a) 6,147 (b) Net income per share (d) Basic Net Income excluding special and extraordinary items $ 0.41 $ 0.17 $ 1.16 $ 0.51 Income before extraordinary item 0.41 (0.07) 1.00 0.25 Net income 0.41 (0.15) 0.99 0.15 Diluted Net income excluding special and extraordinary items $ 0.41 $ 0.16 $ 1.14 $ 0.50 Income before extraordinary item 0.41 (0.06) 0.99 0.25 Net Income 0.41 (0.15) 0.98 0.15 Average shares outstanding(x) Basic 51,550 44,680 51,124 40,018 Diluted 51,916 45,320 51,956 40,553 ------------------ >> (x) Assumes exchange of all Dreco Exchangeable Shares (a) includes net special charge of $8.1 million (b) includes net special charge of $10.3 million (c) from write-off of deferred debt costs (d) adjusted for two-for-one stock split paid November 18, 1997

To: Kerm Yerman who wrote (8834)	2/4/1998 6:58:00 PM
From: Arnie	Read Replies (6) \| Respond to of 15196

FINANCING / Magin Energy CALGARY, Feb. 04 /CNW/ - Magin Energy Inc. announced today that it has filed and received receipts for a final prospectus in British Columbia, Alberta, Manitoba, Ontario and Quebec. The prospectus qualifies for distribution to the public 2,966,125 flow-through common shares issuable upon the exercise of previously issued Special Warrants. The issue price per share was $3.25. The Company has, after the issue, 50,386,694 common shares issued and outstanding. Annual 1997 and fourth quarter financial results will be released on March 2, 1998. Production for 1997 averaged 4,900 barrels of oil equivalent per day with the fourth quarter averaging 7,015 barrels of oil equivalent per day (4,435 barrels, 25.8 million cubic feet). Average production for the month of January increased a further 24 percent to 8,700 barrels of oil equivalent per day (5,500) barrels, 32 million cubic feet).

To: Kerm Yerman who wrote (8834)	2/4/1998 8:03:00 PM
From: Kerm Yerman	Respond to of 15196

BULLETIN / Top 21 Portfolio & Listing Revision As mentioned Tuesday morning, I terminated both Newport Petroleum and Gulfstream Resources from my TOP 21 Portfolio and Listing. Newport Petroleum (NPP) Sold 500 shares @ $5.75 = $ 2,875.00 Gulfstream Resources (GUR) Sold 200 shares @ $7.60 = $ 1,520.00 Original shares of Newport were bought at $5.20 and Gulfstream at $12.00. Here's my logic behind the two transactions. I suspect shares in producers will wander downward over the next 30 days. I continue to like Newport Petroleum, but see limited upside potential from the share value I sold at. I will be looking to buy back into the company upon any future share value weakness - probably in the $4.25 to $4.50 range. In the case of Gulfstream Resources, I'm exercising the previous comment that I would be selling shares after a decent bounce off of recent lows. Negative comments regarding their primary property has me concerned and I don't need a controversal situation in today's market environment. With these transactions, the TOP 21 consists of 19 companies. I do not anticipate any purchases within the next 30-45 days. The proceeds will be held in the form of cash and reinvested in full when I feel timing is appropriate.