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

To: Kerm Yerman who wrote (9719)	3/24/1998 8:21:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Schlumberger: Russia's Largest Oil Producer Forms Strategic Alliance With Leading Global Oilfield Services Company NYSE SYMBOL: SLB MARCH 24, 1998 NEW YORK, NEW YORK--Russia's largest oil company, YUKSI, today will sign a ground-breaking strategic alliance with Schlumberger, enabling YUKSI to outsource an agreed level of oilfield services in its vast Russian oil fields over the next five years. The two companies will sign a memorandum of understanding outlining the alliance in a ceremony in New York at 1:45 p.m. The alliance is an unprecedented departure from the traditional Russian industry practice of performing all oilfield services in-house. Schlumberger will be the sole provider of services on a number of selected fields under development by YUKSI, which spends $2 billion a year on its oilfield services. The alliance makes the latest oilfield expertise and technology available to YUKSI, and gives Schlumberger valuable access to the market of the leading producer in the rapidly growing Russian oil industry. In addition, Schlumberger undertakes to train and develop YUKSI personnel to take care of the remainder of YUKSI service requirements. In keeping with its long-standing policy, Schlumberger will remain an independent service provider and will not take ownership of reserves or production. YUKSI CEO Mr. Mikhail Khodorkovsky said: "Increasing operating efficiency is at the top of our agenda. This agreement with Schlumberger will help turn our vast internal oilfield services into a more competitive and focused operation. We have the reserves. We have the production. This agreement will help us achieve the levels of efficiency necessary to unlock the huge profit potential of the YUKSI group. We are rapidly emerging as a new and competitive player in the global oil market." "Russia provides an outstanding opportunity and challenge for Schlumberger," said Mr. Euan Baird, Schlumberger Chairman and Chief Executive Officer. "This alliance demonstrates our continuing commitment to work for oil companies on a service basis, providing leading technology that helps them lower field development cost and increase productivity." Mr. Baird continued: "To achieve this with YUKSI, we will hire and develop former YUKSI services people, and integrate their expertise into our existing Russian workforce. With these people, we can create a business relationship that will help YUKSI improve its productivity and will secure for Schlumberger a strong base in the huge Russian market." YUKSI was established by the January 1998 merger of YUKOS Oil Corporation and Siberian Oil Company (Sibneft), which was the first merger of two major Russian companies. Final details of the merger are in the process of completion. The alliance with Schlumberger will be signed by both YUKOS and Sibneft. YUKSI ranks third among the world's independent oil producers at 1.3 million barrels/day. The company ranks first in proved reserves at 16.1 billion barrels. (This figure includes 2.3 billion barrels for Eastern Oil Company, which was acquired by YUKOS late last year and the reserves of which were recently audited by Miller and Lents.) YUKSI employs more than 200,000 people. Schlumberger (NYSE - SLB) is a worldwide leader in technical services, with 63,500 employees and operations in more than 100 countries. In 1997 revenue exceeded $10.6 billion. /T/ CONTACTS: YUKSI SCHLUMBERGER www.slb.com MOSCOW MOSCOW Mr. Vadim Razumovski Mr. Hubert Thouvenot 7.095.785.8070 7.095.935.8200 LONDON NEW YORK Mr. Gregory Barker Ms. Simone Crook Brunswick Group 212.350.9431 44.171.404.5959 PARIS Mr. Will Davie 33.1.4062.1330 SIGNING CEREMONY 1:45 pm, Tuesday, March 24 The Waldorf-Astoria 301 Park Avenue (50th Street) Louis XVI Suite 4th Floor hotel:212-355-3000 /T/ --PHOTO ADVISORY-- The deputy chairman of Russia's largest oil company, YUKSI, Mr. Victor Kazakov and Mr. Euan Baird, chairman and chief executive officer of the international oilfield services company, Schlumberger (NYSE - SLB), will sign today in New York a memorandum of understanding outlining a milestone strategic alliance. The memorandum calls for YUKSI to outsource to Schlumberger a portion of its oilfield services in Russia. Photographs of the principals taken this morning are also available for print media through BusinessWire at www.businesswire.com/photowire/pw.032498

To: Kerm Yerman who wrote (9719)	3/24/1998 8:25:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Odyssey Petroleum - Wyoming Ethanol Operating at Record Levels NASDAQ SYMBOL: OILYF MARCH 24, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wyoming Ethanol L.L.C., has recently upgraded its production process and is now operating at 95 percent of its 5,000,000 gallon annual capacity. The plant, located in southeastern Wyoming, is currently producing an average of 13,000 gallons of ethanol per day, and since the fourth quarter of 1997, has been generating positive cash flow. Odyssey joins the entire ethanol industry in praising the U.S. Senate's recent action extending the ethanol tax incentive of $0.54 per gallon to the year 2007. This will allow more long-range planning for the industry and contribute to the Company's market and profit position through its ethanol interest. The Company now employs 25 people in Torrington, Wyoming. Brimm Energy Inc., another wholly-owned subsidiary of Odyssey Petroleum Corporation, continues to distribute ethanol from its Boise, Idaho base. Odyssey, a Canadian-based energy resource company, was recently awarded concessions for three onshore exploration blocks in Egypt - Siwa, El Mansoura and Qantara. Odyssey and its partner, Merlon Petroleum Corporation ("Merlon"), each holds a 50 percent interest in the concessions. Odyssey and Merlon are in the process of establishing an office in Egypt and, pending final parliamentary ratification, expect to begin operations in mid-1998.

To: Kerm Yerman who wrote (9719)	3/24/1998 8:27:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Paramount Announces a Correction to its News Release of March 23, 1998 TSE SYMBOL: POU MARCH 24, 1998 CALGARY, ALBERTA--Paramount Resources Ltd. announces that on the supplementary attachment to the press release, a columnar presentation labelled Consolidated Results at December 3, 1997, the information shown with respect to the proven and probable reserves (escalated price). Crude oil and liquids is in error. Corrected information should be 13,440,000 barrels for 1997. All other figures reported are correct. Paramount's common shares are listed for trading on The Toronto Stock Exchange under the symbol "POU".

To: Kerm Yerman who wrote (9719)	3/24/1998 8:30:00 PM
From: Herb Duncan	Respond to of 15196

CORP / RE: Centennial Energy Partners: Announcement MARCH 24, 1998 NEW YORK, NEW YORK--Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P. and Joseph H. Reich & Co. Inc., (with respect to shares held in a discretionary account managed by it) announce that they have today in the aggregate acquired 105,000 common shares of Artisan Corporation through the facilities of The Toronto Stock Exchange. Centennial Energy Partners, L.L.C. is the General Partner of Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., and Quadrennial Partners, L.P. and the principal members of Centennial Energy Partners, L.L.C. are also executive officers of Joseph H. Reich & Co., Inc. The purchases by Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P. and Joseph H. Reich & Co., Inc. of common shares of Artisan Corporation are the purpose of investment. As a result of their normal course purchases, Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P. and Joseph H. Reich & Co., Inc., currently own in the aggregate 1,432,300 common shares of Artisan Corporation, representing 10.26 percent of the issued and outstanding common shares. Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P. and Joseph H. Reich & Co., Inc. may continue to purchase common shares of Artisan Corporation for investment purposes, depending on the market conditions for shares of Artisan Corporation and other factors.

To: Kerm Yerman who wrote (9719)	3/24/1998 8:59:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Star Resources - Exercise Price of Share Purchase Warrants Reduced TSE, VSE SYMBOL: SRR MARCH 24, 1998 HOUSTON, TEXAS--The company has reduced the exercise price of 2,370,000 common share purchase warrants issued in August 1997. The holders of 1,370,000 warrants entitling the holders to purchase 1,370,000 common shares of the company have agreed to a reduction of the exercise price of those warrants from $0.28 per share to $0.135 per share and the expiry date of these warrants has been accelerated to April 10, 1998 from Aug. 25, 1998. The holders of 1,000,000 warrants entitling the holders to purchase 1,000,000 common shares of the company have agreed to a reduction of the exercise price of those warrants from $0.28 per share to $0.18 per share and the expiry date of these warrants has been accelerated to the earlier of Aug. 25, 1998 and the 30th calendar day after the 20 day weighted average trading price of the common shares of the company on The Toronto Stock Exchange is or exceeds $0.24 per share. The amendments to the common share purchase warrants has been approved by The Toronto Stock Exchange and the Vancouver Stock Exchange. J. David Edwards

To: Kerm Yerman who wrote (9719)	3/24/1998 9:01:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Sands Petroleum: Sodra Rights Offering Update TSE SYMBOL: SPB NASDAQ SYMBOL: SANPY MARCH 24, 1998 VANCOUVER, BRITISH COLUMBIA--The Board of Directors of Sands Petroleum AB ("Sands") announces that qualified shareholders in the company will be given the opportunity, through a Rights Offering, to acquire up to 50 percent of the shares of a wholly-owned subsidiary, Sodra Petroleum AB (Sodra), which owns 100 percent of the prospecting licence, Tranche F offshore the Falkland Islands. Qualified shareholders of Sands will receive 1 Right for every 1 Series B Share of Sands held as of the close of business on the record date of March 27, 1998. Right holders are entitled to subscribe for shares of Sodra on the basis of 2 Rights plus SEK 7.50 for 1 Share of Sodra during the period April 2, 1998 to April 23, 1998. Qualified shareholders are shareholders resident outside the U.S. and Canada on the registered list of shareholders of Sands, as of the record date. The Rights which would otherwise be issued to non-qualified shareholders will, instead, be issued to a trustee to sell on behalf of and for the benefit of the non- qualified shareholders. A total of approximately 40 million shares in Sodra will be offered, corresponding to just over SEK 300 million. The offer is subject to receiving all applicable regulatory approvals. A prospectus will be mailed to qualified shareholders on March 27, 1998. Background and Reasons Following the merger with International Petroleum Corporation at the end of last year, Sands, which proposes to change its name to Lundin Oil AB, owns 100 percent of the exploration licence, offshore the Falkland Islands, called Tranche F. This area is located north of the Falkland Islands and is a part of an unexplored, highly prospective sedimentary basin. Geologically and timewise, the area is very similar to the North Sea. Together with a number of other oil companies, Sands will carry out exploration drilling in this sedimentary basin in 1998. A drilling rig of the semi-submersible type, the Borgny Dolphin, is currently on its way to the Falkland Islands and is expected to arrive at the end of April. The first exploration drilling is expected to start shortly thereafter with Amerada Hess drilling first. This will be the first test in the area to determine whether the basin in question contains hydrocarbons. Therefore, results showing indications of oil and natural gas, even if they are not a commercial discovery, would be extremely attractive for the potential of the whole basin. Amerada Hess will drill north of the Sands' area in Tranche A. Sands plans to start drilling in October 1998. To finance the exploration project, it is proposed to issue new shares of Sodra Petroleum AB (a wholly-owned subsidiary of Sands Petroleum which holds 100 percent of the prospecting licence, Tranche F, offshore the Falkland Islands) to qualified shareholders through a Rights Offering. To this extent, it has to been taken into consideration that exploration drilling offshore the Falklands is a high risk project, but also a project which, if oil is discovered, offers good potential for capital appreciation. The Rights Offering to qualified shareholders means that the entire initial exploration phase will be financed through the new issue of shares in a subsidiary company, which will thereafter be 50 percent, minus one share, owned by the new shareholders, and 50 percent, plus one share, owned by the parent company, Sands Petroleum. Through this process, the new shareholders of Sodra are presented an investment opportunity which, if oil is discovered, offers high leverage. At the same time, the parent company maintains its exposure through a similar 50 percent holding in Sodra. The exploration project offshore the Falkland Islands is expected to last until October in the year 2001, when the exploration licence expires. If no commercial discovery is made up until this point in time, there would be no reason to extend the licence, and the net asset value of Sodra would be almost zero. To limit the downside, should the exploration not lead to the discovery of oil, it is therefore proposed that Sodra shares be convertible into shares in the parent company, Sands Petroleum, on the basis of 12 Sodra for 1 Sands share. The conversion privilege is subject to shareholder and regulatory approval. Mathematically, the structure of the convertible means that if Sands shares, at the time of conversion, are worth SEK 90, Sodra shares would have a value corresponding to the original price of SEK 7.50. A maximum of approximately 3.4 million Sands shares would be issued upon the conversion of Sodra shares. Sands Petroleum AB is quoted on the Stockholm Stock Exchange O list, the Toronto Stock Exchange under the symbol "SPB", and on NASDAQ under the symbol "SANPY".

To: Kerm Yerman who wrote (9719)	3/24/1998 9:23:00 PM
From: Arnie	Respond to of 15196

CORP. / Northrock Resources amendment of Treasury Offering of Shares Northrock Resources Ltd. has today entered into an agreement with a syndicate of underwriters led by Midland Walwyn Capital Inc., under which they have agreed to buy, and sell to the public, 4,000,000 Common Shares of Northrock at a purchase price of $21.50 per Common Share, for aggregate proceeds of $86,000,000. A preliminary short-form prospectus to qualify the Offering for distribution to the public will be filed with the Alberta Securities Commission within two business days. Closing is expected on or about April 14, 1998. Use of proceeds will be to fund Northrock's oil and gas exploration and development program. Initially the net proceeds will be used to pay down Northrock's outstanding indebtedness.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:25:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / CityView Energy updates Well Drilling Capital Structure: Fully Diluted: 12,607,068 Float: 5,522,049 MMC Exploration & Production (Philippines) Pte Ltd has been advised by the operator ARCO Philippines Inc that Hippo Well No. 1 at 0600 hours 23 March 1998 was at 3417 metres (11,212 feet) depth. MMC Exploration & Production (Philippines) Pte Ltd is owned 51% by MMC Exploration and Production BV and 49% by CityView Energy Corporation Limited's wholly owned subsidiary Western Resources N.L. Yours faithfully (Signed) A P WOODS Company Secretary/Chief Financial Officer For further information contact Australia- CityView Energy North America - Zoya Financial Chris Vander Boom Steve Basra/Jasbir Gill Tel: 011-61-89-445 3199 Tel: 416-214-2368 Fax: 011-61-89-445 3947 Fax: 416-214-2771 cityviewenergy.com email.jazz@wwonline.com

To: Kerm Yerman who wrote (9719)	3/24/1998 9:31:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Triumph Energy reports 1997 Results CALGARY, March 24 /CNW/ - TRIUMPH ENERGY CORPORATION is pleased to report its financial and operating results for the year ended December 31, 1997. The Company successfully recorded gains in revenue, cash flow from operations, oil and gas production and reserves. The following table summarizes Triumph's financial and operating results for the three months and twelve months ended December 31, 1997. Three months ended Year ended December 31 December 31 ------------------ ----------- ($000's except per share amount) 1996 1997 Change 1996 1997 Change ----------------- ---- ---- ------ ---- ---- ------ Financial Results ----------------- Revenue $ 4,325 $ 5,338 23% $15,748 $20,061 27% Cash flow from operations $ 2,781 $ 2,918 5% $ 9,489 $12,291 30% Per share $ 0.12 $ 0.12 - $ 0.45 $ 0.51 13% Net earnings $ 793 $ 469 -41% $ 2,479 $ 2,473 - Per share $ 0.04 $ 0.02 -50% $ 0.12 $ 0.10 -17% Operating Results ----------------- Production Oil (bbls/d) 1,515 2,186 44% 1,586 2,027 28% Natural gas (mmcf/d) 3.59 6.12 70% 2.66 5.78 117% Combined (BOE/d) 1,874 2,798 49% 1,852 2,605 41% Prices Oil ($/bbl) $ 29.65 $ 23.91 -19% $ 26.35 $ 24.26 -8% Natural gas ($/mcf) $ 1.55 $ 1.98 28% $ 1.28 $ 1.74 36% Combined ($/BOE) $ 26.94 $ 23.00 -15% $ 24.40 $ 22.74 -7% Netbacks Oil ($/bbl) $ 20.30 $ 13.90 -32% $ 17.62 $ 15.47 -12% Natural gas ($/mcf) $ 0.75 $ 1.32 76% $ 0.66 $ 1.21 83% Combined ($/BOE) $ 17.84 $ 13.74 -23% $ 16.04 $ 14.76 -8% 1997 Review ----------- Triumph successfully recorded gains in revenue and cash flow from operations for the year ended December 31, 1997. These improved results were achieved as a result of increased oil and natural gas production, complemented with higher natural gas prices, as shown in the table above. Triumph's record activity in 1997 resulted in exploration and development expenditures of $23.5 million and acquisition expenditures, after dispositions, of $22.1 million, for total capital expenditures of $45.6 million. The Company drilled a total of 50 (25.5 net) wells resulting in 23 (14.9 net) oil wells, 16 (3.5 net) natural gas wells, 2 (1.3 net) service wells and 9 (5.8 net) dry holes. Proved and probable reserves increased to 16.1 million barrels of oil equivalent, up 58% from 10.2 million barrels of oil equivalent at December 31, 1996. Triumph's average replacement cost, based on proved reserves only was $8.83 per BOE and using proved plus probable reserve additions, it was $6.65 per BOE. All of the Company's additions were light oil and liquids-rich natural gas reserves. The Company's cash flow was $12.92 per BOE, resulting in an average re-investment efficiency ratio of 1.5 times for proved reserves and 1.9 times using proved plus probable reserves. Triumph's long-term debt at year-end, net of working capital was $41.0 million of its $53.0 million revolving line of credit. At the end of the year, Triumph held an average 45% working interest in 188,200 acres of undeveloped land. Hedging Activity ---------------- Triumph has entered into the following hedging transactions in order to protect its cash flow stream in this current environment of interest rate, currency exchange rate, and commodity price fluctuations: - the interest rate has been fixed at 5.88% on $15.0 million of borrowings for a term of three years ending in July, 2000; - the Company's revenue from oil sales is based in U.S. dollars and as a result, Triumph has fixed the exchange rate at 1.4251 CAD/USD (or 0.7017 USD/CAD) on U.S. $15.0 million, representing approximately 75% of budgeted oil revenue for 1998; - Triumph has entered into fixed price purchase contracts to sell 2.0 mmcf/d of its natural gas production on the Alberta spot market (AECO Hub) at $1.80/mcf for the twelve months ending October 31, 1998 and at $2.41/mcf for the five months ending March 31, 1999; this volume represents approximately 15% of the Company's budgeted average natural gas production for 1998. In addition, the Company utilizes aggregator based natural gas contracts for some of its production. Operations and Exploration Activity Update ------------------------------------------ At Manyberries, in southeast Alberta, the Company continued to build upon its core position in 1997 by the addition of a 600 BOE/d acquisition in conjunction with the assumption of operatorship in four pools in the area. Drilling during the past six months has increased Triumph's production capability to in excess of 2,700 BOE/d, at Manyberries. Additional development and exploration drilling is scheduled for the balance of 1998. Triumph is in the process of completing an aggressive 26 well infill drilling program as well as a major facilities upgrade in the Chinchaga River area of northeast British Columbia. Production during the second quarter is expected to reach more than 6.0 mmcf/d equivalent, net to the Company. Further development work over the next few years is planned to fully exploit this large natural gas project area. In West Central Alberta, Triumph continued its exploration and development program during 1997 adding a number of new prospects to its on-going program. Development drilling was undertaken at Cow Lake and O'Chiese while exploration wells were drilled at Marlboro, Cow Lake, Sunchild and Lanaway. Three new pool discoveries are being evaluated and are expected to add meaningful production volumes beginning in the second and third quarters of 1998. Follow-up drilling this summer will prove areal extent and reserves associated with these new discoveries. Triumph's interest in these projects varies from 25% to 50%. At least six more exploration prospects will be drilled in West Central Alberta during the balance of 1998 targeting in-house generated liquids-rich natural gas targets at working interests between 40% and 100%. If successful, these prospects will contribute to the Company's growth during the fourth quarter and into 1999. Triumph's capital expenditure budget for 1998 has been set at $25.0 million. Of this budget approximately 25% will be spent on exploration related projects while the balance will be used to exploit our recent exploratory successes and to fund our on-going development drilling programs in our core areas. As a result of the Company's recent drilling successes, Triumph expects to post significant production volume and cash flow growth in 1998, despite the continued volatility in commodity prices. This year's capital spending will be focussed entirely on light oil and liquids-rich natural gas projects continuing the Company's tradition as a high netback producer. Staff Appointment ----------------- Triumph is pleased to report the appointment of Mr. Vernon D. Haberlack as Manager, Production. Mr. Haberlack will be responsible for all the Company's production activities, and brings more than 20 years of oil and gas production experience to his new position. Triumph Energy Corporation is a growth oriented oil and gas exploration and production company with activity focused primarily in western Canada. The Company currently has 24.1 million Common shares outstanding and trades on the Toronto Stock Exchange under the symbol ''TPH''. Additional information relating to the Company is available on the Internet at triumphenergy.com.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:34:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Offshore Energy Projects will bring Economic Growth TORONTO, March 24 /CNW/ - Newfoundland's booming offshore energy sector will boost the province's economy by 3.1 per cent in 1998, marking the first of several years that the province will be in the upper half of provincial growth charts, according to Scotiabank's latest economic report, Provincial Pulse. Hibernia's production start-up last fall will lift refined petroleum exports well ahead of metal mining shipments this year, the report states. Development of Terra Nova will add to Newfoundland's offshore industry. Construction is also under way on the Whiffen Head oil trans-shipment terminal. ''Further down the road in Labrador are the Voisey's Bay development and major hydro-electric projects,'' said Janet Slasor, Senior Economist, Scotiabank. ''An improving job outlook will underpin consumer spending in 1998,'' said Slasor. ''Housing starts are expected to edge up and several highway projects will buoy construction activity.'' The report also notes that despite a weak economy over the past two years, Newfoundland will limit the increase in its debt in FY97/98, with the deficit expected to come in well below the $20 million budget forecast. Spending restraint will continue, however, because royalties from the large resource projects will be delayed until major development costs are recovered. Overall, Canada will retain its position as a top performer among the G7 nations and will move towards more balanced regional growth. National growth will slip to 2.8 per cent as the fallout from the Asian currency crisis undercuts net exports. However, the country will see healthy domestic demand, supported by the continuing solid pace of job creation and low borrowing costs. Leading provincial growth will be Alberta and Ontario, underpinned by strong performances in their respective energy and manufacturing sectors. More diversified economies will enable Saskatchewan, Manitoba and Quebec to achieve moderate output gains. The Atlantic region's economic growth will be boosted by offshore energy development. In contrast, British Columbia's economic slowdown will be aggravated by its greater exposure to Asia. For a copy of Scotiabank's Provincial Pulse, contact Scotiabank's Economics Department at (416) 866-6253.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:36:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Barra Resources reports 1997 Results CALGARY, March 24 /CNW/ - BARRA RESOURCES INC. (ASE: BAO) (the ''Corporation'') announces its results for the year ended December 31, 1997, the first full year of operations for the Corporation. Barra exited the year with a 244% increase in production rates over the levels at December 1996. Natural gas production rose to 1,583 mcfd, up from 466 mcfd a year earlier, and oil and liquids production climbed to 107 bpd from 30 bpd. Average prices received were $1.99 per mcf of natural gas and $25.88 per barrel of oil and liquids. Barra participated in 13 (4.4 net) wells of which 9 (3.2 net) were successful. Proven plus risked probable reserves rose by 280% from 213,000 boe at December 1996 to 810,000 boe at December 1997 at an average cost of $6.87 per boe. Capital expenditures on property acquisitions and drilling and exploration activities totaled $4.1 million. Year (x)Profit/ Profit/ (x)Cash C. F./ (x)Revenue (Loss) Share Flow Share 4th Qtr 1997 $(9) $ - $170 $0.03 $432 1996 $40 $0.09 $ 76 $0.17 $130 Y.T.D. 1997 $30 $0.01 $377 $0.07 $959 1996 $40 $0.09 $ 76 $0.17 $130 (x)Thousands of Dollars

To: Kerm Yerman who wrote (9719)	3/24/1998 9:38:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Energy Sector to power Nova Scotia Growth TORONTO, March 24 /CNW/ - Increased capital spending in Nova Scotia's energy sector will power the province's economic growth this year, according to Scotiabank's latest economic report, Provincial Pulse. ''The Sable Island natural gas project and related pipelines, expected to create 7,500 jobs, are leading Nova Scotia's economy,'' said Janet Slasor, Senior Economist, Scotiabank. ''It will lift Nova Scotia's GDP growth to 3.0 per cent this year on top of the 2.4 per cent advance in 1997 -- the best back-to-back performance in over a decade.'' Slasor also noted that the greater Halifax area is witnessing a surge in high-tech firms, especially call centres and software developers where employment is well ahead of expectations. As well, tourism revenue, benefitting from the opening of the Confederation Bridge and the Cabot celebrations, totalled $1 billion last year -- a milestone not expected until the year 2000. ''Higher taxation receipts, a favourable adjustment for federal transfers and savings on net debt service have permitted the province to increase health care spending while maintaining a small surplus for the second consecutive year,'' observed Mary Webb, Senior Economist. ''More substantial debt repayment awaits net royalties from Sable Island.' Overall, Canada will retain its position as a top performer among the G7 nations and will move towards more balanced regional growth. National growth will slip to 2.8 per cent as the fallout from the Asian currency crisis undercuts net exports. However, the country will see healthy domestic demand, supported by the continuing solid pace of job creation and low borrowing costs. Leading provincial growth will be Alberta and Ontario, underpinned by strong performances in their respective energy and manufacturing sectors. More diversified economies will enable Saskatchewan, Manitoba and Quebec to achieve moderate output gains. The Atlantic region's economic growth will be boosted by offshore energy development. In contrast, British Columbia's economic slowdown will be aggravated by its greater exposure to Asia. For a copy of Scotiabank's Provincial Pulse, contact Scotiabank's Economics Department at (416) 866-6253.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:40:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Pyramid Energy updates Well Drilling CALGARY, March 24 /CNW/ - A Pyramid Update - Pakistan Drilling Operations: Pyramid Energy Inc. ''Pyramid'' announces that its Hamza X-1 has reached its total depth of 1,353 meters. The targeted zone which is the Main Sui Limestone was encountered at 1,180 meters, some 27 meters higher than prognosed. The well was cased in preparation for testing. Pyramid's second exploration well, Daud X-1, is currently drilling at 3,109 meters towards its total depth of 3,175 meters. The targeted zone which is the Lower Guru A Sand was encountered at approximately 2,982 meters. The well is expected to be logged during the first week of April, 1998.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:46:00 PM
From: Arnie	Respond to of 15196

FINANCING / Big Horn Resources closes Private Placement CALGARY, March 24 /CNW/ - Big Horn Resources Ltd. (Big Horn) announces it has closed the previously announced private placement to arm's length parties of 1,000,000 units, each unit consisting of 3 Common Shares at a price of $1.20 per Common Share and 2 Common Share Purchase Warrants for aggregate proceeds of $3,600,000. Each Common Share Purchase Warrant entitles the holder thereof to acquire one Common Share of Big Horn for a period of 1 year at an exercise price of $1.50. Big Horn has agreed to pay a finder's fee equal to 7% of the gross proceeds raised on the offering to an arm's length party. The finder's fee will be paid through the issuance of 210,000 Common Shares of Big Horn at a deemed price of $1.20 per Common Share. Proceeds of the private placement will be used to finance Big Horn's on-going oil and gas exploration and development programs, potential acquisitions and for general working capital. Big Horn also announces that on March 19, 1998 it received the final receipt for a prospectus filed by Big Horn on March 13, 1998. The prospectus qualifies for distribution a total of 3,434,000 Common Shares and 1,717,000 Common Share Purchase Warrants of Big Horn issuable on the exercise of previously issued Special Warrants. Big Horn is a junior oil and gas company trading on the Senior Board of the Vancouver Stock Exchange.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:48:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Hegco Resources reports Discovery EDMOND, Oklahoma, March 24 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, is pleased to announce that the Company has set pipe on the Meier No. 2 well, which is located in the northeast Garber field, in Oklahoma. The Meier No. 2 well was drilled to a total depth of 5,750 feet. A multiple of pay zones were encountered between 70 to 120 feet high to offset wells. This is a newly discovered separate structural trap. The primary objective for the Meier No. 2 was encountered 94 feet high to down dip productive wells north, south and west of the location. Porosities average 31% over an 86-foot pay interval. The corresponding gas saturations, for this primary objective, were 70%. This well will be placed into production over the next 45 days. HEGCO Canada, Inc., is an Alberta Canada corporation trading on the Alberta Stock Exchange under the symbol, ''HEG''. The Company is an oil & gas production, servicing and drilling company operating in Oklahoma and Arkansas.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:50:00 PM
From: Arnie	Respond to of 15196

PIPELINES / NEB receives Application from TransCanada Gas Services CALGARY, March 24 /CNW/ - The National Energy Board (''Board'') has received an application from TransCanada Gas Services, a Division of TransCanada PipeLines Limited, to export natural gas to New England, U.S.A. markets for a 10-year period commencing on 1 November 1998. The natural gas, which would be exported from East Hereford, Qu‚bec, would be sold to TransCanada Gas Services Inc. to supply markets in New England which consist of local distribution companies, industrials and power generators. The volumes proposed to be exported are: Daily - 845 220 cubic mettes (30.0 million cubic feet); Annually - 309.4 million cubic metres (11.0 billion cubic feet); Terra - 3 085.1 million cubic metres (109.5 billion cubic feet). The natural gas would be purchased from Signalta Resources Limited's supply within the province of Alberta. The Board will announce at a later date how it will proceed to consider the application. For a copy of the gas sales contract summary: Publications Office Ground Floor 311 - Sixth Avenue S.W. Calgary, AB T2P 3H2 Tel: 403-299-3562 Fax: 403-292-5503 Email: orders@neb.gc.ca Contact person at TransCanada Gas Services: Mr. G. W. Toews Manager, Regulatory Affairs TransCanada Gas Services 3400, 237 - Fourth Avenue S.W. Calgary, AB T2P 5A4 Tel: 403-213-3100 Fax: 403-213-3111

To: Kerm Yerman who wrote (9719)	3/24/1998 9:52:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Remington Energy reports 1997 Results CALGARY, March 24 /CNW/ - Remington reported record results for both the fourth quarter and the year ended December 31, 1997. Cash flow per share increased from $1.07 in 1996 to $2.28 in 1997 while earnings per share rose from $0.28 in 1996 to $0.33 in 1997. Production volumes increased four fold from 3,010 BOE/d in 1996 to over 12,202 BOE/d for 1997. Reserves also showed dramatic increases from 19.2 MMBOE in 1996 to over 76 MMBOE in 1997. Average natural gas prices for 1997 were $1.80/mcf while oil and NGL's averaged $23.57/bbl. Total debt at year-end 1997 was $142 Million. << 4th Quarter 4th Quarter Year Ended Year Ended $ million (except per 1997 1996 1997 1996 share & production data) ------------------------------------------------------------------------- Revenues 28.2 7.9 89.2 22.1 Royalties & Operating Costs 11.7 2.2 34.2 5.9 Interest & G&A 1.6 .1 5.6 1.2 Depreciation & Depletion 8.7 2.7 30.5 8.9 Cash Flow 15.1 5.6 48.4 14.9 Cash Flow per Share 0.64 0.38 2.28 1.07 Earnings 2.2 1.7 7.1 3.9 Earnings per Share 0.09 0.12 0.33 0.28 Capital Expenditures (including acq.) 52.4 16.7 332.6 46.7 Average Daily Production Oil & NGLs (barrels) 5,900 1,350 4,502 1,200 Natural gas (mmcf) 90 20 77 18 Combined (barrels of oil equivalent) 14,900 3,350 12,202 3,010 Basic Weighted Average Shares Outstanding 23.0 14.0 21.3 14.0 >> Due to lower commodity pricing, Remington has also announced that the overall capital budget for 1998 has now been set at $110 Million. Along with the outstanding financial results, Remington also released finding and development costs that were $7.00 per BOE on a proven basis and $5.06 on a proven plus probable basis. The companies rolling five year average finding and development costs on a proven plus probable basis are $4.83.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:56:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Canadian Fracmaster applies for NYSE Listing CALGARY, March 24 /CNW/ - Canadian Fracmaster Ltd. announces that it has made application to list its Common Shares for trading on the New York Stock Exchange. Documents have also been filed for registration of those shares with the United States Securities and Exchange Commission. Listing of the Common Shares on the New York Stock Exchange will not include listing of the Instalment Receipts of the Corporation at this time. Upon payment of the final instalment on or before September 9, 1998, holders of such Instalment Receipts will receive a Common Share for each fully paid Instalment Receipt. These Common Shares will then be listed on the New York Stock Exchange. The date on which the Common Shares of the Corporation will begin trading on the New York Stock Exchange is not yet determined as the listing application is subject to review and approval by both the U.S. Securities and Exchange Commission and the New York Stock Exchange. Canadian Fracmaster Ltd. is an international oil and gas service and production company, which is listed on the Toronto and Montreal Stock Exchanges and trades under the symbol ''CFC''. For further information on the Company please visit our web site at fracmaster.com.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:57:00 PM
From: Arnie	Respond to of 15196

FINANCING / Westbrook Energy closes IPO Offering CALGARY, March 24 /CNW/ - Westbrook Energy Corporation (ASE:WES) (the ''Corporation''), a junior capital pool corporation, announces that it has recently closed its initial public offering of 1,000,000 Common Shares at $0.20 each. Yorkton Securities Inc. of Calgary, Alberta acted as agent. The Common Shares of the Corporation will commence trading on The Alberta Stock Exchange at the opening of trading on Wednesday, March 25, 1998. The directors of the Corporation are Donald R. Jepson, Robert G. Welty and John (Jack) W. Peltier of Calgary, Alberta and Larry F. Birchall of Cochrane, Alberta. Donald R. Jepson is the President of the Corporation and Vern E. Malcolm of Cochrane, Alberta is the Secretary of the Corporation.

To: Kerm Yerman who wrote (9719)	3/24/1998 9:59:00 PM
From: Arnie	Respond to of 15196

CORP. / Benson Petroleum adopts Shareholder Rights Program CALGARY, March 24 /CNW/ - Benson Petroleum Ltd. (''Benson'') announced today that its Directors have adopted a Shareholder Rights Plan (''Rights Plan''). The Rights Plan is effective immediately and is designed to provide the Directors and shareholders of Benson with sufficient time to fully consider any unsolicited offer for shares. In the event of such an offer, it will also allow more time for the Directors to pursue, if appropriate, other alternatives to maximize shareholder value. The Rights Plan was not adopted in response to, nor is the Company aware of, any pending or threatened acquisition of control of the Company. The rights issued under the Rights Plan become exercisable only when a person, including any party related to it, acquires or announces its intention to acquire 20 percent or more of Benson's outstanding common shares without complying with the ''Permitted Bid'' provisions of the Rights Plan or without approval of the Directors of Benson. Should such an event occur, each right would, upon exercise, entitle a rights holder, other than the acquiring person and related person, to purchase common shares of the Company at half the market price. Under the Rights Plan, a Permitted Bid is a bid made to all holders of Benson's common shares and open for acceptance for not less than 60 days. The Rights Plan in question is subject to shareholder ratification at the Annual Shareholder Meeting to be held May 27, 1998 and is similar to plans adopted by many other Canadian companies. Benson Petroleum Ltd. is a Calgary based exploration, development and production company listed on the Toronto Stock Exchange (Symbol: BEN). The Toronto Stock Exchange has neither approved nor disapproved the information contained in this press release.