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To: Kerm Yerman who wrote (9092)	2/18/1998 11:49:00 AM
From: Arnie	Respond to of 15196

FINANCING / Crestar Energy completes Issue of Common Shares Crestar Energy Inc. (''Crestar'''- TSE & ME: CRS) announces that it has completed the issue of 5.25 million common shares at $22.25 per share, for aggregate gross proceeds of $116.8 million, to a syndicate co-led by RBC Dominion Securities Inc. and Nesbitt Burns Inc. The net proceeds from the offering of common shares will be used initially to reduce Crestar's bank indebtedness until required for the Company's exploration and development activities in 1998. Crestar Energy is a senior Canadian producer of crude oil, natural gas and natural gas liquids. The Company's shares trade on the Toronto and Montreal stock exchanges, under the symbol ''CRS''. This news release shall not constitute an offer to sell or the solicitation of any 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, 1993, and may not be offered or sold in the United States absent registration or an exemption from registration.

To: Kerm Yerman who wrote (9092)	2/18/1998 11:54:00 AM
From: Arnie	Respond to of 15196

EARNINGS / Rigel Energy Corp. reports 1997 Results CALGARY, Feb. 18 /CNW/ - Rigel Energy Corporation announces results for the twelve months and quarter ended December 31, 1997. The Corporation recorded substantial gains of 43 percent in cash flow and 18 percent in production during the fourth quarter over the previous three-month period. The Corporation successfully replaced in excess of 250 percent of its 1997 production, adding 29.4 million barrels of oil equivalent on a proved plus half-probable basis. Cash flow for the twelve months ended December 31, 1997 decreased by one percent compared to the previous year, primarily as a result of lower production, which was affected by asset sales late in 1996 and higher operating costs. A net loss of $23.9 million was reported for the year, due to a loss provision associated with an asset sale that will be closed subsequent to the 1997 year-end. Commenting on the results, Don West, President and CEO of Rigel said, ''the past year resulted in major changes in the direction of the Corporation. We successfully established a production base in the UK with the asset acquisition at MacCulloch and have drilled the first of at least two appraisal wells as a follow-up to the potentially significant discovery in the Moray Firth (Blake) area made earlier in 1997. We also consolidated our position in our core area, the Peace River Arch, with an acquisition of producing properties at Sinclair. The Moose Mountain project is moving forward with the granting of the approval to build a 25-kilometre pipeline that will allow for an extended production test to determine development plans for the area. However, operating activities and short-term production objectives have not met expectations, and as a result, an extensive reorganization of the exploration and development function into business units was undertaken late in 1997. We believe that these independent units can better respond to the challenges and opportunities facing our Corporation and industry.'' FINANCIAL REVIEW Revenue, net of royalties, for the twelve months ended December 31, 1997 increased to $215.3 million from $211.9 recorded in 1996. Increased revenue from natural gas prices more than offset lower oil and natural gas production. Funds generated from operations decreased marginally to $133.0 million, or $2.36 per share, from $134.7 million, or $2.40 per share, reported the previous year. Strong demand for industry services during 1997 contributed to an increase of $7.2 million in operating costs over the twelve-month period in 1996 and represented a significant portion of the decline in cash flow. In the UK, costs associated with leasing production facilities for the MacCulloch field will continue to be reflected in higher average operating costs during 1998, but will decline over the production life of the field. The effect of these costs on the netbacks for UK oil production is mitigated by the absence of royalties on new production. Primarily as a result of asset sales in southwest Saskatchewan to be completed subsequent to year-end 1997, the Corporation recorded a net loss of $23.9 million, or $0.43 per share, compared to net income of $2.4 million, or $0.04 per share in 1996. The sale resulted in a one time pre-tax write down of $37.8 million. Proceeds of approximately $35 million will be applied to debt reduction in 1998. Revenue, net of royalties, in the fourth quarter increased by 38 percent compared to the third quarter as a result of both oil and natural gas production gains and higher natural gas prices. Cash flow rose to $40.1 million versus $28.1 million during the third quarter -- a 43 percent improvement. OPERATIONS REVIEW Exploration and Development Capital expenditures, including acquisitions net of dispositions, during 1997 totaled $309.2 million compared to $349.5 million in 1996 including the Inverness corporate acquisition of $256.9 million. Exploration in the UK and the MacCulloch acquisition resulted in expenditures of $151.7 million, or nearly half of total 1997 expenditures. During the period, the Corporation participated in the drilling of 167 wells (excluding nine service wells and seven stratigraphic tests), resulting in 49 oil wells and 52 gas wells. This total for 1997 compares to 188 wells drilled in 1996, of which 55 were cased for oil production and 54 wells for natural gas. Drilling in the fourth quarter totaled 46, which resulted in the casing of 34 wells for production. Based on proved and half-probable reserves, additions (net of revisions and dispositions) totaled 29.4 million barrels of oil equivalent, or 252 percent of 1997 production, at a finding and on-stream cost of $10.48 per barrel of oil equivalent. The winter program in northern Alberta is targeting natural gas from a number of potentially significant Slave Point prospects and is expected to add to production during the second quarter. At Burmis, located in the Alberta foothills, a well targeting high deliverability natural gas is expected to reach total depth in March. Additional drilling is under consideration pending results from the initial well. Approval has been received to build a pipeline connecting Moose Mountain to Jumping Pound that will allow extended production testing of two oil wells beginning in September. Construction will begin on critical crossings prior to breakup with completion of the 25-kilometre line in the summer. Initial test rates are expected to be approximately 1,900 barrels of total liquids per day. Operations in the Acme area of south central Alberta continue to expand with first quarter production expected to reach approximately 1,300 barrels per day following the completion of recently drilled wells. At least eight new prospects generated from newly completed three-dimensional seismic are proposed for 1998. Construction of a central oil battery with initial capacity of 1,600 barrels per day will be completed in June. In the UK, evaluation of the first appraisal well offsetting the discovery well 13/24b drilled last year in the Moray Firth has been completed. Information regarding the well will not be released at this time due to competitive reasons. Further appraisal drilling is expected during the first half of 1998. Approximately 90 kilometres east, Rigel is also participating in an additional prospect located in block 21/6b that began drilling in mid-February. The Corporation will earn a 30 percent interest in the prospect, which is estimated to take approximately 35 days to drill and evaluate. Three additional prospects will be drilled through the remainder of the year. << CAPITAL EXPENDITURES YEAR ENDED DECEMBER 31 1997 1996 ($ THOUSANDS) ------------------------------------------------------------------------ Finding, acquisitions & on-stream costs Lease acquisitions and retention 14,523 17,883 Seismic evaluation 9,584 11,549 Drilling & completions 74,133 56,829 Gas plants & facilities 24,546 24,446 Exploration related overhead 8,450 7,538 Miscible flood 1,418 1,487 Reserve acquisitions 188,313 2,103 Proceeds on dispositions (13,139) (32,372) ------------------------------------------------------------------------ Net finding & on-stream costs 307,788 89,463 Administrative assets 1,351 3,127 ------------------------------------------------------------------------ Net capital expenditures 309,179 92,590(1) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Funds generated from operations 133,049 134,695 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Re-investment ratio (%) 232 69 ------------------------------------------------------------------------ >> (1) Excludes Inverness corporate acquisition of $256.9 million Production and Pricing Crude oil and condensate production during 1997 totaled 15,463 barrels per day compared to 16,352 barrels per day during the previous year. Approximately 1,100 barrels per day of this decline is attributable to sales completed late in 1996. Prices received for crude oil and condensate averaged $25.27 per barrel for the period compared to $26.07 per barrel recorded in 1996. Crude oil hedging contributed approximately $0.14 per barrel to the price received during the twelve-month period. Production for the fourth quarter averaged 18,479 barrels per day, with the addition of sales from MacCulloch, at a price of $24.81 per barrel. Natural gas sales to December 31, 1997 averaged 148.0 million cubic feet per day compared to 156.2 million cubic feet per day recorded for 1996. Production was adversely affected by the sale of 12 million cubic feet per day late in 1996. As a result of a 25 percent improvement in average natural gas prices to $2.03 per thousand cubic feet from $1.62 per thousand cubic feet the previous year, revenue from natural gas sales increased by 19 percent. The addition of Sinclair production in November helped boost fourth quarter over third quarter production by approximately 10 percent to average 157.5 million cubic feet per day at a price of $2.18 per thousand cubic feet. Natural gas liquids production declined to 1,635 barrels per day compared to 1,877 barrels per day recorded in 1996. The average price increased marginally to $16.33 per barrel from $16.10 per barrel received in the previous year. OUTLOOK World events, including the recent financial upheaval in Asia, continue to impact commodity prices, which emphasizes the need to establish long-term objectives able to withstand the volatility of unpredictable revenues. Two years ago, Rigel began initiatives to reallocate corporate resources to manage the changes shaping our business. To this end, Rigel achieved significant progress over the past year in establishing an operating base in the UK. That effort will continue in 1998 with expectations of a drilling program consisting of six to eight wells. However, the necessity of maintaining a strong Canadian based operation is paramount in our efforts towards international expansion. With this resolve, Rigel has reenergized its focus on the Western Canadian Basin, and with an aggressive program planned for 1998, expects to deliver significant growth in the coming year. << HIGHLIGHTS THREE MONTHS TWELVE MONTHS ENDED DECEMBER 31 ENDED DECEMBER 31 1997 1996 1997 1996 ------------------------------------------------------------------------ (MILLIONS OF DOLLARS) (UNAUDITED) FINANCIAL Revenue, net of royalties 65.9 56.1 215.3 211.9 Net income (loss) (26.1) 2.5 (23.9) 2.4 Per share (0.46) 0.04 (0.43) 0.04 Funds generated from 40.1 35.3 133.0 134.7 operations Per share 0.71 0.63 2.36 2.40 Net capital expenditures 206.8 7.3 309.2 349.5 Weighted average shares 56.3 56.2 56.3 56.1 Outstanding (millions) OPERATIONAL Sales Oil (bbls/d) 16,911 14,019 13,903 14,824 Condensate (bbls/d) 1,568 1,245 1,560 1,528 NGLs (bbls/d) 1,668 1,589 1,635 1,877 Natural gas (mmcf/d) 157.5 139.5 148.0 156.2 PRICE Oil ($/bbl) 24.41 28.66 24.98 25.87 Condensate ($/bbl) 29.12 35.77 27.89 28.08 NGLs ($/bbl) 15.61 22.01 16.33 16.10 Natural gas ($/mcf) 2.18 1.78 2.03 1.62 (FOR THE TWELVE MONTHS ENDED DECEMBER 31) 1997 1996 DRILLING STATISTICS Gross wells (x)167 (x)188 Gross oil wells 49 55 Gross gas wells 52 54 Net wells 101.9 108.9 ------------------------------------------------------------------------ (x) Does not include nine service wells (three in 1996) nor seven additional wells (one in 1996) drilled for information to evaluate horizontal drilling potential and subsequently abandoned as planned. CONSOLIDATED BALANCE SHEET DECEMBER DECEMBER (THOUSANDS OF DOLLARS) 31, 1997 31, 1996 ------------------------------------------------------------------------ ASSETS Current assets Cash $ 2,823 $ 3,955 Accounts receivable 41,119 37,567 Income taxes recoverable 850 1,129 Inventories & other 3,415 4,101 --------------------------------------------------------------------- Total current assets 48,207 46,752 Property, plant & equipment, net 841,612 695,405 Deferred charges & other 5,258 700 --------------------------------------------------------------------- 895,077 742,857 --------------------------------------------------------------------- --------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable & accrued liabilities 46,568 35,497 Income taxes payable - 449 --------------------------------------------------------------------- Total current liabilities 46,568 35,946 Deferred pension liability 1,387 1,060 Long term debt 325,906 156,418 Future site restoration 20,463 21,306 Deferred income taxes 105,019 110,449 --------------------------------------------------------------------- 499,343 325,179 --------------------------------------------------------------------- Common shares 293,476 291,486 Retained earnings 102,258 126,192 --------------------------------------------------------------------- Total shareholders' equity 395,734 417,678 --------------------------------------------------------------------- $ 895,077 $ 742,857 --------------------------------------------------------------------- --------------------------------------------------------------------- CONSOLIDATED STATEMENT OF INCOME (LOSS) AND RETAINED EARNINGS FOR THE PERIODS ENDED DECEMBER 31 (THOUSANDS OF DOLLARS) THREE MONTHS TWELVE MONTHS 1997 1996 1997 1996 (UNAUDITED) ------------------------------------------------------------------------ REVENUES Sales of crude oil & $76,146 $67,045 $261,937 $259,575 natural gas Less royalties 11,687 12,447 50,305 51,922 --------------------------------------------------------------------- 64,459 54,598 211,632 207,653 Other income 1,467 1,529 3,652 4,229 --------------------------------------------------------------------- 65,926 56,127 215,284 211,882 --------------------------------------------------------------------- ------------------------------------------------------------------------ EXPENSES Operating 19,136 15,340 60,112 52,878 General & administrative 2,308 2,111 10,276 9,847 Exploration, including dry 10,997 11,408 33,317 36,458 holes Depreciation & depletion 32,834 16,529 89,867 84,249 Loss provision 37,766 - 37,766 - Future site restoration 436 349 1,474 1,526 Interest 3,733 2,636 10,589 11,662 --------------------------------------------------------------------- 107,210 48,373 243,401 196,620 ------------------------------------------------------------------------ INCOME (LOSS) BEFORE INCOME (41,284) 7,754 (28,117) 15,262 TAXES ------------------------------------------------------------------------ INCOME TAXES Current 575 295 1,247 2,164 Deferred (15,742) 4,934 (5,430) 10,701 ------------------------------------------------------------------------ (15,167) 5,229 (4,183) 12,865 ------------------------------------------------------------------------ NET INCOME (LOSS) FOR THE (26,117) 2,525 (23,934) 2,397 PERIOD RETAINED EARNINGS AT 128,375 123,667 126,192 123,795 BEGINNING OF PERIOD ------------------------------------------------------------------------ RETAINED EARNINGS AT END $102,258 $126,192 $102,258 $126,192 OF PERIOD ------------------------------------------------------------------------ ------------------------------------------------------------------------ EARNINGS (LOSS) PER COMMON ($0.46) $0.04 ($0.43) $0.04 SHARE ------------------------------------------------------------------------ ------------------------------------------------------------------------ CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION THREE MONTHS TWELVE MONTHS FOR THE PERIODS ENDED 1997 1996 1997 1996 DECEMBER 31 (THOUSANDS OF DOLLARS) (UNAUDITED) ------------------------------------------------------------------------ CASH PROVIDED BY (USED FOR): OPERATING ACTIVITIES Net income (loss) ($26,553) $2,525 ($23,934) $2,397 Add items not involving cash: Depreciation & depletion 33,270 16,529 89,867 84,249 Loss provision 37,766 - 37,766 - Exploration, including dry 10,997 11,408 33,317 36,458 holes Deferred tax provision (15,742) 4,934 (5,430) 10,701 (recovery) Site restoration 436 349 1,474 1,526 Other (90) (412) (11) (636) ------------------------------------------------------------------- Funds generated from 40,084 35,333 133,049 134,695 operations Net change in non-cash working capital 3,009 28 8,035 (2,108) ------------------------------------------------------------------- 43,093 35,361 141,084 132,587 ------------------------------------------------------------------- INVESTING ACTIVITIES Proceeds from sale of 10,140 28,302 13,179 32,372 capital assets Capital expenditures, (216,894) (35,527) (322,358) (124,962) including exploration costs Corporate acquisitions - (100) - (256,868) ------------------------------------------------------------------- (206,754) (7,325) (309,179) (349,458) ------------------------------------------------------------------- FINANCING ACTIVITIES Change in deferred (4,032) (290) (4,515) 879 charges & other Increase in (repayment of) 167,442 (29,210) 169,488 (24,783) long term debt Issue of common shares 420 221 1,990 241,235 ------------------------------------------------------------------- 163,830 (29,279) 166,963 217,331 ------------------------------------------------------------------------ NET INCREASE (DECREASE) IN CASH 169 (1,243) (1,132) 460 CASH AT BEGINNING OF PERIOD 2,654 5,198 3,955 3,495 ------------------------------------------------------------------------ CASH AT END OF PERIOD $2,823 $3,955 $2,823 $3,955

To: Kerm Yerman who wrote (9092)	2/18/1998 11:56:00 AM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / HEGCO Canada updates Oklahoma Operations EDMOND, Oklahoma, Feb. 18 /CNW/ - The President and chairman of HEGCO Canada, Inc., Douglas C. Hewitt, announced today an update on progress within the Company's Oklahoma operations. As indicated in a previous release, a general status report on Oklahoma is as follows: 1) The Nemaha No. 1 - Has been flow tested from the lower Arbuckle zone at a daily rate of 139 BO plus approximately 110,000 cubic feet of gas per day. The well will be hooked up, and all surface equipment installed, within the next two days. Management has encountered substantial pay zones above the productive Arbuckle interval, and as a result, is now considering twinning the well for two prolific sections of Wilcox. 2) The Guame No. 2-98 - Company will begin flow testing from the lower Arbuckle zone this week. As with the Nemaha No. 1, the well will be hooked up, and all surface equipment installed, within the next two to three days. Management has encountered substantial pay zones above the productive Arbuckle interval, and as a result, is now considering twinning the well for two prolific sections of Wilcox. The Alberta No. 3 has been drilled and is awaiting completion. Testing will begin after completion operations are done on the Guame No. 2-98 well. During drilling, several good oil shows were observed over several known pay intervals. Drilling is underway on the Meier No. 2 well, located in the NE Garber Field. The Company expects to be at total depth within 20 days. This well is being drilled to develop infield gas pay. The exploratory objectives will include drilling deeper than the pay objective to test and evaluate the deeper Arbuckle and Wilcox series. HEGCO Canada, Inc., is an Alberta, Canada, corporation traded on the Alberta Stock Exchange under the trading symbol, ''HEG''. The Company is an oil and gas production, servicing and drilling company with operations in Oklahoma and Arkansas. On behalf of the Board: Douglas C. Hewitt, Chairman, Director

To: Kerm Yerman who wrote (9092)	2/18/1998 11:59:00 AM
From: Arnie	Respond to of 15196

THE TORONTO STOCK EXCHANGE / Trading Halt TORONTO, Feb. 18 /CNW/ - The Toronto Stock Exchange has issued the following trading halt: Issuer Name: KAPPA ENERGY TSE Ticker Symbol: KAP Time of Halt: 10:15 Reason for Halt: Pending News

To: Kerm Yerman who wrote (9092)	2/18/1998 12:01:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Kappa Energy abandons Exploratory Well in Yemen CALGARY, Feb. 18 /CNW/ - Kappa Energy Company Inc. announces its decision to abandon the Al Hijera-2 exploratory well in Yemen. Interpretation of electric logs run in the well showed the target reservoir sandstones to be water bearing. Kappa will continue its 1998 exploration program with the Nabors 217 drilling rig moving to Kappa's second exploratory location, South Ma'ber-1 which is located approximately 20 kilometers west of the Al Hijera location. The Company anticipates this well will spud in approximately 2 weeks. Kappa plans to drill a total of six or seven wells during 1998. Drilling in Colombia is expected to commence late in the second quarter with a well in the Cucuana block in the Upper Magdalena Valley. The Colombian drilling program will continue throughout 1998. Kappa Energy Company Inc. is a Calgary based international oil and gas company with current exploration operations in Colombia, Egypt and the Republic of Yemen.

To: Kerm Yerman who wrote (9092)	2/18/1998 12:03:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Ram Petroleums Ltd to get Logging Unit Listed: The Toronto Stock Exchange Trading Symbol: RPL.A TORONTO, Feb. 18 /CNW/ - RAM PETROLEUMS LIMITED (''RAM''), announces that it has been informed by Schlumberger that the logistical problem with the logging unit has been resolved. The unit is scheduled to be on the AIRU-1 location on February 25, 1998. The AIRU-1 well is a 6,193' indicated oil discovery in the 130,000 hectare (321,000 acre) Rio Putumayo Association Contract in southern Colombia in which Ram has a 100% working interest. In view of the delay resulting from this logistical problem and the resulting risk of collapse of shales in an uncased hole, Ram ran and cemented 7'' casing yesterday. Ram will be working closely with Schlumberger to optimize the information that will be obtained from cased hole logs.

To: Kerm Yerman who wrote (9092)	2/18/1998 12:05:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Del Mar Energy updates Oil WEll in Trinidad CALGARY, Feb. 18 /CNW/ - Del Mar Energy Inc. (''Del Mar'') announces the successful completion of the side track of its Mora 3 Well in the 5,034 acre Mora Block located offshore on the East Coast of Trinidad. Del Mar owns an indirect partial interest in a company Mora Oil Ventures Ltd. (''Mora Oil'') a Trinidad company with an offshore oil and gas license in Trinidad called the Mora Block. The Mora 3 Well penetrated 200 feet of oil pay in the C-35 sand. Production and reservoir testing will be implemented over the next week to establish a stabilized production rate. In the first 20 hours, the Mora 3 Well tested at 600 BOPD at 18/64'' choke and 380 BOPD at 16/64'' choke. For comparative purposes, the Galeota Ridge 4 discovery well in the C-35 sand tested at 605 BOPD at 20/64'' choke and 3,108 BOPD at 44/64'' choke. The Mora 3 Well is producing the C-35 sand for the first time. Del Mar, through its ownership in Mora Oil, plans to undertake further development and exploration activities on the Mora block in 1998 to further increase production. Del Mar is currently evaluating several other onshore and offshore oil and gas projects in Trinidad as part of its strategic alliance agreement with Dr. Krishna Persad and Mr. Darcy Carr, two well respected oil strategists based in Trinidad. Further information on Del Mar can be found on Del Mar's website www.delmar-energy.com.

To: Kerm Yerman who wrote (9092)	2/18/1998 12:09:00 PM
From: Arnie	Respond to of 15196

OIL & GAS INVESTORS / Zocor reduces Stroke by 28% TORONTO, Feb. 18 /CNW/ - Findings from one of the largest medical studies in history, published this month in the American Journal of Cardiology, provide clear evidence that the cholesterol-lowering medicine ZOCOR(R) (simvastatin) lowers the risk of cerebrovascular events in people with coronary heart disease by more than a quarter. Entitled Effect of Simvastatin on Ischemic Signs and Symptoms in the Scandinavian Simvastatin Survival Study (4S), it is the first intervention trial to ever demonstrate a direct link between cholesterol-reduction and stroke prevention. Stroke is Canada's third leading cause of death and the leading cause of disability. It kills more than 15,000 Canadians each year, and represents approximately $2.5 billion in annual direct health expenditures.(1) Ischemic strokes, responsible for three-quarters of all strokes, occur when a blood clot blocks the flow of blood to the brain. Established drugs used to help prevent stroke (most frequently antiplatelet agents such as Aspirin) seek to halt the formation of blood clots and prevent vascular occlusions. Although researchers have already proven cholesterol reduction with ZOCOR(R) leads to a significant reduction in heart attack, it has only now been definitively demonstrated that positive benefits can be achieved in stroke prevention. ''Today's news is extremely important for Canadians at risk for stroke,'' said Dr. Peter Gladstone, Cardiologist, Toronto Hospital and Director of the Cardiology Training Program. ''The stroke prevention toolbox physicians have traditionally turned to has been limited. Antiplatelet agents can be accompanied by side effects which limit their use. Reducing the risk of stroke by lowering cholesterol with ZOCOR(R) represents an extremely promising new treatment strategy and one which is associated with very minor side effects,'' he commented. Principal Study Findings: The study included 4,444 men and women between 35 and 70 years of age. Each had coronary heart disease (history of heart attack or angina) and moderately elevated cholesterol levels. Patients received daily doses of either 20 mg or 40 mg of ZOCOR(R). As reported this month in the American Journal of Cardiology, ZOCOR(R) patients in the trial experienced a: - 28 per cent risk reduction of cerebrovascular events - 28 per cent risk reduction of transient ischemic attacks (TIA) or mini-strokes, considered warning signs of imminent full-blown stroke - 48 per cent reduction in the development of carotid bruit (a narrowing of the blood vessel in the neck) ''These results clearly indicate that ZOCOR(R) has a valuable role in preventing strokes and their horrific consequences,'' stated Dr. Gladstone. Stroke in Canada Stroke accounts for seven per cent of all deaths in Canada. According to recent Heart and Stroke Foundation statistics, stroke accounted for 99 deaths per 100,000 people in Ontario in 1995. Stroke is characterized as damage occurring in the brain when blood flow is interrupted by either a blocked or burst artery. This interruption deprives the brain of oxygen causing brain cells to die. Hemorrhagic stroke, usually associated with high blood pressure, occurs when blood vessels in the brain rupture and damage surrounding tissue. Symptoms of a stroke, such as weakness or paralysis on one side of the body, can develop abruptly or gradually. Approximately one-third of major strokes are fatal, a third result in some disability and a third have no lasting ill effects. Risk factors for stroke include hypertension, smoking, alcohol, diet and lack of exercise. ZOCOR(R) was approved in Canada in August, 1990. In May, 1996, the product became the first and still is the only medication in its class to receive special Health Canada designation as a ''life-saving'' medicine. ZOCOR(R) is used in combination with diet to reduce cholesterol levels in patients with primary hypercholesterolemia when diet alone has not been successful. Merck Frosst Canada Inc. is based in Kirkland, Qu‚bec and is Canada's leading research-based pharmaceutical company. The company markets an extensive line of cardiovascular products for high blood pressure, elevated cholesterol and heart failure as well as a broad range of vaccines. Merck Frosst is also a recognized leader in the treatment of osteoporosis, HIV/AIDS, glaucoma, prostate disease and other diseases. The company employs over 1,300 people, of whom approximately 200 are world-class scientists working at the Merck Frosst Centre for Therapeutic Research, the largest biomedical research facility in Canada. The company currently spends more than $65 million per year in the research and development of innovative pharmaceutical products. Merck Frosst has just modernized its manufacturing facility at a cost of $75 million and has invested an additional $13 million to expand its research facilities. (1) Source: Heart & Stroke Foundation of Ontario

To: Kerm Yerman who wrote (9092)	2/18/1998 12:12:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Findings regarding Gasoline Retailing in Canada TORONTO, Feb. 18 /CNW/ - A recent government-industry study points out a number of important findings regarding gasoline retailing in Canada. The Canadian Retail Petroleum Markets Study, a joint initiative of Industry Canada, Natural Resources Canada and the Canadian Petroleum Products Institute, took an in-depth look at the competitiveness of retail gasoline markets across Canada. Among the report's findings: - A state of vigorous competition exists within the Canadian petroleum marketing sector; - Average pump prices at Canadian gas stations--excluding taxes--have been in long-term decline. Although prices constantly fluctuate in response to seasonal demand and other market factors, there has been a clear down-ward trend. Between 1986 and 1995, the average ex-tax pump price fell by four cents a litre measured in actual dollars and 10 cents a litre in constant (inflation-adjusted) dollars; - Canadian pump prices in urban markets have been roughly equal to--or even less than--U.S. pump prices for several years, if the higher Canadian tax content is excluded; - Gas prices have had a mitigating effect on Canada's inflation rate, comparing favourably with the ''all items'' category of Statistic Canada's Consumer Price Index during nine out of 10 years from 1986 to 1996. - The typical gasoline retailer realized an average gross product margin of 3.5 cents on the sale of a litre of regular gasoline during 1996. That amounts to 6% of the average pump price. Taxes, meanwhile, averaged 28.6 cents per litre--accounting for more than 50% of the pump price. - Both refiners and marketers of petroleum products in Canada have experienced a decline in margins as a result of price competition--despite an upwards trend in crude oil prices since 1991. - The uniformity of posted pump prices within a given market area reflects dealers' determination not to lose market share to nearby competitors rather than any collusion to ''fix'' prices. - A clear correlation between retail outlet volume and gross product margin which are two of several factors influencing profitability. The study included detailed analyses of 19 different retail gasoline markets from British Columbia to Atlantic Canada. It found that varying levels of provincial taxes and marked differences in retail outlet ''throughput'' were the major factors behind market-to-market discrepancies in pump prices. As well, the study documented the increasing importance of ancillary revenues--from car washes, convenience stores etc.--to a retail gasoline industry that is being transformed by a combination of lower margins at the pump and motorists' demands for convenient, one-stop shopping. Taking all of the findings into account, the study concluded that: ''Where a healthy competitive climate exists--as it does in the Canadian petroleum marketing sector--direct regulatory interventions may have an adverse effect on competitiveness, possibly to the detriment of the consumer, says report author Michael Ervin. The Canadian Retail Petroleum Markets Study was carried out M.J. Ervin & Associates, an independent, Calgary-based consulting firm. Although the research was completed and the findings presented to the steering group in the autumn of 1997, the report has never been widely circulated to either the media or the general public. Given the high level of interest in the often-controversial issue of gasoline retailing and pricing, the CPPI has decided to make the findings available in order to facilitate better public understanding of a complex industry and promote informed debate regarding public policy. Also, this information is particularly timely as the level of interest is peaking because of possible political initiatives that will diminish competition and increase cost to the Canadian consumer. Copies of the complete report, including separate competitive analyses of each of the 19 markets surveyed, are available upon request.

To: Kerm Yerman who wrote (9092)	2/18/1998 12:15:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Badger Daylighting reports 1997 Financial Results RED DEER, Feb. 18 /CNS/ - Badger Daylighting Inc., (''Badger'', the ''Corporation'') is pleased to report its audited financial results for the year ended November 30, 1997. (Millions of Cdn dollars, unless noted) 1997 1996 Change Revenues $ 26.1 $ 5.2 + 402% EBITDA $ 5.5 $ 1.3 + 323% Net Income $ 2.2 $ 0.6 + 267% Capital Additions (excluding acquisitions) $ 9.6 $ 2.8 + 243% Working Capital $ (0.3) $ (4.8) Long-term Debt (including current portion) $ 4.1 $ 0.8 Total Assets $ 51.7 $ 14.8 Shareholders' Equity $ 25.5 $ 5.9 Weighted Average Numbers of Shares 12.8 5.9 (millions of shares) E.P.S. (dollars per share) $ 0.17 $ 0.10 + 70% Cash flow per share from operations $ 0.42 $ 0.20 + 60% Net income for the year ended November 30, 1997 was $2.2 million as compared to $0.6 million in 1996, an increase of 267%. Revenues for 1997 were $26.1 million, an increase of more than 400% over 1996. 1997 earnings per share increased by 70% over 1996 to $0.17. Commenting on the results, Ken Rose, President and CEO of Badger remarked, ''We are pleased to report, for the second consecutive year, record revenues and earnings for Badger. During 1997, the operations of the Bomega division were successfully integrated and the Corporation achieved several growth milestones, including the acquisition of Hewlett Shoring Systems, Ltd., the acquisition of Delta Oilfield Construction (''Delta'') and the licensing of Baseline Technologies, Inc.'s Pipeline Information Control System. Badger is now well positioned to provide a fully integrated service to the pipeline and utility sectors. We expect net income to increase substantially in 1998 as Delta operations are integrated and Badger expands into pipeline integrity and repair services utilizing Baseline's software system. The consolidation of Badger's operations into one facility late in 1997 will further improve profit margins in 1998 by increasing efficiency and reducing overhead costs.'' Mr. Rose further commented, ''During 1997 we added 21 hydrovac units and 1 environmental unit to the fleet, bringing the total number of operating units to 42 as at November 30, 1997. Utilization rates for our operating units exceeded 74% for the year. All divisions are currently operating at full capacity. Badger Daylighting Inc. is a Red Deer, Alberta based vertically integrated industrial technology company providing various services and equipment to the oil and gas, pipeline and utilities industries. The Corporation specializes in ''daylighting'' underground structures and trenching using a patented hydrovacing process that is safer than typical excavation systems. ''Daylighting'' is a term used in the industry to describe the removal of the soil cover to allow for visual observation of an underground structure. A hydrovac excavating system is one which simultaneously uses water under high pressure to remove soil cover and a vacuum system to suck up the debris. In addition to hydrovac services, Badger provides a complementary suite of products and services to its customers including small inch pipeline facilities and construction, pipeline anomaly locating, line locating, shoring, environmental services and designing and, manufacturing industrial equipment.

To: Kerm Yerman who wrote (9092)	2/18/1998 12:17:00 PM
From: Arnie	Read Replies (6) \| Respond to of 15196

FIELD ACTIVITIES / Syncrude Canada returns to Full Production FORT MCMURRAY, Feb. 18 /CNW/ - Syncrude Canada, the giant oil sands producer located north of Fort McMurray, Alberta, returned to full production over the weekend of February 14-15, following a one-month maintenance turnaround. The turn-around was completed on schedule and on-time. During the turn-around, a number of key production units in the Upgrading, Extraction and Mining areas received maintenance and some work on the first-stage debottleneck of the Upgrader was also performed. Full production has resumed with shipments of around 200,000 barrels per day of high quality, light, sweet crude oil. Syncrude's production target for 1998 remains 80 million barrels, or 219,000 barrels per day, of Syncrude Sweet Blend. In 1997, Syncrude set a new oil sands record, shipping 75.7 million barrels of Syncrude Sweet Blend, an average of 207,000 barrels per day. Syncrude is a joint venture owned by AEC Oil Sands, L.P., AEC Oil Sands Limited Partnership, Athabasca Oil Sands Investments Inc., Canadian Occidental Petroleum Ltd., Canadian Oil Sands Investments Inc., Gulf Canada Resources Ltd., Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd., and Petro-Canada.

To: Kerm Yerman who wrote (9092)	2/18/1998 5:05:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Storm Energy reports 1997 results CALGARY, Feb. 18 /CNW/ - Storm Energy Inc. (''Storm'') is pleased to announce record results for the year ended December 31, 1997. Since these results are compared to the nine-month period ended December 31, 1996, the percentage changes have been annualized. Where applicable, the 1996 results have been restated to reflect the 2.13725 share conversion ratio used to acquire Dancap Resources Inc. in June, 1997. << 12 months ended 9 months ended Annualized December 31/97 December 31/96 % Change ------------------------------------------------------------------------- Financial Revenues $13,791,968 $2,656,570 289 Cash Flow from operations 7,054,046 1,348,081 292 Per share (basic) 0.152 0.063 141 Per share (fully diluted) 0.122 0.047 160 Net Income 1,001,415 500,793 50 Per Share (basic) 0.022 0.023 (4) Per Share (fully diluted) 0.017 0.019 (11) Debt to Cash Flow (Exit annualized using 1998 netbacks) 1.50 nil - Operations Average daily production Crude oil and NGLs (bbl/d) 1462 374 291 Natural gas (mcf/d) 655 40 1538 Barrels of oil equivalent (boe/d) 1527 378 304 Exit Production (boe/d) 2350 484 386 Corporate Price Crude oil ($Cdn/bbl) 24.75 25.70 (4) Cash flow netback ($Cdn) 12.66 12.97 (2) >> During the year Storm drilled a total of 17 wells (11.82 net) with an overall success rate of 64%. Most of the drilling activity was centered in the Evi area of Alberta, where the company drilled six (gross) successful oilwells in seven attempts. In other areas of Alberta, Storm drilled three more successful oil wells, two successful gas wells, and five wells were dry and abandoned. Proved and probable reserves at the end of 1997 exceeded 5.4 million boe, up 178% from the comparable figure for last year. Capital expenditures for 1997 reached $38.6 million with the Evi and Dancap acquisitions accounting for $26 million of the total. In addition to the drilling program, other major capital projects included the construction of an oil processing facility at Evi and the compilation of a large land position in areas adjacent to Evi. Storm now has 117,673 gross acres (64,755 net) of developed and undeveloped land, an increase of 341% from last year's total.

To: Kerm Yerman who wrote (9092)	2/18/1998 5:08:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Alberta Energy Co reports RECORD 1997 results CALGARY, Feb. 18 /CNW/ - CASH FLOW OF $545 MILLION, UP 32 PERCENT; CASH FLOW PER SHARE INCREASES 22 PERCENT ALBERTA ENERGY COMPANY LTD. today reported record Cash Flow From Operations of $544.7 million in 1997, up 32 percent. Fully diluted Cash Flow Per Share was $4.67, up 22 percent. Cash Flow is the key financial performance indicator for the oil and gas industry. The Company also reported 1997 Net Earnings of $200 million, or $1.73 on a fully diluted, per-share basis. Net Earnings this year include non-recurring items totaling $104 million, associated with the initial public offering of AEC Pipelines, L.P. and adjustments to the book value of the Company's pipelines and international exploration and production assets. The prior year's Net Earnings of $68 million also included a $15 million non-recurring gain related to the sale of the Company's Forest Products business. ''Excluding non-recurring items, AEC's Net Earnings in 1997 were $96 million, or 81 percent higher than the comparable $53 million in 1996,'' said Gwyn Morgan, President and Chief Executive Officer. AEC's revenues, net of royalties, increased to $1.7 billion from $1.1 billion. ''AEC has achieved record operating and financial performance while our capital programs have created growth in underlying asset value. In the last two years, AEC has invested more than $3 billion and our balance sheet has remained very strong, giving the Company the muscle and flexibility to continue to pursue our broad range of investment opportunities at a time of weakening commodity prices,'' said Mr. Morgan. AEC invested a total of $984 million during 1997, representing 181% of Cash Flow from Operations. Despite this significant investment program, the Company maintained its strong financial ratios, with long-term debt increasing less than $50 million. Net corporate debt-to-equity improved to 29:71. The exploration and production segment continued with a healthy 20:80 debt-to-equity ratio. The net debt-to-cash flow ratio of the exploration and production segment remained low at 1.1 times. As well, with the successful closure of the Express project financing on February 6 1998, the Company extended the average term to maturity of its debt to 7.4 years. With over 75 percent of its debt at fixed rates, the Company is shielded from interest rate fluctuations and the average interest rate on borrowing is 6.7 percent. $800 million capital program for 1998 ''We expect natural gas prices to recover more rapidly than oil prices. Consequently, our growth thrust for 1998 and 1999 will be gas, gas and gas. Additional gas export pipeline capacity to the U.S. later this year will provide a continental energy market for Canadian gas producers. AEC's position as a major natural gas producer will help the Company benefit substantially from that recovery. We intend to invest half of our $800 million capital budget on natural gas exploration, production, storage and transportation to put us in the strongest possible position to respond to these new market opportunities,'' said Mr. Morgan. He added that AEC's cash flow rises $22 million for every ten-cent increase per thousand cubic feet in price, excluding additional revenues from expected 1999 sales growth. Building Value for Growth AEC earlier reported 1997 operating results which were highlighted by the following: - Conventional Reserves additions of 1.2 trillion cubic feet equivalent, which is 28 percent of AEC's conventional reserve base and larger than the individual reserves base of the vast majority of companies in the Canadian oil and gas industry; - Reserve additions replaced 1997 production by 362 percent, further extending the Company's Reserve Life Indices -- natural gas to 17 years and conventional liquids to 11 years; - Drilling of 477 wells, with an average working interest of 82 percent and success rate of 89 percent; - Land in Western Canada increased 1.9 million net acres, to total 6.1 million, third largest in Canada; plus 3.0 million internationally for a total 1997 year-end exploration land base of 9.1 million acres; - Sales of produced gas of 575 million cubic feet per day (MMcf/d), and liquids of 58,940 barrels per day. Gas production was 588 MMcf/d, with 13 MMcf/d placed in storage; - The AECO C Hub gas storage and trading facility achieved record throughput, and progress was made in developing California's first independent storage facility and trading Hub. - The new Express oil pipeline was commissioned and AEC Pipelines completed the issuance of one of Canada's first pipeline limited partnerships. Improving Cost Performance The Company also achieved important cost performance improvements: - Reducing conventional Exploration and Production general & administrative costs per barrel of oil equivalent by 33 percent; - Reducing Finding and Development costs by 11 percent, on a proven and probable basis, to $5.81 per barrel of oil equivalent including land assembly costs of $1.54 per barrel of oil equivalent; - These cost reductions were achieved at a time of industry wide increases in land, supply and service costs. ''In challenging times, relative strengths become more evident and more important. AEC's vision is to build a Company with a solid foundation of capable people and long-life reserves, and to be a leader in grassroots exploration. Our large, concentrated land and reserves base enable us to dominate in our operating areas. AEC will continue to own a large interest in Syncrude. We also have a unique growing midstream business. This vision is underpinned by a very solid balance sheet. As 1998 progresses, we believe the fundamental value, performance and growth potential will become even better recognized by investors,'' said Mr. Morgan. Focused and growing, Alberta Energy Company Ltd. is one of Canada's largest oil and gas exploration and production companies. Profitable midstream investments in pipeline transportation, as well as natural gas storage and gas liquids processing provide an additional solid income base. AEC's current stock market value exceeds C$ 3.4 billion. Common Shares trade on the Toronto and Montreal Stock Exchanges (AEC) and the New York Stock Exchange (AOG). ADVISORY Certain information regarding the Company set forth in this document, and attached graphs, including management's assessment of the Company's future plans and operations, may constitute forward looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external resources; as a consequence, actual results may differ materially from those anticipated in the forward looking statements. << ALBERTA ENERGY COMPANY LTD. At December 31, 1997 FINANCIAL HIGHLIGHTS 1997 1996 1995 ---------------------------------------------------------------------- Cash Flow from Operations ($millions) 544.7 411.9 270.7 Per Share ($) - Basic 4.87 3.93 3.61 Per Share ($) - Fully diluted 4.67 3.82 3.51 Net Earnings ($millions) 199.7 68.0 110.2 Per Share ($) - Basic 1.78 0.65 1.47 Per Share ($) - Fully diluted 1.73 0.65 1.44 Capital Investment ($millions) 984.4 2,028.9 301.9 Year-end, Long-term Debt ($millions) 1,017.1 968.3 384.4 Exploration & Production 519.4 367.0 153.5 Transportation, Storage & Processing 497.7 601.3 230.9 Net Debt-to-Equity Ratio Corporate 29:71 32:68 25:75 Exploration & Production 20:80 16:84 13:87 Transportation, Storage & Processing 60:40 89:11 64:36 Net Debt-to-Cash Flow Ratio (times) Exploration & Production 1.1 1.0 0.8 OPERATING HIGHLIGHTS 1997 1996 1995 ---------------------------------------------------------------------- Produced Natural Gas Sales (million cubic feet per day) 575 515 320 Total Liquids Sales (barrels per day) 58,940 53,155 42,153 Conventional Oil and NGLs sales (barrels per day) 30,493 25,559 14,330 Syncrude sales (barrels per day) 28,447 27,596 27,823 Gas Price ($ / Mcf) 2.04 1.77 1.40 Conventional Oil Price ($ per barrel) 19.99 21.80 20.54 Natural Gas Liquids Price ($ per barrel) 23.97 23.95 15.74 Syncrude Price ($ per barrel) 27.80 25.68 23.69 Conventional Reserve Additions (billion cubic feet equivalent) 1,156 682 289

To: Kerm Yerman who wrote (9092)	2/18/1998 5:10:00 PM
From: Arnie	Respond to of 15196

FINANCING / Newstar Resources secures Revolving Credit Facility TORONTO, Feb. 18 /CNW/ - Newstar Resources Inc. (NASDAQ: NERIF and TSE: NER) announces that it has negotiated a U.S.$50 million senior revolving credit facility with a major Houston based energy lender. Newstar anticipates that the credit facility together with cash flow from operations will be sufficient to fund its 1998 exploration and development program. The credit facility also has the potential to facilitate the acquisition of certain producing oil and gas properties currently being considered by Newstar. Newstar anticipates that lower product prices in 1998 will reduce its cash flow. However, because the bulk of its production is natural gas in the United States, the impact will be minimized. During February Newstar will receive an average price in excess of U.S.$2.50 per mcf for its natural gas. Michigan-based Newstar Resources Inc. is an oil and gas exploration and production company with operations in Michigan, Ohio and Texas. The Company trades on the NASDAQ National Market System under the symbol NERIF and the Toronto Stock Exchange under the symbol NER. Certain statements in this news release regarding future expectations of reserve potential, production and drilling may be regarded as ''forward-looking statements'' within the meaning of the U.S. Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas. Actual results may vary materially.

To: Kerm Yerman who wrote (9092)	2/18/1998 5:12:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Nova Gas Transmission transports Record Natural Gas Volume CALGARY, Feb. 18 /CNW/ - In 1997, for the eleventh successive year, NOVA Gas Transmission Ltd. (NGT) delivered record volumes of natural gas on behalf of Western Canada producers. The Alberta-based gas transmission company shipped approximately 4.5 trillion cubic feet (Tcf) of natural gas in 1997, up from the 4.4 Tcf shipped in 1996. On a daily basis, 1997 deliveries averaged 12.3 billion cubic feet (Bcf), up from 12.1 Bcf in 1996. Export deliveries for the year increased to 3821 Bcf, up 2.3 per cent from 3735 Bcf in 1996. On January 11, 1997, NGT also broke its record for daily gas volumes, shipping 13.85 Bcf through its pipeline system. ''Eleven years of record deliveries reflect continuing strong North American demand for Alberta natural gas, and highlight NGT's unmatched reliability, convenience and flexibility,'' said Russ Wells, Vice President for Customer. ''We've steadily improved our services at customer request, and yet we've kept unit costs flat over the period. We anticipate greater volume growth on our system this year and next, corresponding to capacity expansions of more than one Bcf on interconnecting downstream pipelines.'' Prices for Alberta natural gas averaged approximately $2.00 per thousand cubic feet during 1997. Using this average, the NGT marketable gas shipments in 1997 would be valued at more than $8.6 billion. << Natural gas transported through NGT's system January - December 1997 (billion cubic feet) 1997 1996 Per Cent Change Gas leaving Alberta 3821 3735 2.3 Gas used in Alberta 595 634 -6.2 Used by NOVA/other 60 54 12.1 Total Deliveries 4476 4422 1.2 Average Daily Deliveries 12.26 12.08 1.5 Empress Border (1) 2285 2235 2.2 McNeill Border (2) 561 562 -0.2 Alta/B.C. Border (3) 904 866 4.4 Other Exports 71 71 0.9 (1) Gas destined for central Canada/eastern and midwest United States (2) Gas destined for the U.S. Midwest (3) Gas destined for western U.S./California NOTE: Volumes may not add up due to rounding. >> NGT is a wholly-owned subsidiary of NOVA Corporation. NGT's 22,250 kilometre pipeline system is the primary natural gas transportation system in Alberta, Canada. NGT's system transports more than 18 per cent of the natural gas produced annually in North America.

To: Kerm Yerman who wrote (9092)	2/18/1998 5:17:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Burner Explorations reports Drilling Results CALGARY, Feb. 18 /CNW/ - Burner Exploration Ltd. reports that it has participated for 25 % in the successful horizontal sidetrack of a liquids rich gas well in the Hamburg area of northwest Alberta. The well is tied-in and currently onstream. The Company has also participated for 25 % in the 8-19-64-3W6 well drilled in the Lator area of west central Alberta which has been cased awaiting further production testing. This well is the first well in a three well program that will earn the Company an interest in 62 sections of land in the Lator area. With the addition of the Hamburg well, Burner's net production is currently 6.7 mmcf/d of gas and 150 bbls/d of oil and liquids.

To: Kerm Yerman who wrote (9092)	2/18/1998 5:19:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / BelAir Energy purchases Oil & Gas Properties CALGARY, Feb. 18 /CNW/ - BelAir Energy Corporation announced today that the Company has closed the purchase of various working interests in producing oil and gas properties and undeveloped lands for $625,000. The acquisition adds 47 boepd of production to BelAir's current production of 400 boepd and adds 600 MMcf of proven producing natural gas reserves and 46 Mbbl of proven producing oil and NGL reserves to BelAir's reserve base. The acquired producing properties in Fenn West, Viking Kinsella and Wainwright complement BelAir's existing production in central Alberta and expands the Company's production base into east central Alberta. According to President Vic Luhowy, ''This acquisition completes the first phase of our strategy to build a solid base of long life producing reserves and cash flow. This base is the foundation of BelAir's future growth. The next phase will be to build on the Company's undeveloped land base and to make strategic acquisitions with development potential.'' 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 (9092)	2/18/1998 5:23:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Falcon Well Services on CDN Exchange Edmund M. Shimoon, President of Falcon Well Services Ltd. ("Falcon") announced today that the company has been advised by the Canadian Dealing Network Inc. ("CDN") that the quotation of the common shares of Falcon has been approved. Quotation of Falcon's common shares on the CDN's system under the symbol "FWSL" will be available starting Wednesday, February 18, 1998. Falcon Well Services Ltd. is a Calgary-based oil and gas well servicing company, performing recompletions, perforations, and other types of service requirements for existing oil and gas wells. It also has the capacity to drill both horizontal and vertical wells. Falcon's services are presently utilized in the oil and gas producing areas of Western Canada and the company is contemplating expanding internationally. The Board of Directors is comprised of Edmund Shimoon of Calgary, Alberta; V. Wayne Turner of Halifax, Nova Scotia; Gary Robertson of Montreal, Quebec; Colin McPhee of Calgary, Alberta; and Maurice Jodoin of Outremont, Quebec. Edmund Shimoon is the Chairman and Chief Executive officer. As of the date of this press release, there are outstanding 28,376,627 Common Shares and 75,136 Preference Shares of the Capital Stock of Falcon. For further information, please contact: E. Shimoon, President Falcon Well Services Ltd. Phone: (403) 297-0490 Fax: (403) 297-0499

To: Kerm Yerman who wrote (9092)	2/18/1998 5:25:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Calvalley Petroleum has new Exploration Project Calvalley Petroleum Inc. today announced its participation as a fifty percent (50%) working interest partner in a drilling and seismic joint venture arrangement in the Battle Creek area of S.W. Saskatchewan. This contiguous block of 16 sections (10,240 acres) of petroleum and natural gas rights is located 30 miles S.E. of the city of Medicine Hat, is accessible on a year- round basis, and is in close proximity to pipelines and facilities. Calvalley, as the designated managing-operator intends that the initial exploration well will be drilled within the next 30-45 days to a depth of approximately 1300 meters, where it is anticipated that significant natural gas reserves will be encountered in the Second White Specks Formation (850m) and oil production from the Shaunavon Zone (1300m). Calvalley Petroleum Inc. is a Calgary-based oil and gas exploration and development Company whose shares are traded on the Montreal Exchange. Ticker symbol: CVI.A (ME) Newspaper Abbreviation: Calvalley Source: Edmund Shimoon, P. Eng. Chairman and Chief Executive Officer Calvalley Petroleum Inc. Ph. (403) 297-0490 Fax. (403) 297-0499

To: Kerm Yerman who wrote (9092)	2/18/1998 5:26:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Canrise Exploration reports 1997 results Canrise Resources Ltd. announced its unaudited financial and operating results for the fourth quarter and 1997 fiscal year. The following table summarizes the results for the three and twelve month periods ended December 31, 1997 and 1996. Please note that the 1997 results in the table below are unaudited and may be subject to change, the Corporation anticipates releasing audited numbers by mid-March. Three Months Ended Twelve Months Ended December 31 December 31 1997 1997 Unaudited 1996 % Unaudited 1996 % Chan Chan ge ge Production Revenue $8,012,000 $3,930,000 104 $25,210,000 $12,181,000 74 Cash Flow from Operations $4,592,000 $2,228,000 106 $13,977,000 $6,566,000 113 Per Share (Basic) $0.30 $0.19 58 $0.97 $0.59 64 Per Share (Fully Diluted) $0.27 $0.18 50 $0.90 $0.54 67 Net Income $1,077,000 $762,000 41 $2,896,000 $1,983,000 46 Per Share (Basic) $0.07 $0.07 - $0.20 $0.18 11 Per Share (Fully Diluted) $0.07 $0.07 - $0.20 $0.17 18 Capital Expen -ditures $23,515,000 $5,478,000 329 $77,166,000 $16,189,000 377 Long Term Debt $16,120,000 $4,592,000 251 $16,120,000 $4,592,000 251 Average Daily Sales Production Natural gas (mcf/d) 24.3 11.7 108 21.0 11.6 81 Oil & NGL ($/bbl) 1,071 584 83 934 456 105 Average Product Prices Natural gas ($/mcf) $2.55 $2.27 12 $2.25 $1.91 18 Oil & NGL ($/bbl) $23.45 $27.60 (15) $23.41 $24.24 (3) Drilling (Gross Wells) Natural Gas 9 3 200 31 15 107 Oil 1 2 (50) 5 5 - D&A 3 4 (25) 9 7 29 ------------ ---------- ----- ------------ ------------ --- Total Drilled 13 9 44 45 27 67 Success Rate 77% 56% - 80% 74% - Year End Reserves Proved Natural Gas (bcf) 75.8 33.1 129 Oil & NGL (mbbls) 3,381 1,485 128 Probable Natural Gas (bcf) 33.3 15.7 112 Oil & NGL (mbbls) 1,516 836 81 Undeveloped Land Gross Acres 152,200 67,376 126 Net Acres 91,209 36,150 152 Overall Finding, On-stream and Acquisition costs ($/BOE) Proved Reserves $10.20 $5.55 84 Established Reserves $8.74 $4.72 85 Net Asset Value (before income taxes) Established Reserves @ 15% $88,556,000 $48,555,000 82 Per Share $5.03 $4.12 22 Shares Outstanding Weighted Average 14,395,606 11,073,349 30 Issued 17,618,298 11,782,599 50 Canrise Resources Ltd. is an Alberta based corporation engaged in the business of evaluating and acquiring oil and natural gas properties and exploring for, developing and producing petroleum substances in western Canada. The Corporation currently has issued 17,665,765 common shares that trade on The Toronto Stock Exchange under the symbol "CRE". The Toronto Stock Exchange has neither approved or disapproved the above information. FOR FURTHER INFORMATION PLEASE CONTACT: PETER J. KURCEBA, P.GEOL. PRESIDENT AND CHIEF EXECUTIVE OFFICER DIRECT TELEPHONE: (403) 262-0840 INTERNET ADDRESS: www.canrise.com DAVID M. FISHER, C.A. VICE PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER DIRECT TELEPHONE: (403) 262-0842 E-MAIL ADDRESS: dfisher@canrise.com

To: Kerm Yerman who wrote (9092)	2/18/1998 5:28:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Backer Petroleum Updates Backer Petroleum Corp. ("Backer") announces that three wells completed in 1996 and 1997 at its Darwin, Alberta, property commenced production on February 13, 1998, at a rate of 8.0 MMCF per day of raw gas. Backer's 30% share of the natural gas production is 2.4 MMCF per day. Construction of the natural gas processing facility has just been completed on the gas property located 60 miles north of Peace River, Alberta. The plant will handle 10 MMCF per day. Backer's 1997 year end sales volume of 600 barrels of oil equivalent ("BOE") per day will increase to over 800 BOE per day, and Backer's net cash flow will increase by over $60,000 per month, based on recent oil and gas prices. Four additional wells in which Backer holds a 30% Working Interest are in progress in the Darwin Area. These include one well drilled and completed as a potential gas well which will be production tested during the next three weeks and which earned three sections of land; one well which has had casing set with completion work underway which earned an additional three sections of land; one water disposal well to handle water recovered from the natural gas processing plant, and one location anticipated to spud within the next two weeks. Depending upon results, the new gas wells may also be tied in for production before spring break-up. With the completion of the earning phase of the multi-well program initiated in 1996, Backer owns an 18% to 50% Working Interest in 32 sections, over 20,000 gross acres of land, in the Darwin Area. Drilling can only be conducted during the winter freeze-up season in this area. Consequently, an additional three or four wells to further develop the Darwin property will be drilled in the 1998-99 winter drilling season, and should provide additional natural gas throughput within the 10 MMCF per day capacity of the processing facility already in place. [signed] David M. Mercier Toronto Stock Exchange - "BCM" President Operations Office: Suite 750, 500 - 4th Ave. S.W. Calgary, Alberta T2P 2V6 Tel: (403) 264-6962 Fax: (403) 265-8256

To: Kerm Yerman who wrote (9092)	2/18/1998 5:29:00 PM
From: Arnie	Respond to of 15196

FINANCING / Rock Capital Corp. closes Private Placement Rock Capital corporation is pleased to announce that it has completed the previously announced private placement of 2,195,000 common shares at a price of $0.31 per share. The Corporation intends to use a portion of this private placement to finance the acquisition of a 62.5 % interest in three oil wells located in the Roncott area of Saskatchewan from Black Canyon Resources Inc. for total consideration of $500,000. An independent engineering report suggests that the property on which the wells are located has proven producing reserves before royalties of 185,000 barrels of oil with daily production in the order of 29 barrels of oil per day. This acquisition is anticipated to close on Friday, February 20, 1998. For further information please contact Todd Hilditch, President of Rock Capital Corporation at (604) 921-9692

To: Kerm Yerman who wrote (9092)	2/18/1998 7:25:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Kyrgoil Corp. announces Increased Production CALGARY, Feb. 18 /CNW/ - Mr. Gary Roth, President and Chief Executive Officer of Kyrgoil Corporation, today announced continued increases to volumes of refinery production for Kyrgyz Petroleum Company (KPC), the Corporation's joint venture in the Kyrgyz Republic. From the Kyrgyz Republic, Mr. Roth indicated that in the fourth quarter of 1997 gross average daily refinery production increased to 3,127 barrels per day (bpd) from 2,542 bpd refined in the third quarter and 1,572 bpd refined in the first half of the year. These gross figures include the crude oil supplied to the refinery by Kyrgyzneftegaz, the Republic's national oil company. KPC earns 25% of the Kyrgyzneftegaz volumes refined as a processing fee. Net to the KPC joint venture, fourth quarter refinery production increased to 2,470 bpd from the 1,433 bpd reported for the third quarter and the 660 bpd reported for the first half of 1997. All of the refined petroleum products produced have been sold in the domestic Kyrgyz market. Kyrgoil also announced that Mr. Ray Cej will be resigning as Chairman of the Corporation effective February 28, 1998 to pursue another opportunity. The Corporation wishes to acknowledge the significant contribution that Mr. Cej has made to the Corporation and wishes him success in his new endeavors. Kyrgoil's corporate focus continues to be on increasing refinery production volumes, increasing operating cash flow and completing the required technical work to develop the upstream assets prior to commencing a development drilling program in the exclusive licensed areas held by KPC. Kyrgoil Corporation is a Canadian-based public company. Its operations in the Kyrgyz Republic are conducted through Kyrgyz Petroleum Company, an integrated oil company formed and owned equally by Kyrgoil and Kyrgyzneftegaz.

To: Kerm Yerman who wrote (9092)	2/18/1998 7:29:00 PM
From: Arnie	Respond to of 15196

DIVIDEND / Akita DRilling Ltd. CALGARY, Feb. 18 /CNW/ - AKITA Drilling Ltd.'s Board of Directors approved the payment of a quarterly dividend to shareholders. AKITA Drilling Ltd, declared an ordinary cash dividend of six cents ($0.06) per share on the outstanding Class A Non-Voting and Class B Common shares of the Corporation with a Record Date as at the close of business on March 20, 1998 and a payment date of April 1, 1998. AKITA is an Alberta corporation engaged in the contract drilling business and is listed on the Toronto Stock Exchange under the symbol AKT.

To: Kerm Yerman who wrote (9092)	2/18/1998 7:34:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

FIELD ACTIVITIES / Consolidated Beacon Resources announces ??????????? CONSOLIDATED BEACON RESOURCES LTD. ANNOUNCES AGREEMENT WITH CLASSIC ANIMATION LTD. 1998-02-18 CALGARY, ALBERTA Consolidated Beacon Resources Ltd. ("Consolidated Beacon") entered into a Joint Venture and Unanimous Shareholders Agreement (the "Agreement") with Classic Animation Ltd. ("Classic Animation"), which is effective as at January 1, 1998. Pursuant to Letters of Understanding and Intent dated January 6, 1997, January 16, 1997 and June 24, 1997, Consolidated Beacon and Classic Animation had previously formed a joint venture (the "Joint Venture") to carry on the business of the production of childrens animated product. Pursuant to the Agreement, Consolidated Beacon and Classic Animation agreed that a newly formed corporation, Classic Animation Productions Inc. ("CAPI") will carry on the business of the Joint Venture. Under the Agreement, Consolidated Beacon and Classic Animation transferred their interests in the Joint Venture to CAPI. In consideration of the transfer of their interests in the Joint Venture to CAPI, Classic Animation received 3,000,000 Class "A" Shares in the capital of CAPI and Consolidated Beacon received 2,000,000 Class "A" Shares and 1 Class "D" Preferred Share in the capital of CAPI. The Agreement provides that the board of directors of CAPI will consist of two (2) nominees of Classic Animation and two (2) nominees of Consolidated Beacon. The initial board of directors consists of Mr. Josef Sefel, Mr. David Freeman, Mr. Leonard Zaseybida and Mr. Vern Gerlitz. The initial officers of CAPI also consist of Messrs. Sefel, Freeman, Zaseybida and Gerlitz holding the offices of President, Vice President, Finance, Treasurer and Secretary, respectively. The Class "D" Preferred Share entitles Consolidated Beacon to a preferred dividend equal to 20% of the net profit after taxes of CAPI, to an aggregate maximum amount of $3,000,000 and provided that the minimum amount payable in any year is $250,000. The declaration of such dividends on the Preferred Share is Subject to all requirements prescribed by law. In connection with the execution of the Agreement, Consolidated Beacon provided a loan in the amount of $300,000.00, bearing interest at 15%, to Eastland Oil & Gas Ltd., an affiliate of Classic Animation. In addition, in consideration of the loan a fee of $100,000 is payable by Eastland Oil & Gas Ltd. to Consolidated Beacon. The proceeds of such loan were lent by Eastland Oil & Gas Ltd. to CAPI to be used by CAPI for general corporate purposes. Consolidated Beacon Resources Ltd. is a Calgary based corporation engaged in the business of exploring for oil and natural gas in Western Canada and Nova Scotia. In addition, the Corporation manufactures and sells specialty lubricant products for the oil and gas and trucking industries, through its wholly-owned subsidiary, Elliott Industrial Petroleum Ltd. The issued and outstanding common shares of Consolidated Beacon are listed on the Alberta Stock Exchange under the trading symbol "KBC". For further information concerning this press release, please contact Mr. Vernon E. Gerlitz, President and Chief Executive Officer, Consolidated Beacon Resources Ltd., at (403) 221-8383.