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

To: Arnie who wrote (9532)	3/12/1998 8:09:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

FIELD ACTIVITIES / Maxwell Oil & Gas Announces Completion Results, Acquisition ASE, VSE SYMBOL: MWL MARCH 12, 1998 CALGARY, ALBERTA--The Board of Directors of Maxwell Oil & Gas Ltd. wish to advise that the Company has now completed and production tested its latest two gas wells in the Blue Rapids area of Alberta, and has also completed preliminary swabbing operations at its horizontal well at Wabamun Lake, Alberta. At Blue Rapids, well 7-28 (Maxwell working interest = 33.75 percent) flowed at a gross restricted gas rate of 2,030 mcfd and 50 bpd liquids, while well 4-29 (Maxwell working interest = 18.21 percent) flowed at a gross restricted rate of 6,150 mcfd and 155 bpd of liquids, with an estimated maximum deliverability of 9,000 mcfd and 225 bpd liquids. Tie-in of both wells is currently ongoing and will add more than 200 barrels of oil equivalent per day ("boepd") net to Maxwell's production base. Two additional locations are scheduled for drilling later in the year. At Wabamun Lake, Alberta, the Company has now completed swabbing operations at its 4-5 horizontal well (Maxwell working interest = 50 percent). During a three day period beginning February 23, 1998, a total of 75 swabs were pulled over 27 hours of non-continuous operations, yielding 54 m3 (340 barrels) of total fluid, at oil cuts increasing to 65 percent oil. A subsequent nitrified water clean-up treatment conducted in early March resulted in an increase in oil cuts to 90 percent oil, with no improvement to fluid productivity. The Company is currently evaluating various acid stimulation treatments as a means of further enhancing productivity from the well. In addition, the Company has made application to the Alberta Energy Utilities Board regarding a change in well spacing in Section 5 that would permit the additional drilling of up to 3 wells, pending regulatory approval and satisfactory performance from the 4-5 well. In other news, Maxwell has sold a single well in its Blue Rapids area for a cash consideration of $1.0 million and more favorable terms related to the processing of its remaining gas from the area. Cash proceeds will be utilized in the partial funding of an April, 1998 acquisition that will return operatorship to Maxwell in its core area of Mitsue, Alberta. The disposition and subsequent acquisition are production neutral to the Company.

To: Arnie who wrote (9532)	3/12/1998 8:11:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Petrorep Announces 1997 Results TSE SYMBOL: PRR MARCH 12, 1998 CALGARY, ALBERTA--Our focus on acquiring new assets, increasing production through optimization and exploitation, and strengthening the marketing of our natural gas and liquids, combined with improvements in commodity prices, was rewarded with increases in reserves, increases in production and higher revenue in 1997. Reserves additions through acquisitions, revisions and drilling more than offset 1997 production. After allowing for 1997 production, we increased our reserve base in the year to 16.6 million barrels of oil equivalent up from 14.5 million barrels, a 15 per cent appreciation. This increase is equal to 120 per cent of 1997 production. The majority of the reserve increases were as a result of four separate acquisitions. Our liquids production averaged 2,146 barrels per day in 1997, a growth of 23 per cent from 1996. Total proved plus probable oil reserves increased to 8.0 million barrels from 5.9 million barrels, even after production of 783,000 barrels. Gas production increased to average 26.8 million cubic feet per day in 1997, up 9 per cent from 1996. Petrorep's proved plus probable reserves of natural gas increased slightly to 86.0 billion cubic feet, despite production of 9.8 billion cubic feet. Petrorep's growth in production was complemented by robust commodity prices in 1997. We achieved an average natural gas price of $2.12 per thousand cubic feet in 1997, a 21 per cent increase versus 1996 and among the highest reported by producers in the Western Canadian Sedimentary Basin. Liquids prices were also up, with our after-hedge price averaging $23.87 per barrel, up from $22.93 per barrel in 1996. Summarizing our 1997 operational and financial results, gross production revenue was up 29 per cent from 1996 to $39.4 million. Production revenue, after royalty deductions, was $34.3 million in 1997, up 29 per cent from 1996. Cash flow grew 44 per cent to $18.6 million, or $0.41 per share, up from $12.9 million, or $0.29 per share in 1996. With our focus on growth through acquisition and expansion of our prospect inventory, capital expenditures on acquisitions and land during the year totaled $12.6 million and $5.0 million respectively, up from $273,000 and $2.1 million during the prior year. Our net income rose to $6.2 million ($0.14 per share) from $3.4 million ($0.08 per share) in 1996. With proven and probable reserves discounted at 15 per cent, total net asset value in 1997 grew 12 per cent to $110.1 million ($2.44 per share) from $98.7 million ($2.20 per share). We look forward to 1998 as an exciting year in the next step of our growth. Petrorep will continue to pursue appropriate acquisitions and exploration prospects -- the two initiatives that will drive our growth in 1998. Petrorep is an independent oil and gas exploration and production corporation based in Calgary. Petrorep's common shares are listed on The Toronto Stock Exchange and trade under the symbol PRR. /T/ 1997 1996 -------- -------- FINANCIAL (thousands of $'s except per share amounts) Petroleum and natural gas sales 39,412 30,555 Cash Flow from Operations 18,586 12,934 Per Share $0.41 $0.29 Gross Capital Expenditures 28,773 7,151 Net Income 6,201 3,351 Per Share $0.14 $0.08 Total Assets 66,852 51,639 Working Capital (Deficiency) (4,488) 54 Bank Debt 7,600 3,400 Shareholders' Equity 46,182 39,785 Weighted Average Number of Shares Outstanding - Basic 44,958,533 44,872,750 Outstanding - Fully Diluted 45,692,533 45,933,750 OPERATING Production Natural Gas (mmcf/d) 26.8 24.7 Crude Oil and Natural Gas Liquids (bbls/d) 2,146 1,751 Barrels Equivalent Production (boe/d) - 10:1 4,830 4,218 Price Natural Gas ($/mcf) $2.12 $1.75 Crude Oil and Natural Gas Liquids (Net of Hedge)($/bbl) $23.87 $22.93 Reserves (Proved Plus Probable) Natural Gas (mmcf) 85,954 85,594 Crude Oil and Natural Gas Liquids (mbbls) 7,999 5,926 Present Value (15 per cent D.C.F.) $115,538 $97,328 Wells Drilled Gross 26 13 Net 5.0 5.4 Net Success Rate (in per cent) 64 63 /T/

To: Arnie who wrote (9532)	3/12/1998 8:15:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Jettstar Announces Closing of Service Rig Acquisition ASE SYMBOL: JTT MARCH 12, 1998 CALGARY, ALBERTA--Jettstar Resource Services Inc. ("Jettstar") is pleased to announced that it has closed the acquisition of all of the issued and outstanding common shares of 757996 Alberta Ltd. ("757996"). The purchase price for the 757996 Shares was $1,210,000 and was satisfied by a cash payment of $1,075,000 plus the issuance of 150,000 common shares of Jettstar at a deemed price of $0.90 per common share. 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 regulatory and corporate standards. The first rig has been refurbished and is now working. The balance of the rigs are expected to be available for oil well servicing over the next several months. Based upon forecasted activity, Jettstar expects that the remaining service rigs will be fully utilized once equipping and reconditioning of each rig has been completed. The addition of 757996's rigs brings Jettstar's fleet to 13 rigs.

To: Arnie who wrote (9532)	3/12/1998 8:17:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / International Rochester Energy: Drilling Begins on Canacabare No. 1 Well on the Anteojos Prospect Standard & Poor's Listed TSE SYMBOL: ROH MARCH 12, 1998 VANCOUVER, BRITISH COLUMBIA--International Rochester Energy announces that drilling operations have begun on the Canacabare No. 1 exploratory well (Anteojos prospect) located on the Alcaravan contract acreage in the Llanos Basin of Colombia. The well is expected to reach a total depth of approximately 9,000 feet and should take 25 days to drill with an additional 20 days or so to test and evaluate. The well is designed to evaluate the four oil-prone zones prevalent in the Llanos Basin; the Carbonera, Guadalupe, Mirador and Ubaque. Rochester owns a 25 percent beneficial interest in this well and prospect. The rig being used for drilling Canacabare No. 1 was moved from the Estero No. 3 well site. The operator, Harken Energy, has advised that testing operations on the Estero No. 3 well will now commence using a work over rig. Approximately 30 days will be required to test the commercial potential of the Paleozoic, Ubaque, Guadalupe and Mirador formations. Mr. Philip Walsh, President, also announces that Mr. John Yu, P.Eng, has joined the Company as Vice President, Technical Services. Mr. Yu will provide expertise in reservoir engineering, oil and gas property evaluations for the purpose of acquisitions, and the exploration and development of the Company's Alcaravan and Miradores Contracts in Colombia. He has over 23 years experience in domestic and international onshore and offshore drilling, completion, and production operations. Rochester Energy is a Canadian based oil and gas exploration company and is participating in the exploration and development of the 210,000 acre Alcaravan Association Contract and the 32,000 acre Miradores Association Contract located in the Llanos Basin of Central Colombia. The Company is also pursuing other, high potential, international oil and gas exploration opportunities.

To: Arnie who wrote (9532)	3/12/1998 8:27:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / TGS-CALIBRE Geophysical Company and Nopec International ASA Announce the Intent to Merge MARCH 12, 1998 HOUSTON, TEXAS--TGS-CALIBRE Geophysical Company and Nopec International ASA have signed a Letter of Intent to combine the two companies, creating a leading global provider of non-exclusive seismic data and associated products to the oil and gas industry. The new company will be named TGS-NOPEC Geophysical Company ASA. TGS-NOPEC will market and control one of the largest and most comprehensive non-exclusive 2-D seismic data libraries in the world, consisting of over 600,000 miles of offshore seismic data in the Gulf of Mexico, North Sea, West Africa, Australia, and the Far East. TGS-NOPEC will also control and market over 63,000 square kilometers of non-exclusive 3-D data, located primarily in the Gulf of Mexico and the North Sea. Under terms of the Letter of Intent, TGS-CALIBRE shareholders will receive approximately 11 million newly issued shares of Nopec International in return for all the outstanding shares of TGS. Nopec International currently has approximately 12.4 million shares outstanding. Combined 1997 annual gross sales of the two companies were approximately $200 million and combined profits before tax were approximately $36.2 million. TGS-NOPEC plans to expand its seismic libraries and geographic areas of operation utilizing Nopec's fleet of 2-D seismic vessels, which will grow from 2 vessels currently in operation to 4 vessels during 1998. Additional 3-D surveys on a worldwide basis will be conducted in cooperation with one or more 3-D acquisition contractors. TGS-CALIBRE's current CEO, Mr. Hank Hamilton, who will become the CEO of the combined company, said: "TGS and Nopec have pursued remarkably parallel paths in different, complementary geographic markets. Each company has a solid history of profitability and an excellent reputation for delivering quality products, which enable our customers to find oil and gas more efficiently. The union of TGS and Nopec creates a truly global basis for stronger growth and better service than either company could expect to individually achieve." TGS-NOPEC's operational headquarters will be located in Houston. The financial headquarters and center for international vessel operations will be in Norway. Branch offices are located in Bedford, England and Perth, Australia. Mr. Kjell Finstad, the current Director of Nopec International, will be the Chairman of the Board. David Worthington, Steve Lambert and Hank Hamilton, all from TGS-CALIBRE, will serve on the board of directors along with two additional directors from Nopec International. TGS-CALIBRE Geophysical Company (TGS) is a privately owned company specializing in the planning, acquisition, processing, interpretation and marketing of non-exclusive and proprietary seismic surveys, onshore and offshore worldwide. Oil companies use these 2-D and 3-D seismic surveys to explore for oil and gas deposits. TGS is recognized as a leader in providing high quality seismic data and the highest level of service to the industry. More information on TGS can be found at www.tgsgeo.com. Nopec International ASA (Nopec), originally founded in 1981, became listed on the Oslo Stock Exchange (OSLO:NOP) in July 1997. Nopec is a market leader in planning, conducting, and marketing non-exclusive marine seismic surveys in Western Europe, Australia and the Far East. Nopec also conducts proprietary 2-D marine seismic surveys as well as gravity and aeromagnetic surveys.

To: Arnie who wrote (9532)	3/12/1998 8:35:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE PETROFUND (NCF.UN) March Distribution Five Cents ($0.05) / Unit TSE SYMBOL: NCF.UN MARCH 12, 1998 TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, announced today that NCE Petrofund Corp. has declared a cash distribution of five cents ($0.05) per unit for the month of March, 1998. Date payable The distribution is payable on March 31, 1998 to holders of record on March 18, 1998. Distributions are made monthly. Distributions for the past 12 months total 71 cents ($0.71). Oil prices A warm winter in the major oil consuming regions and reduced consumption in Asia have resulted in high inventories and lower prices. In addition, OPEC over-production and member nations' inability to reach consensus on quotas have contributed to the current excess supply. On February 28, 1997, oil was priced at $20.30 U.S. West Texas Intermediate (WTI). On February 28, 1998, it was $15.34 WTI. NCE Petrofund NCE Petrofund is a royalty trust that derives income from producing oil and gas properties, primarily located in Western Canada. It trades on the Toronto Stock Exchange under the symbol NCF.UN. Current price The price for NCE Petrofund on the Toronto Stock Exchange at the close of the market, on March 11, 1998, was $3.81 per unit. /T/ Distributions Distributions for the past 12 months are: Month Distribution per unit ------------------------------------------------ April 1997 $0.07 May 1997 $0.07 June 1997 $0.06 July 1997 $0.06 August 1997 $0.06 September 1997 $0.06 October 1997 $0.06 November 1997 $0.06 December 1997 $0.06 January 1998 $0.05 February 1998 $0.05 March 1998 $0.05 ------------------------------------------------ Total 12 month distribution: $0.71 ------------------------------------------------ /T/ NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services. Based on total oil and gas production, NCE ranks among the top 30 oil and gas companies in Canada. Hours of service(x): Monday -- Thursday 8 a.m. - 8 p.m. Fridays 8 a.m. - 6 p.m. Eastern Time (x)except on Canadian statutory holidays.