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To: Arnie who wrote (9489)	3/10/1998 9:51:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Beau Canada Exploration Ltd. 1997 Results TSE, ME SYMBOL: BAU MARCH 10, 1998 CALGARY, ALBERTA-- BEAU CANADA EXPLORATION LTD. 1997 Results Highlights - Cash flow up 32 percent, to $56 million in 1997. - Cash flow per share up 28 percent to $0.64/share. - Net income of $13 million, up 27 percent over 1996. - Production of oil up 26 percent, gas up 16 percent over 1996. - Gas reserves increased by 23 percent, oil & liquids by 13 percent. - 15.8 million proven and risked probable barrels of oil equivalent added in 1997. - Proven and risked probable reserves added at $6.66/boe in 1997. - Reserve replacement of 250 percent in 1997. - Drilling success rate of 80 percent in 1997 (89 percent in 1996). /T/ Corporate Highlights Year Ended Three Months December 31 Ended December 31 Percent Percent 1997 1996 Change 1997 1996 Change ---- ---- ------ ---- ---- ------- Financial ($000's): Revenue 110,850 95,933 16 27,323 29,599 (8) Cash Flow 56,169 42,604 32 13,397 13,841 (3) per share 0.64 0.50 28 0.15 0.16 (6) ------- ------ -- ------ ------ - Net Income (Loss) 12,753 10,023 27 3,143 3,473 (10) per share 0.15 0.12 25 0.04 0.04 0 ------- ------ -- ------ ------ -- Production: Oil & Liquids (bbls/d) 10,454 8,304 26 10,599 9,716 9 Gas (mmcf/d) 70.7 60.9 16 70.1 67.4 4 ------ ----- -- ------ ----- - Barrels of oil equivalent/d 17,520 14,398 22 17,606 16,456 7 Average Prices: Oil & Liquids per barrel $ 17.13 $20.14 (15) $ 15.53 $ 20.83 (25) Gas per mcf 1.76 1.56 13 1.89 1.77 7 ------- ------ -- ------- ------- -- Shares Outstanding (average)(millions) 87.9 84.9 4 88.7 86.0 3 Drilling Results: Year Ended December 31 1997 1996 ---- ---- Gross Net Gross Net Oil Wells 70 50.1 52 42.7 Gas Wells 39 30.4 19 12.7 Dry and Abandoned 22 20.6 8 6.7 -- ---- -- ---- 131 101.1 79 62.1 Success Rate (in percent) 83 80 90 89 Three Months Ended December 31 1997 1996 ---- ---- Gross Net Gross Net ----- --- ----- --- Oil Wells 21 14.0 7 6.5 Gas Wells 12 11.3 5 3.8 Dry and Abandoned 3 3.0 1 1.0 -- ---- -- --- 36 28.3 13 11.3 Success Rate (in Percent) 92 89 92 91 /T/ Financial For the year ended December 31, 1997 Beau Canada's cash flow increased 32 percent to $56.2 million ($0.64/share) from $42.6 million ($0.50/share) a year earlier. Gross revenue increased 16 percent to $110.9 million from $95.9 million a year earlier. Net income for the year was $12.8 million ($0.15/share), up 27 percent compared to $10.0 million ($0.12/share) in the previous year. Production Oil and natural gas liquids production averaged 10,454 bbls/d in 1997, an increase of 26 percent over 1996. Gas production increased 16 percent to 70.7 mmcf/d. The increase in gas production was largely a result of the drilling and tying-in of gas wells drilled on the Helmet/Peggo property in north-east British Columbia and the Gilby area of central Alberta. Oil production increases were attributable to successful drilling in the Medicine Hat area of south-east Alberta and the Low Lake, Winter, Baldwinton and Westhazel areas of west-central Saskatchewan. The total daily production for 1997 averaged 17,520 barrels of oil equivalent, up 22 percent from 1996. Activity and Reserves Beau Canada drilled 131 gross (101.1 net) wells in 1997 with an 80 percent success rate. During 1997 the Company undertook major drilling programs in the Medicine Hat area of south-east Alberta, the Low Lake, Winter, Baldwinton and Westhazel areas of west-central Saskatchewan, the Helmet/Peggo areas of north-east British Columbia and the Gilby area of central Alberta. In addition to the drilling activity, Beau Canada significantly increased spending on land additions, particularly in areas with potential for liquids rich gas reserves such as Karr in the deep basin of Alberta. During 1997 the Company also expanded the Gilby gas plant capacity from 12 mmcf/d to 23 mmcf/d in order to accommodate the Company's drilling successes and plans for the area. In a continuing effort to rationalize properties, $11.8 million of non-core properties were sold in 1997, the majority of which occurred in the fourth quarter. The Company replaced its production by approximately 250 percent. The Company's proven reserves increased by 18 percent to 50.3 million barrels of oil equivalent from 42.6 million barrels in 1996. Of this total, oil and natural gas liquids reserves increased by 13 percent to 24.2 million barrels from 21.5 million barrels in 1996. Gas reserves increased by 23 percent to 261 bcf in 1997. The growth in the Company's gas reserves reflects Beau Canada's shift into exploration for longer life gas reserves over the last several years. Proven and risked probable reserves increased 21 percent to 54.4 million barrels of oil equivalent from 1996 levels. The cost of reserve additions for the Company in 1997 was $6.66/boe for proven and risked probable reserves, giving us a five year average of $5.65/boe. Cost of reserve additions increased in 1997 due to higher costs for services and a proportionately higher level of spending on land and facilities. Beau Canada also positioned itself to sell its Alliance interest during 1997 by rolling its interest into the Fort Chicago Energy Partnership. Through this transaction Beau Canada subscribed for special warrants of Fort Chicago which gave the Company an 8 percent stake in Fort Chicago. This interest was subsequently sold in February 1998 for a profit of $9.3 million. Outlook Beau Canada expects 1998 to be a challenging year due to the recent decline in oil prices and expected flat gas prices. The Company is budgeting oil prices at U.S. $17.00 for WTI, an 18 percent drop from 1997 actual levels and gas prices of $1.75/mcf. The current oil price environment has caused the Company to shut-in 1,000 bbls/d of production thus far in 1998 and to reduce capital spending on oil projects. Liquids production is expected to average 9,000 bbls/d with this price forecast. Gas production is expected to increase significantly in 1998 as the majority of spending is directed toward gas projects. Gas additions are expected in Helmet/Peggo, Foxglove, Gilby, Cecil and Gold Creek. A number of gas exploration plays will be drilled in 1998, notably in Karr and Gold Creek in the deep basin area of Alberta. Current drilling and tie-in plans indicate Beau Canada could average 100 mmcf/d of production in 1998. In this environment Beau Canada is expecting cash flow to decrease slightly to $53 million or $0.59/share from $56 million or $0.64/share in 1997. The Company is encouraged by its gas prospects and the outlook for increased gas prices in late 1998 and 1999 due to increased pipeline capacity coming onstream November 1, 1998. With the projected increase in gas prices and production, Beau Canada expects cash flow to improve substantially in 1999. Beau Canada Exploration Ltd. is a Canadian oil and gas exploration and development company based in Calgary. Beau Canada's common shares are listed on The Toronto Stock Exchange and the Montreal Exchange under the symbol "BAU".

To: Arnie who wrote (9489)	3/10/1998 9:53:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Pan East Announces Reserves at December 31, 1997, Updates Activity in Alberta, and Reports Increase in Production TSE SYMBOL: PEC MARCH 10, 1998 CALGARY, ALBERTA-- YEAR END RESERVES At December 31, 1997, Pan East's reserves totaled 161.2 BcfE on a gas equivalent basis (liquids and sulphur converted at 1:10) as compared with reserves of 129.1 BcfE at the end of 1996. Pan East's reserves were assessed by independent reservoir engineers, Sproule Associates Limited and 1997 additions were 42.4 BcfE, replacing 1997 production of 10.2 BcfE by over 400 percent. Proven reserves (108.3 BcfE) represent 67 percent of total reserve volumes with 87 percent of the reserves being natural gas. Pan East's finding and development costs for 1997 were $0.55 per McfE for established reserves (Proven plus 50 percent probable) and $0.56 per McfE for proven reserves only. Pan East's President and CEO, Richard A. Walls, stated, "Despite the fact that, during 1997, several large exploration wells were not successful, we are pleased that the entire program, as a whole, resulted in the replacement of over 400 percent of our production at very competitive finding and development costs." ALBERTA ACTIVITY UPDATE To date in 1998, Pan East has participated in the drilling of 12 (4.5 net) wells resulting in 5 (1.5 net) gas wells, 5 (2.3 net) wells being drilled at present and 2 (0.7 net) wells were abandoned. These wells range in depth from 1,900 meters (6,300 feet) to 5,200 meters (17,000 feet) and have an average depth of 2,900 meters (9,600 feet). Pan East has operated six of these wells. GREATER KAYBOB At Karr, installation of wellsite facilities and tie in of an existing well (Pan East - 90 percent) is underway with an expected sales rate of 7.5 MmcfE per day (Pan East - 7.0 MmcfE per day) to commence in April. An exploratory well (Pan East - 66 percent) is presently drilling at 3,850 meters (12,700 feet) and should reach total depth of 4,150 meters (13,700 feet) within two weeks. At Kaybob South, an exploratory well (Pan East - 50 percent) spudded this week and should reach total depth within three weeks. At Gregg Lakes, an exploratory re-entry of a 5,200 meter (17,000 feet) well (Pan East - 20 percent) has commenced with Pan East earning 9,000 acres of undeveloped land on this farmout. STRACHAN DEEP BASIN At Sunchild/Ferrier, a gas well drilled last year (Pan East - 45 percent) commenced production in February at 4.5 MmcfE per day (Pan East - 2.0 MmcfE per day). Another exploratory well (Pan East - 40 percent) has been cased and test rates will be available next week. At Nordegg, a development well (Pan East - 67 percent) should spud in the third week of March. PRODUCTION INCREASES The Company anticipates that reserve additions combined with successful drilling over the winter drilling season will result in production increases of 15 MmcfE per day during the second quarter. Increases at Karr, Kaybob, Nordegg and Sunchild in Alberta and Midwinter in British Columbia will bring Pan East's daily production to approximately 40 MmcfE. Pan East's Vice President of Finance and CFO, Robert A. Maitland, stated, "The combination of existing cash on hand, 1998 cash flow and available bank lines will allow Pan East to undertake the largest drilling program in the Company's history."

To: Arnie who wrote (9489)	3/10/1998 9:55:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Doreal Energy: Colombian Exploration Well Set to Spud and Portugal Update ASE SYMBOL: DOY OTC Bulletin Board SYMBOL: DEG.CF MARCH 10, 1998 VANCOUVER, BRITISH COLUMBIA--Doreal Energy Corporation is pleased to announce that the Mateguefa No. 1 exploration well, located within the Tapir Association Contract in Colombia's central Llanos Basin, is anticipated to spud on March 10, 1998. This well will require between 20 and 25 days to reach a planned total vertical depth of approximately 9,600 feet. The primary objectives are the Carbonera, Mirador, Gacheta, Guadalupe, and the Ubaque formations, all of which have proven to be prolific producers in this basin. Based upon similar structural features in the immediate area, the Mateguefa structure could contain between 15 and 20 million barrels of 28-30 degrees API gravity crude oil. Eight other prospects have already been identified with the Tapir Contract Area. Five of these are structural plans similar to Mateguefa and will be tested by drilling as soon as possible. The remaining three stratigraphic prospects could yield much larger recoverable reserves but have higher risks than the structural prospects and therefore will be drilled next year. Partners in the program are Ampolex (Colombia) Inc. (Mobil Oil Company), Dallas; Doreal Energy Corporation, Vancouver; Seven Seas Petroleum Inc., Houston; Mohave Colombia Corporation, Houston; and Heritage Minerals, Ltd., (Operator), Bogota. The group now controls over 240,000 acres in the Tapir Contract area. Doreal has a 12.5 percent working interest and a 11.7 percent net revenue interest in the Tapir Association Contract. Portugal Update: Doreal Energy Corporation announces that the operator of the Aljubarrota #1 exploration well has completed testing of the well. Five drill stem tests were conducted and all were non productive. The operator and partners are in the process of reviewing all seismic and well data in order to pick the next well location. Doreal has a 10 percent working interest in the exploration well and will earn a 9.35 percent revenue interest in the project. On Behalf of the Board of Directors, James H. Dorman, President and CEO

To: Arnie who wrote (9489)	3/10/1998 9:57:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Carpatsky Announces Well Test Results ASE SYMBOL: KPY MARCH 10, 1998 CALGARY, ALBERTA--CARPATSKY PETROLEUM INC. (ASE:KPY) is pleased to announce the test results of its first completed gas condensate well No. 106 in the Rudovsko-Krasnozavodskoye (Chervonozavodskoye) gas condensate field located in the Dnepr-Donetz basin in Eastern Ukraine. KPY and its partner, Poltavanaftogaz, a local subsidiary of the Joint Stock Company Ukrnafta, perforated a 34.5m (114') section in the well's main producing reservoir (B-22) and opened up the well for testing on various chokes sizes. The following results were obtained: /T/ Choke size Flowing tubing pressure Flow rates per day (mm) (psi) million CF 12 2537.5 13.95 10 2827.5 10.66 9 3088.5 9.22 8 3422 8.03 6 3828 5.08 /T/ Based on the above data absolute open flow potential of the well was calculated as 23.64 million cubic feet of gas per day. Production will begin on a 9 or 10 mm choke at the rate of 9.22 to 10.66 million cubic feet of gas per day and 100 to 120 bbls of condensate per day as soon as the drilling rig is moved to our next wellsite, No. 112. The same size chokes are presently used on several other producing wells in the field. In addition to the tested B-22 reservoir well No. 106 has three additional producing horizons behind pipe. They are, in ascending order: B-21 @ 4805 m, B-20 @ 4756 m and B-16 @ 4285 m. These will be put on production after the depletion of the main B-22 reservoir. Les Texas, Carpatsky's president and CEO, after receiving the test data remarked: "We are very pleased with the test results of the first well we drilled and completed together with our Ukrainian partners in the Rudovsko field. The measured flow rates are indeed very attractive especially in view of the fact that No. 106 has been drilled and completed entirely by using locally available Ukrainian and Russian technology and materials. We are looking forward with great expectation toward the completion of our next wells which will be done with western techniques and equipment. Wells No. 109, 111 and 104 are in the final stage of drilling. Well No. 100K is half way to its proposed total depth. Well No. 102 is now awaiting perforation. Using western technology and equipment Carpatsky and our Ukrainian partners are expecting better results in those wells than obtained in well No. 106."

To: Arnie who wrote (9489)	3/10/1998 10:00:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Founders Energy Reports Significant Increases in Production, Revenue, Cash Flow and Earnings for 1997 TSE, ASE SYMBOL: FDE MARCH 10, 1998 CALGARY, ALBERTA--Founders Energy Ltd. (FDE - TSE/ASE) today announced its financial and operating results for fiscal 1997. Successful horizontal and deep exploration drilling in southeast Saskatchewan contributed to a 216 percent increase in daily production, a 185 percent increase in gross production revenue and a 234 percent increase in cash flow. Comparative financial and operating results for the two years ended December 31, 1997 are as follows: /T/ FINANCIAL 1997 1996 Percent Change (000's except per share data) ---- ---- -------------- Gross Revenue $13,657 $4,796 185 Cash Flow $ 7,531 $2,252 234 per share $ 0.29 $ 0.16 81 Net Income $ 2,647 $ 885 199 per share $ 0.10 $ 0.06 67 Shareholders' Equity $17,509 $7,003 150 Weighted Average Shares Outstanding 26,413 14,449 83 OPERATING Daily Average Production Crude Oil and Ngl (bpd) 1,446 479 202 Natural Gas (Mcfd) 1,897 395 380 Oil Equivalent (boed) 1,636 518 216 Average Selling Price Crude Oil ($/Bbl) $ 23.64 $26.46 (11) Natural Gas ($/Mcf) $ 1.91 $ 1.11 72 Oil Equivalent ($/boe) $ 22.87 $25.29 (10) Netback ($/boe) $ 14.98 $14.50 3 Proven Reserves (Mboe) 4,494 3,446 30 Proven and Probable Reserves (Mboe) 6,802 4,648 46 /T/ Founders $16.9 million capital expenditure program for 1997 was expended almost entirely on exploration and development activities. During 1997, Founders participated in drilling 23 (11.22 net) high interest wells for an overall success rate of 83 percent. Included in the 1997 drilling results were two successful deep Ordovician wells in the Hartaven area of southeast Saskatchewan. This play was supported by three dimensional seismic which Founders had shot in late 1996. Proven reserve additions for 1997 totaled 1.8 million boe from drilling activities, resulting in reserve replacement of more than 300 percent. In 1997, Founders increased its undeveloped land base from 12,581 net acres at the beginning of the year to more than 60,000 net acres at year end. These land acquisitions established new core areas of activity, primarily on natural gas prospects in central Alberta and NW Alberta/NE British Columbia. Finding and development costs for 1997 were $8.70 per boe of proven reserve additions and $5.43 per boe of proven plus probable reserve additions. Included in the 1997 expenditures are approximately $5.4 million associated with the acquisition of undeveloped land and seismic in new prospect areas where drilling has not yet commenced. Founders' three-year average finding and development costs are $5.88 for proven reserve additions and $4.06 for proven plus probable reserve additions. Founders Energy 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 (9489)	3/10/1998 10:04:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / United Tri-Star Resources Ltd. Company Announcement TSE SYMBOL: UTS OTC Bulletin Board SYMBOL: UTSRF MARCH 10, 1998 TORONTO, ONTARIO--United Tri-Star Resources Ltd. ("UTS") announces that its previously announced private placement has been completed. UTS sold 7,398,250 Special Warrants at $0.80 per warrant for aggregate proceeds of $5,808,600. Upon prospectus approval (to be within 120 days of closing) the warrants will be converted 1 for 1 into common shares of UTS. The proceeds will be used to complete the acquisition of Solv-Ex's 12 percent interest in its Athabasca Oil Sands project including Lease 5 & 52 as described in the February 13, 1998 News Release issued by UTS. Dominick & Dominick and Groome Captial Advisory sold the Special Warrants as agents for UTS on a best efforts basis. Along with its interest in the Athabasca tar sands project, UTS also maintains a 31 percent interest in International Reef Resources Ltd., which is actively pursuing development of Coal Oil Agglomeration projects in the United States. As well, UTS hold a 36 percent interest in Tri-Star Gold Corp. which has one of the largest mineral property holdings in the Ghanaian gold belts of West Africa.

To: Arnie who wrote (9489)	3/10/1998 10:10:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Renco Resources Announces Drilling Program; Subsidiary Developments CDN SYMBOL: RNRS MARCH 10, 1998 CALGARY, ALBERTA--The Company is pleased to announce that Commonwealth Energy Corp. ("Commonwealth"), through a joint venture agreement with the Company's wholly-owned subsidiary, Renco Energy Inc. (the "Subsidiary"), will commence development on the Caney Unit One project on one of the Oklahoma properties owned and operated by the Subsidiary. The first well will be drilled, during the week of March 16 - 20, to the Bartlesville zone and will be production tested through the upper zones. If this test is successful, additional wells will be drilled to complete a 5-well pattern to allow a waterflood system to enhance maximum recovery. The Subsidiary and Commonwealth are joint venture partners on this project and property. In consideration of investing 100 percent of the drilling funds for the project, Commonwealth will receive a 200 percent return on their investment from production revenues. After this payout, the Subsidiary and Commwealth will split production revenues equally. The drilling budget is estimated to be approximately $50,000 USD per well completed. Furthermore, the Company is pleased to announce that the Subsidiary has acquired the services of Robert B. Case as Vice-President Operations to guide and oversee all facets of the day-to-day operations of the subsidiary as it is engaged in the production of resources. Mr. Case, a Tulsa lawyer, has served in the oil and gas industry in Oklahoma since 1985 and has worked with public companies in Denver, Calgary, Houston, as well as Tulsa. Mr. Case served as Vice-President, Acquisitions, as well as President and Chief Executive Officer of Fountain Oil, Incorporated. The Company and Subsidiary are also announcing the establishment of an office in Tulsa. This will facilitate the development and enhancement of oil and gas production operations, as well as provide both with a personal and professional presence in Oklahoma and area. The Company has approximately 21,636,876 outstanding shares.

To: Arnie who wrote (9489)	3/10/1998 10:17:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Early Break-Up Scales-Back Mera Drilling ASE SYMBOL: MPR MARCH 10, 1998 CALGARY, ALBERTA--An early break-up has postponed the last four of a seven well drilling program Mera Petroleums had planned for its Darwin, Alberta field this winter. "With the expected warming trend we simply could not take the risk of sending a second rig into South Darwin to drill our last four Mera operated wells," explains president and CEO Bob McLeay. Mera contracted the rig last October to drill the wells in February of this year. But the drilling season got off to a late start due to unseasonably warm weather, which pushed Mera's drilling off until March. Now McLeay will plan to have the four 100 per cent Mera-owned wells drilled -- and possibly brought onstream -- in the winter of 1998/99. All the leases have been prepared and the camp will remain onsite until next freeze up. This season saw the drilling of two gas wells and a water injection well at Mera's Darwin field, located 60 miles north of Peace River. The company and its partners also deepened an existing gas well to enhance production. "One gas well was tied in and the water injection well was needed at our plant site," explains McLeay. Mera just recently increased its production three-fold with the commissioning of the Darwin Gas Plant. The company's production remains at approximately 300 BOE/day, of which 90 per cent is gas and NGL's.

To: Arnie who wrote (9489)	3/10/1998 10:22:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Bonavista Petroleum Announces Year End Results TSE SYMBOL: BNP MARCH 10, 1998 CALGARY, ALBERTA--Bonavista Petroleum Ltd. ("Bonavista") is pleased to announce today its financial and operating results for the year ended December 31, 1997 as follows: /T/ -------------------------------------------------------------- Years Ended December Percent 1997 1996 Change -------------------------------------------------------------- FINANCIAL: ($000's except per share) Oil & natural gas sales 13,310 6,165 116 Cash flow 5,725 2,557 124 Per share basic 0.53 0.45 18 Per share fully diluted 0.49 0.41 20 Net income (loss) (158) 514 (131) Per share basic (0.01) 0.09 (111) Per share fully diluted (0.01) 0.09 (111) Long term debt 2,990 5,187 (42) Capital expenditures, net of dispositions 33,342 1,381 2,314 Common Share information: Weighted average shares outstanding (000's) Basic 10,763 5,687 89 Fully diluted 11,874 6,217 91 Shares outstanding- year end Basic 21,113 7,427 184 Fully diluted 25,849 7,924 226 -------------------------------------------------------------- Years Ended December Percent 1997 1996 Change -------------------------------------------------------------- OPERATIONS: Production: Oil & liquids (bbls/day) 547 519 5 Natural gas (mcf/day) 12,868 2,034 533 Total oil equivalent (boe/day) 1,834 722 154 Operating netbacks: Oil & liquids: Product price $24.09 $25.94 (7) Royalties (2.86) (4.12) (31) Operating expenses (5.38) (6.89) (22) ------- ------- Netback $15.85 $14.93 6 ------- ------- ------- ------- Natural gas: Product price $ 1.81 $ 1.68 8 Royalties (0.23) (0.20) 15 Operating expenses (0.40) (0.77) (48) ------- ------- Netback $ 1.18 $ 0.71 66 ------- ------- ------- ------- Undeveloped land: Gross acres 116,029 62,558 85 Net acres 64,820 32,000 103 Average working interest (percent) 56 50 12 Reserves: Proven plus probable Oil and liquids (mbbls) 1,750 1,186 48 Natural gas (bcf) 46.9 8.5 452 ----- ----- Total equivalent (mboes) 6,440 2,036 216 ----- ----- ----- ----- Net present value of future cash flow (risked) @ 10 percent (millions) $56.7 $16.6 242 @ 15 percent (millions) $46.5 $13.2 252 /T/ The year ended December 31, 1997 represented a year of significant changes for Bonavista from a shareholder and management perspective, as well as to its asset base. In the first quarter of 1997, the Company completed the acquisition of the assets of Lone Butte Energy Inc. (the "Lone Butte Acquisition") for $28.6 million. The Lone Butte Acquisition represented a strategic shift in the Company's focus to natural gas from crude oil. This acquisition increased Bonavista's natural gas reserves by 236 percent, oil and liquids reserves by 40 percent and net undeveloped acres of land by 85 percent. In addition, the acquisition included operated and high working interest natural gas properties with several years of drilling locations to expand Bonavista's natural gas production base. In the fourth quarter of 1997, the Company completed the acquisition of 747775 Alberta Ltd. ("747775") which introduced both a new shareholder base as well as a new management team to Bonavista. This acquisition of 747775, along with the Lone Butte Acquisition has become the pivotal catalyst for creating the foundation for the future growth of Bonavista. The fourth quarter of 1997 also saw the initial implementation of the new business plan for the Company. Average daily production for the fourth quarter of 1997 increased 8 percent to 1,981 boe/day from the nine month daily average amount of 1,785 boe/day. The Company exited 1997 with a production rate of 2,150 boe/day, consisting of 16.3 mmcf/day of natural gas and 520 bbls/day of oil and liquids. Bonavista enters 1998 with substantial financial flexibility, having only $3.0 million drawn on its $20 million bank facility which will be used to execute the expanded 1998 capital program of $30 million. Bonavista is conducting a very active exploration and development program in the first quarter of 1998 with 10 (9.5 net) wells drilled to date in the Dixonville, Oyen and Red Earth core areas, with an overall success rate of 80 percent. In addition, the Company completed an acquisition consisting of 3 mmcf/day of natural gas and approximately 50,000 net acres of undeveloped lands in its Dixonville core area in northwest Alberta. With the Dixonville acquisition and the tie-in of three of the wells drilled, Bonavista is currently producing 2,750 boe/day consisting of 21.5 mmcf/day of natural gas and 600 bbls/day of oil and liquids and has added proven and probable reserves additions of 1.9 million boe, replacing 148 percent of forecasted 1998 production. This increased activity places Bonavista on track to meet its 1998 production targets of 3,500 boe/day and its cash flow target of $14.4 million. Bonavista is an independent Canadian oil and gas exploration, development and production company with its common shares trading on the Toronto Stock Exchange under the symbol "BNP".

To: Arnie who wrote (9489)	3/10/1998 10:26:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Titan Projects Awarded Offshore Oil Production Platform Project in Persian Gulf MARCH 10, 1998 CALGARY, ALBERTA--Titan Projects Ltd. has been awarded the contract for the Balal Oil Field Development Project by Bow Valley Energy Ltd. of Calgary, Canada. The contract is for overall project management and other aspects of the design, engineering, construction and installation of offshore production facilities for the Balal Field which is located in the Iranian sector of the Persian Gulf. The Balal Field is approximately 110 km southwest of Lavan Island in the Persian Gulf and lies in 220 feet of water. Five wells are planned to produce at an initial total production rate of 50,000 BOPD. For Titan, the project includes one wellhead platform, a second platform for production facilities and living quarters, a flare tower and 14" sub-sea pipeline. Titan's scope of work includes front end engineering, detailed engineering supervision, all process work, structural design, and supervision of procurement, fabrication and installation. Titan will also provide on-going project management services from detailed engineering through to start-up. Titan will manage all subcontracts for geotechnical and bathometric surveys, detailed engineering, structures, topside modules, control room/communication centre, helicopter deck, living quarters, sub-sea pipeline, installation, and start-up. To provide engineering support Titan has formed a alliance with an Iranian consultant. In July 1997, the National Iranian Oil Company signed an agreement with Bow Valley and Bakrie Minarak Petroleum for the development of the Balal Field Development Project. Despite Bakrie's withdrawal from the project in late January, Bow Valley is proceeding with the front end engineering for the project. Titan Projects Ltd., formed in 1985, is an international oil and gas engineering contractor with its head office based in Calgary, Alberta, Canada. A privately owned company, Titan has successfully completed significant projects in South East Asia, the Middle East and Eastern Europe.

To: Arnie who wrote (9489)	3/10/1998 10:30:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Jettstar Announces Amendment to Terms of Rig Acquisition ASE SYMBOL: JTT MARCH 10, 1998 CALGARY, ALBERTA--Jettstar Resource Services Inc. (the "Corporation") today announced an amendment to the terms of a previously announced Share Purchase Agreement with the sole shareholder of 757996 Alberta. ("757996"). Under the terms of the amendment, the acquisition cost of the 757996 shares has increased from $1,182,000 to $1,210,000. The amendment to the purchase is due to the recent currency exchange fluctuation between Canadian and U.S. currency. The amended purchase price will be satisfied by a cash payment for the 757996 Shares of $1,075,000 plus 150,000 common shares of the Corporation at a deemed price of $0.90 per common share. The acquisition of the 757996 Shares is subject to applicable regulatory approval. 757996 is the owner of a service rig fleet comprised of five triple rod, double tubing rigs and one single rod, single tubing rig with associated equipment. 757996's service rigs previously operated in the United States and have been recently moved to Canada where they are currently being fully equipped and reconditioned to acceptable Canadian and corporate standards.

To: Arnie who wrote (9489)	3/10/1998 10:33:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / New Brunswick Joint Venture Launches Bid For Provincial Distribution Of Natural Gas MARCH 10, 1998 FREDERICTON, NEW BRUNSWICK--A group of 23 New Brunswick investors has joined forces with Canada's most established distributor of natural gas to seek the distribution rights for that new, clean, reliable and low- cost energy source to all main regions of the province. Consumers Gas Energy Inc. (CGEI), a wholly owned subsidiary of IPL Energy, in joint venture with the New Brunswick investors, today announced the formation of Gas New Brunswick (GNB) - a consortium dedicated to obtaining the franchise for natural gas distribution throughout the province - in communities from Saint John to St. Stephen, from Fredericton to Edmundston, from Moncton to Bathurst and beyond. "We have a winning formula," said Ron Munkley, President and Chief Operating Officer of CGEI at a news conference in Fredericton. "We have the best team. Our investors represent all geographic regions. They know the communities in which they live and work, and they have the experience and the commitment to help make our bid successful." Added J.W. Bud Bird, a Fredericton-based businessman and organizer of the investor team: "We couldn't have asked for a better fit. Consumers Gas Energy is a premier Canadian company with a 150-year continuing tradition of meeting the energy needs of the 175 communities it now serves. It has the experience, the dedication and the competence to introduce natural gas in a safe, efficient and low cost manner to industrial plants, commercial businesses and residential homes wherever the opportunity is feasible to do so." "Together, we intend to demonstrate our capability to be the preferred distributor of natural gas for New Brunswick and the best source of this new energy alternative for the people of this province." The new joint venture group has firmly placed its intentions before the provincial government for serious consideration as deliberation takes place about the choice for distribution of this new energy source in New Brunswick, once the Sable gas pipeline is extended into the province in 1999. That decision is not expected until some time later this year, but GNB is confident that its approach offers superior benefits for industries, businesses, communities and homeowners in the province. "We have done our homework," Mr. Munkley said. "Our research tells us that our prices will be the most competitive available for industrial, commercial and residential customers. Our expansion strategy is the most aggressive. The fact is that we will get more gas to more people, sooner rather than later. We plan to work with all stakeholders to make this new energy dream a reality." Specifically, Mr. Munkley explained, GNB's plan involves delivering gas over time to all main regions of New Brunswick, including ultimately the northwestern part of the province in communities such as Grand Fails and Edmundston. "As for Miramichi and Bathurst," he said, "we can provide natural gas from the start without provincial or federal participation. This means that our plan and our bid will possess the best economic potential possible." GNB will take its case directly to the provincial government, to business and community leaders, and to the general public through an information and awareness campaign over the next several weeks. GNB is a joint venture between Consumers Gas Energy Inc., with a 67-per- cent interest, and 23 New Brunswick investors with a 33-per-cent interest. A list of the New Brunswick investors is attached herewith. IPL Energy Inc. is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline system, and Canada's largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United states the shares trade on the NASDAQ under "IPPIF". NEW BRUNSWICK INVESTORS INVESTISSEURS DU NOUVEAU-BRUNSWICK 98/03/09 1. ED BARRETT, BARRETT DIVERSIFIED CORPORATION - WOODSTOCK 2. FRED J. BEAIRSTO - FREDERICTON 3. J.W. BUD BIRD, BIRD HOLDINGS LTD. - FREDERICTON 4. SAM BURGESS, SAMBUR LIMITED - FREDERICTON 5. JOHN T. CLARK - FREDERICTON 6. HENRY COMEAU - BATHURST 7. BERNARD CYR, DOOLY'S INC. - MONCTON 8. ELOI DUGUAY, ENSEIGNES "IMPERIAL" SIGNS LTEE/LTD. - EDMUNDSTON 9. RON GOGUEN - MONCTON 10. WILLIAM M. JONES, KEMROW COMPANY LIMITED - FREDERICTON 11. GILLES R. LEBLANC - MONCTON 12. LEONARD LOCKHART, LEAF HOLDINGS INC. - MONCTON 13. ED MACDERMAID, MONEY CONCEPTS - BATHURST 14. DOUG R. MACDONALD, D.R.M. REALTY LTD. - MONCTON 15. A. T. MAIS - FREDERICTON 16. HARRISON MCCAIN, MCCAIN FOODS LIMITED - FLORENCEVILLE 17. C. ALLAN MCGATHEY - FREDERICTON 13. W. JAMES HOGAN, NEPISIQUIT VENTURES LTD. - BATHURST 19. RIChARD H. OLAND - SAINT JOHN 20. IAN OLIVER - BATHURST 21. KIM D. SHARPE, SHARPE ENTERPRISES INC. - FREDERICTON 22. C. WILLIAM STANLEY - SAINT JOHN 23. DAVID J. WILSON - FREDERICTON