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

To: Herb Duncan who wrote (9652)	3/21/1998 1:01:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS, ETC / Reserve Royalty Announces New Deals on Conversions, Sales and New Royalties RESERVE ROYALTY CORPORATION TSE SYMBOL: ROI MARCH 20, 1998 CALGARY, ALBERTA--RESERVE ROYALTY CORPORATION (TSE: ROI) announced today that it has entered into new agreements for asset conversions, sales, and the creation of new royalties. On March 3, 1998 Reserve closed a deal to sell the assets and obligations of a utility company operating at Cold Lake Alberta to Northwestern Utilities Limited for $1,200,000. This operation was not consistent with the business strategy of Reserve. Reserve closed March 13, 1998 the sale of working interests at Workman, Saskatchewan for $251,000 and a 3 percent GORR on producing properties and the undeveloped land. Reserve has entered into an agreement to sell certain working interests at Harmattan for $650,000. This transaction is scheduled to close by March 20, 1998. Reserve has agreed to sell various working interests in Central Alberta for a total consideration of $8,000,000. $3,700,000 of the consideration will be cash, $2,800,000 in new Gross overriding Royalty interests on producing properties and the undeveloped land and $1,500,000 in shares of the purchaser. The acquiring company has plans to drill up to 10 wells on the undeveloped lands being transferred. Certain of these interests will be subject to Rights of First Refusal and as such, closing will be set after appropriate notices are issued.