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

To: Herb Duncan who wrote (8957)	2/11/1998 8:21:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Abacan Resource Corporation TSE SYMBOL: ABC NASDAQ SYMBOL: ABACF FEBRUARY 11, 1998 CALGARY, ALBERTA--Abacan Resource Corporation announced that Timothy T. Stephens has joined the Board of Directors and has been appointed to the position of President and Chief Executive Officer of Abacan. Mr. Stephens was formerly President and Director of Seven Seas Petroleum Inc., an international exploration and production company. Prior to Seven Seas, he was employed by Enron Capital and Trade Resources, the merchant banking arm of Enron Corp. Mr. Wade Cherwayko will assume the position of non executive Chairman of the Board. In this role, Mr. Cherwayko will devote his efforts to the Corporation's business opportunities and relationships in West Africa. Mr. Daryl K. (Doc) Seaman will remain as Chairman of the Board. Mr. Stephens has been granted 1,000,000 stock options exercisable at $3.25 per share.

To: Herb Duncan who wrote (8957)	2/11/1998 8:27:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Red Sea Oil Corporation Announces the Discovery of the En Naga North Oil Field ASE SYMBOL: RSO FEBRUARY 11, 1998 VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation ("RSO") is pleased to announce that it has completed a 40 day test program on the B1-NC177 well in the Sirte Basin, onshore Libya. The final test on the Facha formation flowed 728 barrels of oil per day ("BOPD") of 42 degrees API oil on natural flow. Mechanical problems precluded the running of an electrical pump in the well but calculations indicate a sustainable production rate of 1,800 - 2,500 BOPD in the development phase with a pump installed. The cumulative flow rate for the 5 test program was 6,517 BOPD. /T/ Test Formation Choke Pressure Oil Gas (64th) (PSI) BOPD MMSCFD ----------------------------------------------------- 1 Beda 64 201 725 3.4 2 Lower Zelten 32 220 303 0.5 3 Upper Zelten 80 487 4761 6.5 4 Facha 32 85 728 0.015 /T/ RSO is currently preparing an appraisal program which will consist of an infill seismic program planned to commence in February and at least two appraisal wells in the third quarter of 1998. The appraisal program will also be designed to test deeper structures not penetrated by the B1-NC177 well. Planning for early production is underway. An excellent oil pipeline infrastructure is in place in the area with a hookup less than 75 kilometres from the En Naga North Field (please see attached map). In parallel, a 1600 kilometre seismic acquisition program is now planned for the third quarter. This program will be designed to delineate existing leads on trend with the En Naga Field and to evaluate a virtually unexplored 7000 kilometre area within Block NC177 (please see attached map). RSO has a 60 percent interest in Block NC177 with Sands Petroleum AB holding 40 percent. Sands also owns in excess of 60 percent of RSO. ON BEHALF OF THE BOARD Ian H. Lundin, President Note: Location maps available from the Company at the phone number listed below.

To: Herb Duncan who wrote (8957)	2/11/1998 8:30:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Sands Petroleum and Red Sea Oil Announce the Discovery of the En Naga North Oil Field TSE SYMBOL: SPB NASDAQ SYMBOL: SANPY FEBRUARY 11, 1998 VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB is pleased to announce that a 40 day test program has been completed on the B1- NC177 well in the Sirte Basin, onshore Libya. The final test on the Facha formation flowed 728 barrels of oil per day ("BOPD") of 42 degrees API oil on natural flow. Mechanical problems precluded the running of an electrical pump in the well but calculations indicate a sustainable production rate of 1,800 - 2,500 BOPD in the development phase with a pump installed. The cumulative flow rate for the 5 test program was 6,517 BOPD. /T/ Test Formation Choke Pressure Oil Gas (64th) (PSI) BOPD MMSCFD ----------------------------------------------------- 1 Beda 64 201 725 3.4 2 Lower Zelten 32 220 303 0.5 3 Upper Zelten 80 487 4761 6.5 4 Facha 32 85 728 0.015 /T/ Sands Petroleum and Red Sea Oil are currently preparing an appraisal program which will consist of an infill seismic program planned to commence in February and at least two appraisal wells in the third quarter of 1998. The appraisal program will also be designed to test deeper structures not penetrated by the B1-NC177 well. Planning for early production is underway. In parallel, a 1600 kilometre seismic acquisition program is now planned for the third quarter. This program will be designed to delineate existing leads on trend with the En Naga Field and to evaluate a virtually unexplored 7000 kilometre area within Block NC177. Please see attached maps. Red Sea Oil has a 60 percent interest in Block NC177 with Sands Petroleum AB holding 40 percent. Sands Petroleum owns approximately 61 percent of the shares of Red Sea Oil. Note: Location maps available from the Company at the phone number listed below.

To: Herb Duncan who wrote (8957)	2/11/1998 8:43:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS-TOP 20 LISTED / Anderson Exploration Inc. Announces its Financial and Operating Results for its Fiscal 1998 First Quarter Ending December 31, 1997 TSE SYMBOL: AXL FEBRUARY 11, 1998 CALGARY, ALBERTA--At its Annual General Meeting of Shareholders today in Calgary, Anderson Exploration Ltd. announced its financial and operating results for the first quarter of fiscal 1998 which ended on December 31, 1997. The Company met its production targets for the first quarter, recording a seven percent increase in production over the same period in the previous year. Cash flow from operations was $90.8 million or $0.74 per share and earnings were $11.3 million or $0.09 per share. Natural gas sales averaged 561 million cubic feet per day in the quarter compared to 542 million cubic feet per day last year. Increases in gas production were largely due to a successful drilling and acquisition program in northeastern British Columbia in the last half of fiscal 1997. Oil and natural gas liquid sales increased 12 percent to 37,229 barrels per day from 33,165 barrels per day. The acquisition of an additional interest in Swan Hills and development work in eastern Alberta and Saskatchewan were the major contributors to the increase, offset somewhat by the disposal of the Company's interests in Argentina which contributed 1,550 barrels per day in the first quarter of last year. Natural gas prices were similar to last year but crude oil and natural gas liquids prices were 24 percent lower. As expected, these lower prices, combined with higher costs, resulted in a decrease in cash flow and earnings from the same period in the previous year. Lower prices more than offset the increases in production resulting in a decrease in revenues. Operating expenses increased as a result of increased heavy oil production, the continuation of workover programs at Swan Hills and Eagle and overall increases in costs throughout the industry. General and administrative expenses remained at the same low levels of previous years. Net capital expenditures of $214.6 million for the first three months of the year represent over 40 percent of the Company's annual budget for fiscal 1998. These expenditures include the purchase of an additional interest in the Company operated Swan Hills Unit No. 1 for $98 million and $14 million of pipeline expenditures related to the northern pipeline expansion project being carried out by Federated Pipe Lines Ltd. Long term debt has increased to $670.4 million as a result of these expenditures. The Company drilled 132 gross (98 net) wells in the quarter and participated in the construction of several new facilities. The most active drilling area was in the Peace River Arch where a total of 42 wells were drilled. An 18 million cubic feet per day gas plant was constructed at Normandville to process both sweet and sour gas and 15 wells were tied in to the plant. At Gainsborough, a new oil battery was constructed. Anderson Exploration is now in the midst of an active winter drilling program with activity focused on gas prospects in northeastern Alberta and northeastern British Columbia. The Company is still operating on a total capital budget of $505 million for fiscal 1998. However, the outlook for commodity prices, particularly oil, is significantly lower than the Company's expectation at the time of budgeting. If prudent, the Company may cut its capital spending in the second half of the year if prices continue to deteriorate. In Anderson Exploration's 1997 annual report, the Company indicated that it expected to see significant increases in production volumes in fiscal 1998, but that the first half financial results would not meet the prior year's results. The Company now extends that latter feeling to the financial results for the whole year. The Company still feels the outlook for future natural gas prices is very positive. The construction of additional pipeline capacity to supply export markets has already begun and, by November 1998, significant increases in export capacity will be available. This should result in higher natural gas prices for Alberta producers. The recent reduction in crude oil prices and the postponement of many heavy oil projects should cause a decrease in industry activity levels once the winter drilling season is over. This may well moderate some of the upward pressure on costs that has been experienced at high activity levels. /T/ Three months ended December 31 ----------------------------- 1997 1996 ----------------------------- FINANCIAL, millions of dollars (except per share amounts) Total Revenue Before Deducting Royalties $ 195.2 $ 207.1 ----------------------------- Cash Flow From Operations Oil & gas $ 88.5 $ 116.7 Pipeline $ 2.3 $ 2.6 ----------------------------- Total $ 90.8 $ 119.3 ----------------------------- ----------------------------- Per share $ 0.74 $ 0.98 ----------------------------- ----------------------------- Earnings Oil & gas $ 9.7 $ 35.4 Pipeline $ 1.6 $ 1.8 ----------------------------- Total $ 11.3 $ 37.2 ----------------------------- ----------------------------- Per share $ 0.09 $ 0.31 ----------------------------- ----------------------------- Net Capital Expenditures $ 214.6 $ 72.2 Long Term Debt $ 670.4 $ 497.1 Long Term Debt/Cash Flow (Annualized) $ 1.8 $ 1.0 Working Capital (Deficiency) $ (13.2) $ 22.6 Shareholders' Equity $ 998.2 $ 924.9 Shares Outstanding (millions) At End of Period 122.4 121.6 Weighted Average During Period 122.4 121.3 OPERATIONS PRODUCTION/SALES Natural Gas (Mmcf/d) 561 542 ----------------------------- ----------------------------- Oil (Bbls/d) 30,700 26,464 NGL (Bbls/d) 6,529 6,701 ----------------------------- Total Liquids (Bbls/d) 37,229 33,165 ----------------------------- ----------------------------- PRODUCT PRICES Natural Gas ($/Mcf) $ 2.11 $ 2.07 ----------------------------- ----------------------------- Oil ($/Bbl) $ 22.52 $ 29.36 NGL ($/Bbl) 21.86 29.50 ----------------------------- Total Liquids ($/Bbl) $ 22.40 $ 29.39 ----------------------------- ----------------------------- CANADIAN OPERATING NETBACKS ($/BOE(x)) Oil & Gas Revenue $ 21.65 $ 24.00 Royalties $ (4.31) $ (3.97) Operating Costs $ (5.16) $ (3.83) G&A $ (0.78) $ (0.78) ----------------------------- Netback $ 11.40 $ 15.42 ----------------------------- ----------------------------- (x) Gas converted to Oil @ 10 Mcf/Bbl GROSS NUMBER OF WELLS DRILLED IN CANADA Oil Wells 64 121 Gas Wells 46 40 Dry Holes 22 26 ----------------------------- 132 187 Service Wells - 27 ----------------------------- Total Wells 132 214 ----------------------------- ----------------------------- /T/ Anderson Exploration Ltd. is a Calgary based oil and gas company operating exclusively in western Canada. Its common shares trade under the symbol "AXL" on The Toronto Stock Exchange.

To: Herb Duncan who wrote (8957)	2/14/1998 12:20:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Sator Capital Inc. Corporate Update SATOR CAPITAL INC. ASE SYMBOL: LWT FEBRUARY 13, 1998 CALGARY, ALBERTA--SATOR CAPITAL INC. ("LWT", ASE) In an effort to enhance LWT's communication with shareholders and other interested parties, Sator will endeavour to publish operating highlights on a regular basis. Since our WALS testing period in November/December 1997, LWT has made daily improvements in its operating system. Our threefold plan since January 1998 has been to: 1. MOVE COMMERCIAL WITH THE COMPENSATED NEUTRON/GAMMA RAY - After initial difficulty with upgraded firmware for the CN/GR tool, we are on line with jobs for three Calgary based companies. All jobs should be completed by the end of February, 1998. - We plan to have two job capability by March 1, 1998 and will be adding a field engineer to our team. Petrophysicist, Chris Taggart of Calgary, has been contracted to assist in sales and log quality control issues. 2. CONTINUE WITH DEVELOPMENT OF DRILL COLLARS - We now have 4 3/4" and 6 3/4" steel drill collars for neutron/gamma ray logging. Our composite collar is currently being tested in Canada with final testing to be done on a test well to be drilled in Oklahoma, March 10, 1998. - Our composite leader, Brian Spencer, was awarded the CMA/SME J.H. "Jud" Hall Composites Manufacturing Award for outstanding advances in composite manufacturing. - With our advances in the composite drill collar, we have been asked to evaluate the feasibility of building a composite casing for monitor wells in a Middle East flooding project. 3. CONTINUE WITH DEVELOPMENT OF A 1 11/16" O.D. TRI-INDUCTION TOOL - Presently we are interfacing a medium induction tool to our downhole power and memory module for testing with our transparent drill collar by April 1, 1998. The tri-induction will follow. - We have been selected to present an LWT technology paper at the World Oil Symposium in Houston and the 49th Technical Meeting of the Petroleum Society in Calgary. - Our LWT depth system has resulted in some rig sensor technology that accurately measures weight in the block or on the bit. Thus far fifty-five sensors have been purchased by drilling contractors. The next round of Western Altas testing for the LWT system is scheduled for May/June, 1998.

To: Herb Duncan who wrote (8957)	2/14/1998 12:39:00 AM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Extreme Energy to Acquire Oil and Gas Interests EXTREME ENERGY CORPORATION ASE SYMBOL: EXT FEBRUARY 13, 1998 CALGARY, ALBERTA--EXTREME ENERGY CORPORATION (the "Corporation") is pleased to announce that it has entered into a letter of intent dated February 10, 1998 (the "Agreement") to acquire a 0.36775 percent working interest in certain oil and gas reserves in the Cyn-Pem Cardium "D" Unit No. 1 in the Province of Alberta (the "Cyn-Pem Interests") in an arm's length transaction. The Agreement states that the Corporation will acquire the working interest of the Vendor in the Cyn-Pem Interests in consideration for the issuance of 210,000 Common Shares of the Corporation at a deemed price of $0.60 per Common Share and $210,000.000 in cash. Upon completion of the proposed acquisition, the Corporation will hold a total working interest of .66485 percent in the Cyn-Pem Interests. The proposed acquisition is subject to the approval of The Alberta Stock Exchange and compliance with any conditions of such approval. The Common Shares of Extreme Energy Corporation are listed on The Alberta Stock Exchange, trading symbol - EXT.