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

To: Kerm Yerman who wrote (9746)	3/25/1998 9:12:00 PM
From: Arnie	Respond to of 15196

CORP. / Canadian Conquest announces Management Appointments & Updates Canadian Conquest Exploration Inc. ("Conquest") is pleased to announce the following management appointments: * Denis P. Kennedy has joined Conquest as Vice President, Exploration. Mr. Kennedy is a geologist with 18 years of oil and gas industry experience. After graduating from Memorial University with a B.Sc. (1978) and a M.Sc. (1982) in Geology, he held progressively senior positions in the exploration groups of Chevron Canada, North Canadian Oils and Norcen. Prior to joining Conquest, he was Vice President, Exploration of Beau Canada Exploration where he was instrumental in achieving finding and development costs averaging less than $6.00 per BOE over the past three years. Conquest's Exploration Group now comprises six geologists, one geophysicist and one geophysical technician. * Scott A. Young has been appointed Vice President, Finance. Mr. Young is an accountant with more than 22 years of broadly based experience in the Canadian oil and gas industry. Prior to joining Conquest in November 1995 as Controller, he held senior accounting positions with several large and small oil and gas companies, and accumulated expertise in all facets of the finance and accounting functions. * Leslie E. Burden has been appointed Land Manager. Following his graduation from the University of Calgary in 1978 with a B.Sc. degree in Geography, Mr. Burden worked in various land management positions of increasing responsibility with PanCanadian Petroleum and Pembina Resources until joining Conquest in January 1998. He is responsible for managing all aspects of Conquest's land negotiations, acquisitions, agreements and ongoing obligations. Since the beginning of 1998, Conquest has operated the drilling of eight gross (4.8 net) wells, the results of which are summarized in the following table: --------------------------------------------------------------------------- Oil wells Gas wells Dry holes Total wells Core Area Gross Net Gross Net Gross Net Gross Net --------------------------------------------------------------------------- NW Alberta - - 2 1.5 1 0.5 3 2.0 Central Alberta 1 0.5 1 0.2 3 2.1 5 2.8 --------------------------------------------------------------------------- Totals 1 0.5 3 1.7 4 2.6 8 4.8 ---------------------------------------------------------------------------- Conquest intends to drill at least 32 additional Company-operated wells during the balance of this year, most of which will be drilled within its northwest and central Alberta core areas. This drilling program is expected to yield substantial growth in reserves, production, cash flow and shareholder value. Conquest's common shares are listed for trading on the Toronto Stock Exchange under the symbol "CCN". For further information, please contact Michael S. P. Cooke, President and Chief Executive Officer of Conquest, at (403) 260-6300. March 25, 1998

To: Kerm Yerman who wrote (9746)	3/25/1998 9:14:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Buffalo Oil Company updates Activities Buffalo Oil Company Limited announces that it has entered into a seismic option agreement with an industry partner covering 2,240 gross acres in the Heward/Froude area of S.E. Saskatchewan. Buffalo's working interests in the area range from 25 to 67%. To date six miles of 2D seismic has been acquired and a 3 1/2 square mile 3D program has been shot. To date the optionee has committed to one earning well at Heward which will retain the option on 1,600 gross acres. At Glen Ewen Buffalo Oil has participated in a second horizontal well (5.22% W.I.) which was placed on production last week. Both wells drilled to date on this prospect are being tied into processing and disposal facilities. This tie in will reduce operating costs significantly and will allow for the conservation of associated gas. Production rates to date have been very encouraging and a third well is planned immediately after spring break-up. For further information please contact: Glenn E. Newhouse Buffalo Oil Company Limited 204 - 4401 Albert Street Regina, Saskatchewan S4S 6B6 Phone: (306) 779-3333 Fax: (306) 585-2432 Buffalo Oil Company Limited is an active junior oil and gas company trading on the Canadian Dealing Network under the symbol BOCL "The Canadian Dealing Network has neither approved nor disapproved the information contained herein." March 25, 1998 (signed) Glenn E. Newhouse President

To: Kerm Yerman who wrote (9746)	3/25/1998 9:19:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Gulf Indonesia updates Well in Indonesia JAKARTA, INDONESIA, March 25 /CNW/ - Gulf Indonesia Resources Limited recently completed its evaluation of the Halilintar-1 well located in the Merangin Production Sharing Contract (PSC) area in South Sumatra, Indonesia. The well was drilled to a total depth of 4,039 metres (13,252 feet) and bottomed in Pretertiary granites. A gas-bearing reservoir interval between 3,739 and 4,039 metres (12,268 and 13,252 feet) was open-hole drill stem tested and flowed gas at a maximum rate of 0.5 million cubic feet per day through a 1/2 inch choke. The gas yielded a carbon dioxide content of 98.5 per cent, rendering the reservoir uneconomic. Gulf is proceeding to abandon the well without further testing. Gulf is the operator of the Merangin PSC and holds a 60 per cent working interest. Canadian Petroleum, a subsidiary of Canadian Occidental, holds the remaining 40 per cent working interest earned by farming-in on this well.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:25:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Cubacan Explorations reports Well Cased Alberta Stock Exchange Symbol: CCX CALGARY, March 25 /CNW/ - Cubacan Exploration Inc. (Cubacan), is pleased to announce that the Farola North No.1 well located within onshore Block 17 has been logged and is in the process of being cased to a depth of 1600 meters. Log interpretations from an independent engineering consultant indicate 4 significant hydrocarbon bearing zones as follows: << ------------------------------------------------------------------------- Gross Hydrocarbon Column ------------------------------------------------------------------------- Zones Top Depth Base Depth Net Thickness Average Porosity (meters kb) (meters kb) (meters) ( % ) ------------------------------------------------------------------------- A 1040 1200 75.2 10.4 B 1443 1455 8.5 15.3 C1 1477 1489 8.4 14.4 C2 1500 1510 6.9 20.8 ------------------------------------------------------------------------- >> Seismic evidence supports that the area of closure of Zone A is between 4 and 5 square kilometers. These independent interpretations show sufficient levels of porosity and hydrocarbon saturation to support further testing and evaluation. The hydrocarbons, as demonstrated on the gas chromatograph, are thought to be medium to high density gas with condensates or light oil. Cubacan has initiated preliminary discussions with Cuban government officials regarding the marketing of gas for electrical generation projects in the eastern region of Cuba. The national electrical grid as well as numerous factories and resorts are located within a 10 to 100 km radius of the wellsite. The Farola North No.1 well was drilled to a total depth of 2314 meters kb. An additional hydrocarbon show was encountered from 2100 to 2150 meters kb. Unfortunately, hole conditions forced the well to be plugged back to 2085 meters kb where logging commenced. Testing of the well immediately following logging was not completed as a result of damage to the testing equipment. Cubacan is now currently in the process of obtaining a Canadian service rig or equivalent equipment in order to conduct a production test over the identified hydrocarbon bearing intervals. After evaluation of the upper zones, a decision will be made as to the location of our next well. Cubacan has a 100% interest in the Farola North No.1 prospect. This is the first of a number of prospects to be drilled on Cubacan's 100% owned onshore Blocks 16 and 17, which cover over 6900 square kilometers or approximately 1.7 million acres. These prospects and leads have been identified through the processing and interpretation of over 800 km of 2-D seismic acquired by the Company over the past 2 years. The presence of hydrocarbons within multiple target intervals in the first well drilled by Cubacan has significantly enhanced the potential of the remaining prospects and plays identified on Cubacan's two concessions. Cubacan, in its first play within this wildcat region of Cuba, has demonstrated prospective hydrocarbon accumulations exist. Success in this region of Cuba would be significant for both Cubacan as well as the Republic of Cuba. Cubacan is a Calgary based junior oil and gas exploration company with interests solely in Cuba. Cubacan is listed on the Alberta Stock Exchange (ASE) with shares trading under the symbol ''CCX''

To: Kerm Yerman who wrote (9746)	3/25/1998 9:29:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Pyramid Energy closes Canadian Delta Exp. Acquisition CALGARY, March 25 /CNW/ - Pyramid Energy Inc. (''Pyramid'') announces the successful closing of its acquisition of all of the issued securities of Canadian Delta Exploration Ltd. (''CDE'') by means of an exchange of securities. Details of this transaction were previously included in Pyramid's Press Release of December 3, 1997.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:32:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Starcor Energy Fund changes to Monthly Distribution CALGARY, March 25 /CNW/ - Starcor Energy Royalty Fund announced today that it has set its monthly distribution to Unitholders at $0.08 per Unit, effective for holders of record on April 8, 1998, with the first cash distribution date of April 15, 1998. The previous monthly distribution was $0.10 per Unit. This change reflects the current volatility in commodity prices but does not affect Starcor's expected distribution for 1998 of $1.20 per Unit. Starcor will continue to make additional distributions quarterly as required to distribute all of its net income. Starcor Energy Royalty Fund is a closed end investment trust that generates income from oil and gas properties in western Canada. The beneficiaries of Starcor are the holders of the trust units who receive monthly distributions of cash flow from the income. The units are listed on the Toronto Stock Exchange under the symbol ''STR.UN''.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:34:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Orion Energy Trust reports Quarterly Distribution CALGARY, March 25 /CNW/ - Orion Energy Trust today announced its quarterly distribution to Unitholders. The record date for the distribution is March 31, 1998 and the distribution will be paid on April 15, 1998. The amount of the distribution will be $3,385,692, or $0.24 per Trust Unit, based on the operating period January 1, 1998, to March 31, 1998. Significantly lower oil prices resulted in lower distributable income for the quarter. Commencing with the August 15, 1998 distribution, Orion will begin making regular monthly cash distributions of $0.07 per Trust Unit, with quarterly ''top-up'' payments. Expected total cash distributions for 1998 remain at $1.10 per Trust Unit. Orion Energy Trust is a conventional oil and gas royalty trust and its units are listed on the Toronto Stock Exchange under the symbol ''OET.IR''.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:36:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Venator Petroleum Co reports 1997 Results CALGARY, March 25 /CNW/ - In 1997 Venator achieved record financial results as it continued to expand production at its core properties and added an exciting gas project at Wapiti, Alberta. Revenues from oil and gas sales increased 20% to $4,032,439 compared with $3,347,935 in 1996. Cash generated from operations rose 8% to $2,159,558 or $0.35 per share compared with $2,001,692 or $0.33 per share and earnings increased 8% to $682,600 ($0.11 per share) compared with $630,539 ($0.10 per share) in 1996. Production levels rose throughout 1997 averaging 530 BOE/d up 27% from 416 BOE/d in 1996. For 1998, the Company expects to report steady improvement in production levels with particular exposure at Wapiti to an increasing mix of gas production. The Company plans to drill at least one 50% interest location on its lands at Wapiti this year and has a royalty interest convertible at payout to a 50% interest in a gas well currently producing about 2 Mmcf/d sales gas and 120 b/d gas liquids. The Company will also be cushioned from the drop in oil prices by a hedge of 100 b/d of oil production through September, 1998 at an average price of $28.70 cdn. Venator recently completed the issue of 400,000 flow-through common shares priced at $2.40 for net proceeds of $960,000 to NCE Resources (97) Limited Partnership. The Company also announces that it has filed a Notice of Intention to make a Normal Course Issuer Bid with the Alberta Stock Exchange to acquire a maximum of 303,000 of its common shares representing approximately 5 percent of its issued and outstanding common shares. Subject to regulatory approval, the bid will commence on April 6, 1998 and end on April 6, 1999.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:40:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Enerchem International reports 1st 6 months Earnings NISKU, AB, March 25 /CNW/ - Mr. Larry B. Phillips, President of Enerchem International Inc., an oil and gas specialty chemical company and equipment rental company serving the oil and gas industry reports record revenues and net profits for the six months ended February 28, 1998. Revenues were $8,808,164 versus $5,792,518 for the comparative period representing a 52% increase. Earnings before tax were $2,291,915 compared to $1,129,757 for the same period last year, representing an increase of 103%. After tax earnings increased 115% to $1,295,615 from $602,757 reported in the comparative period. Earning per share for the comparative periods increased to $0.17 from $0.09. Revenues for the quarter ended February 28, 1998 were $4,853,020 versus $3,047,555 for the corresponding period representing a 59% increase. Earnings before tax during the quarter increased from $633,239 to $1,252,369, an increase of 98%, and after tax earnings increased 121% to $715,669 compared to $324,239 for the quarter ended February 28, 1997. Earnings per share for the current quarter were $0.09 compared to $0.05 for the comparative quarter in 1997.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:42:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Olco Petroleum reports 1st 9 months Results MONTREAL, March 25 /CNW/ - Sales and other income in the third quarter ended January 31, 1998 amounted to $59.8 million, compared to $94.8 last year. Sales and other income for the nine months ended January 31, 1998 were $176.4 compared to $280.9 during the same period last year. Sales volume for the period amounted to 228 million litres compared to 335 million litres last year. This is as a result of the implementation of the Agency Agreement with Neste Petroleum division of Neste Canada Inc. Net loss for the three months ended January 31, 1998 was $208,000 or $0.01 per Class A share, compared to $1,039,000 or $0.07 per Class A share for the corresponding period last year. Net loss for the nine months ended January 31, 1998 was $243,000 or $0.02 per Class A share, compared to a net loss of $1,436,000 or $0.09 per Class A share for the nine months last year. Operating expenses for the nine month period were $11.8, up $0.1 million from the same period last year. Selling and administrative expenses decreased substantially to $6.5 million compared to $8.4 million last year.

To: Kerm Yerman who wrote (9746)	3/25/1998 9:45:00 PM
From: Arnie	Read Replies (11) \| Respond to of 15196

SERVICE SECTOR / UNDERBALANCED DRILLING SYSTEMS reports 1997 Earnings CALGARY, March 25 /CNW/ - UNDERBALANCED DRILLING SYSTEMS CORPORATION (''UDSC'') announces today that: During the year ended December 31, 1997 UDSC expended $3.8 million on capital items including $0.9 million on deferred development and $2.8 million on Exhaust gas processing (''EGP'') units. UDSC experienced a net loss of $1.2 million ($0.18 per share) on revenues of $0.2 million. << Year ending December 31, 1997 Eight months ending December 31, 1996 ------------------------------------- Thousands of Dollars 1997 1996 -------------------- ---- ---- Revenue 228 58 Total Expenses 1,426 566 Net Loss 1,198 508 Operating Cash Outflow (i) 967 473 Per Share --------- Loss per share 0.18 0.13 Cash outflow per share 0.15 0.12 Shares Outstanding (thousands) ------------------ 8,329 5,306 (i) Net loss plus amortization and depreciation >> UDSC had total assets of $10.1 million at December 31, 1997 of which $3.3 million were current assets. Liabilities included 0.5 million of current liabilities and $1.2 million of convertible debentures. Shareholder's equity totaled $8.4 million. At December 31, 1997 capital assets included a completed EGP for underbalanced drilling applications which commenced operations in October, 1997 and an EGP for tank purging applications which was completed in October, 1997. An additional EGP for underbalanced drilling applications commenced commercial operations in February, 1998. U.D.S.C.'s shares trade on the A.S.E. under the symbol UDS.