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

To: Arnie who wrote (9136)	2/19/1998 3:08:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Colt Energy Inc. and Ultra Petroleum Corp. Drilling Update AND COLT ENERGY INC. ASE SYMBOL: COE FEBRUARY 19, 1998 MONTREAL, QUEBEC--Colt Energy Inc. is pleased to provide an update of the drilling and completion activity in the Green River Basin, Sublette County, Wyoming. Completion work has commenced on the North Lizardhead 11-B well with completion of the special seismic program. A service rig is currently on site. The lower sections in the well should be perforated this week. Hydraulic fracturing will be coordinated with completion of the Western Gas Resources ("WGR") a pipeline to the Lizardhead area. Construction of the WGR pipeline has commenced with completion scheduled for month end. Ultra has obtained the drilling permit and completed lease construction on the Horse Creek 14-33 well, the earning well on the Antelope ranch prospect. Drilling has been delayed by the federal regulatory authority because of the unusually mild winter weather, which results in access road problems. The well is not expected to commence drilling until May, 1998.

To: Arnie who wrote (9136)	2/19/1998 3:15:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Centurion Energy - Ezzaouia-12 Drilling and Testing TSE SYMBOL: CUX FEBRUARY 19, 1998 CALGARY, ALBERTA--The Ezzaouia No. 12 well which was spudded on December 26th, 1997 has reached a total depth of 2350 m.T.V.D. within the M'Rabtine layer of the Jurassic formation. Significant hydrocarbon shows were encountered from the M2 layer at 2133 m.T.V.D. to the base of the M5 layer at a depth of 2285 m.T.V.D. Log analysis indicates a gas/oil contact and an oil/water contact that correspond with the regional Ezzaouia Jurassic Field. Therefore, the producing layers M2, M3 and M5 are within the oil leg. Porosity of all three layers M2, M3 and M5 varies from 18 to 20 percent. RFT pressure measurement in the M2 layer at a depth of 2141 m. is 2525 psi. Original pressure measured in Ezzaouia-11, the last well drilled prior to Ezzaouia-12, was 2700 psi at a depth of 2158 m. Adjusted pressure for depth in Ezzaouia-12 indicates that the well penetrated a new fault block in the field. Approximately 20 meters of total net pay were encountered in the M2, M3 and M5 sands in Ezzaouia-12. Presently a 7" production liner is being run in the hole. The well will be tied in and production tested through existing production facilities. This Press Release contains certain statements that involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Centurion to be materially different from any future results, performance or achievements expressed or implied by the statements herein.

To: Arnie who wrote (9136)	2/19/1998 3:17:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Founders Energy Completes Hartaven Well As Winnipeg Sandstone Producer TSE, ASE SYMBOL: FDE FEBRUARY 19, 1998 CALGARY, ALBERTA--Founders Energy Ltd. announced today that the Company has completed the Founders et al Hartaven 12-1T-10-9W2M well as a Winnipeg Sandstone oil well. Founders has a 55 percent working interest in the well which has flowed an average of 415 barrels per day of 53 degree API oil over the last sixteen days, through a 12/64 choke. This zone is also present in the Founders 7B-2-10-9W2M well. Further development of the Winnipeg Sandstone may take place depending on sustained production results over the next few months. The 12-1T well has also produced oil from two separate Yeoman (Red River) intervals. On a combined basis, these intervals are capable of producing 300 barrels per day of 43 degree API oil. In addition, the Company is currently drilling a well in the Minard area of southeast Saskatchewan targeting Ordovician oil. The Company is operator and has a 50 percent working interest in the Founders PanAtlas Minard 14-6-6-6W2M well. Founders also reports that it is currently in the process of putting on production two recently drilled horizontal wells in the Company operated Weir Hill area in southeast Saskatchewan. In the Gilby area of Alberta the Company has just tied-in and put on production a gas well, in which it has a 50 percent working interest, at an initial rate of one mmcf per day. Founders Energy Ltd. is a growth oriented Canadian junior oil and gas company that is engaged in exploration, acquisition and production of crude oil and natural gas reserves in Alberta, Saskatchewan and British Columbia.

To: Arnie who wrote (9136)	2/19/1998 3:22:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING-TOP 20 LISTED / Carmanah Resources Ltd. Completes Credit Facility, Updates Onado Developments TSE SYMBOL: CKM FEBRUARY 19, 1998 CALGARY, ALBERTA--Carmanah Resources Ltd. (CKM - TSE) has now completed previously-announced arrangements for a $50 million credit facility with Canadian Imperial Bank of Commerce. The facility is comprised of senior and subordinated secured loans, due on January 31, 2000. The loans may be prepaid without penalty, may be drawn in either Canadian or US dollars and bear floating rate coupons related to market conditions and the denominated currency. The senior secured loan may be redrawn during its term. In conjunction with establishing the facility, Carmanah has issued the lender, by way of private placement, 1.1 million common shares from treasury. As a result, Carmanah now has 36,087,079 common shares outstanding. Proceeds will be utilized in conjunction with projected cash flow from operations to fund a planned $84 million capital budget during 1998 to develop the Camar and Langsa Fields offshore Indonesia and the Onado Field onshore Venezuela. This program will involve development drilling, tie-backs and facility installation to realize the productive capacity of established proven reserves in these three regions. Additionally, Carmanah will be carried, at no cost to the Company, in up to $35 million of exploration activity at Northeast Natuna during the year, all funded by a third party. Separately, in Venezuela, the consortium in which Carmanah holds a 26 percent working interest has received formal approval of its Plan of Development ("POD") for the Onado Area, acquired in mid-1997 during the Third Round of Awards by PDVSA, the state oil company. Compania General de Combustibles S. A. ("CGC"), the operator, took over operations this week and will be proceeding immediately to implement activities pursuant to the POD. This will initially involve reactivation and recompletion of existing wells and the drilling of at least one new well, scheduled for mid-1998. The CGC-led group is the second consortium to receive formal plan approval and handover of operations of those which were successful during the Third Round.

To: Arnie who wrote (9136)	2/19/1998 3:24:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / Shiningbank Energy Announces Significant Reserve Increases TSE SYMBOL: SHN.UN FEBRUARY 19, 1998 CALGARY, ALBERTA--Shiningbank Energy Income Fund today announced significant increases in its oil and gas reserves following the results of its 1997 year-end reserves review by Paddock Lindstrom & Associates Ltd. Based on this report, Shiningbank achieved the following results during 1997: 1. Established reserves (Proven plus 50 percent Probable) were increased by 11.5 percent to 12.4 million barrels of oil equivalent ("mmboe"). 2. Reserve additions replaced 200 percent of 1997 production at a cost of $6.25 per barrel of oil equivalent. 3. The Established Reserve Life Index has improved from 8.3 years to 10.3 years, a 24 percent increase since the inception of the Fund. 4. The present value of established reserves, evaluated at a discount rate of 12 percent, increased to $86.4 million despite lower commodity price forecasts. The following tables summarize Shiningbank's reserve estimates at December 31, 1997: /T/ Crude Oil and NGLs Natural Gas Oil Equivalent (mmbbl) (Bcf) (mmboe) Proven 5,585 48.4 10,425 Probable 2,864 10.3 3,895 Total Proven plus Probable 8,449 58.7 14,320 Established 7,017 53.6 12,372 Present Worth of December 31, 1997 December 31, 1996 Established Reserves (pre-tax) ($ millions) ($ millions) Undiscounted 179.5 139.9 Discounted at 10 percent 94.2 82.5 Discounted at 12 percent 86.4 76.3 Discounted at 15 percent 77.0 68.6 /T/ Acquisitions with effect January 1, 1998, but which have not yet closed, will add a further 1.9 mmboe to the established reserves at an aggregate cost of $4.47 per boe and will add production of over 400 boe per day for 1998, principally long-life natural gas. Including these 1998 acquisitions, Shiningbank estimates its Net Asset Value to be $9.40 per unit. These results support Shiningbank's belief that 1997 was another year of strong growth in the Fund's asset base. The significant increase in reserve life index, maintenance of a high Net Asset Value per unit, replacement of twice our 1997 production with new reserves at a favourable cost, and the payment of consistent, high-yielding distributions of $1.60 per unit in 1997 confirm the value of the Fund to its unitholders. Shiningbank has continued the trend in 1998 with further acquisitions of natural gas properties in west-central Alberta, its main operating area. Shiningbank's strategy of operating its properties (currently two-thirds operated), adding value through low-risk development of its assets, maintaining significant exposure to natural gas (over 60 percent of production), and maintaining a healthy balance sheet sets up the Fund for further growth in 1998 and 1999. Shiningbank Energy Income Fund is a conventional oil and gas royalty trust and units are listed on The Toronto Stock Exchange under the symbol "SHN.UN".

To: Arnie who wrote (9136)	2/19/1998 3:27:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Sharpe Resources Corporation - Company Update ME SYMBOL: SHO OTC Bulletin Board SYMBOL: SHGPF FEBRUARY 19, 1998 HOUSTON, TEXAS--SHARPE RESOURCES CORPORATION is currently focused on a debt financing to develop its advanced projects. The company is evaluating serious interest from several lenders regarding the relative economic merits of the 100 percent owned, offshore Texas, Matagorda gas project and the West Thrifty waterflood project. The financing will probably involve senior secured debt with an equity interest in the property or the company as part of a US$10 million dollar credit facility. The work programs during the second, third and fourth quarters of 1997 have proven that the reserves are there to recover and that the projected production rates of 15,000 mcf per day are possible. Additionally, the balance of the 5,000-acre block holds potential to greatly expand reserves on this property. The reserves have been audited by independent petroleum engineers, Hainey & Hainey Petroleum Consultants of Houston, Texas. Management believes that full development of Matagorda's 582 gas field will be accomplished with expenditures of approximately US$8 million. These funds will be used to further develop the company's property as part of a program to expand long-term sustainable growth with minimal shareholder dilution. Based upon previous production rates from similar zones on the property, the company expects production to exceed 15,000 mcf per day or approximately 2,500 BOEPD. At these production rates, the property should pay off the debt in less than one year. Current production from the Matagorda project is approximately 3,000 mcf per day. Plans to bring wells 3 and 4 back online (about 5,000 mcf/day) will be integrated into the current full field development plan, in this manner the company can make more effective use of its financial resources if this work is part of a larger development program. This program is expected to commence during the end of the first quarter, 1998. The program will involve the drilling of three (3) new wells which will access two untested structures on the 582 block and the recompletion of three (3) currently existing wells. New wells will help insure long term sustainable production and are considered to be infill drill wells on a currently productive structure. As part of this program the company plans to acquire a large block of 3D seismic data which will be employed to further evaluate the remaining 10 blocks of leases that the company currently controls within the 582 and 483 gas fields. Success on these blocks will likely result in further production increases on this project. The processing facilities can handle up to 30,000 mcf gas per day. Gas pricing is currently about US$2.30 per mcf. The current proved reserves (17 BCF) relegated to only block 582 will be the focus of the first phase development program. Preliminary evaluation of 2D seismic for portions of the ten (10) under-explored blocks indicates very good potential to greatly expand shallow (7,000') gas reserves on the adjoining blocks. This potential has very attractive economics due to the existence of production infrastructure that currently exists on the property. The under-explored blocks lie between the 582 and the 483 gas fields, the 483 production pipeline crosses these blocks. The drilling program on the 100 percent owned West Thrifty waterflood is progressing slowly due to the availability of drill rigs in this area. Sharpe has completed one well on the property in January, 1998. An earlier drilled well is currently being flow tested at a rate of between 16-22 BOPD. The percentage of oil to water is improving as production continues on this well which is expected to return improved oil production. The target production of 1,200 BOPD is expected to come from 15 wells with average production per well of approximately 80 BOPD from this field. The first new well is currently being flow tested. The initial results show low oil to water percentages (smaller than 1 percent), however this well is expected to follow a production path of the earlier drilled well indicating improving oil cuts with time. At this time, the company is concentrating on areas that indicated high productivity during the primary production phase, where productivity exceeded 3,000 BOPD. This effort is currently focused on the southern portion of the field. The objective is to have these wells drilled and on line before the first half of the year, 1998. Total current production from the project is approximately 50 BOPD. Production revenue from the company's non-operated production in Texas, Oklahoma and Wyoming is being affected by the low oil prices, however, the gas producing component of the production is receiving prices that help offset some of the oil revenue shortfalls. Sharpe management is very optimistic with regard to the company's ability to grow its domestic reserves by 30 percent to 7 million BOE's along with commensurate increases in production in 1998. Sharpe Resources Corporation cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, volatility of gas and oil prices, product demand, market competition, imprecision of gas and oil estimates, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.

To: Arnie who wrote (9136)	2/19/1998 3:29:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / TecnoPetrol Completes US$4 Million Offshore Offering CANADIAN DEALING NETWORK SYMBOL: TPTE.U FEBRUARY 19, 1998 TORONTO, ONTARIO--TecnoPetrol Inc. has successfully completed its previously announced US$4 million offshore offering of 8,000,000 Units at US$0.50 per Unit, each Unit consisting of one common share and one-half of one share purchase warrant, with each whole warrant being exercisable at US$0.80 on or before February 17, 1999. A second and final closing consisting of 1,600,000 Units at the same subscription price is scheduled to take place within fifteen business days, for additional net proceeds of US$800,000. TecnoPetrol will use the proceeds of this offering to fund its exploration activities in Colombia. At present, seismic work is being performed in the Vuelta Larga Association Contract area, in which the Company has a fifty percent interest through a farm-in arrangement with Emerald Energy plc, with drilling expected to start by year-end. Geological studies are being carried out in the Company's Alejo Association Contract area, with seismic scheduled for the second quarter of this year and drilling expected to commence at the beginning of next year. TecnoPetrol recently acquired a 60.91% interest in Petronorte, a long-established Colombian operating company with gross production of 2,000 b/d and excellent exploration potential. Petronorte's properties are located in the Middle Magdalena Valley in the immediate vicinity of Harken Energy Inc.'s Bolivar contract. Harken recently announced the successful completion in this area of its first well, "Catalina", through horizontal drilling into a fractured cretaceous carbonate reservoir, with estimated production of a total of 9,000 b/d of 38 degree gravity oil equivalent. TecnoPetrol has already commenced 3D seismic recording in the Petronorte areas and drilling of the first of eight identified prospects is expected to start in August, 1998. Drilling in the Petronorte areas will be over 3,000 feet of fractured carbonate reservoirs similar to Harken's, where significant reserves of 38 degree or higher gravity oil are expected. The utilization of horizontal wells, drilled with the most advanced technologies, is being contemplated by the Company. TecnoPetrol also has additional acreage in Colombia under application. TecnoPetrol commenced its activities in Colombia at the beginning of last year, with full operations commencing in the middle of 1997. TecnoPetrol's growth has been described by Petroconsultant, an international oil trade publication, as constituting a rapid entry in 1997 as an exploration and production company in the Colombian market. All of the 8,000,000 Units were purchased by Naphtha Inc., a nominee of Grupo Financiero Popular ("GFP"), which is a Latin American regional financial services group with commercial banks in Ecuador, Colombia and Venezuela and extensive experience in investing in Latin American markets. With the purchase of the Units, GFP becomes TecnoPetrol's largest shareholder, holding approximately 34% of the issued and outstanding capital of the Company. The issuance of the 8,000,000 Units has resulted in the increase of the Company's issued and outstanding capital to 23,189,168 common shares. The offering was underwritten by Andino Capital Markets Inc. ("ACM"). ACM is GFP's investment banking arm, exclusively dedicated to financial activities in the Latin American region. TecnoPetrol is an oil and gas exploration and production company whose current focus is on Colombia. TecnoPetrol also has various exploration properties at differing stages of development. Issued and outstanding shares as of February 19, 1998 - 23,189,168