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

To: Kerm Yerman who wrote (9814)	3/30/1998 8:23:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / TUSK Oil Discovery at Meekwap/1997 Results TSE, ASE SYMBOL: TKE MARCH 30, 1998 CALGARY, ALBERTA--TUSK Energy Inc. reports that the TUSK 01-21-66-15 W5M Meekwap D-2A Unit well has been cased as a potential Nisku oil well. The well was drilled on an anomaly based upon a re-interpretation of 3-D seismic data. Completion operations are expected to start within the next few days. The two nearest oil producers had average gross rates of 794 bopd and 547 bopd respectively during their first 6 months of continuous production. TUSK owns a 16.7 percent working interest and a 0.9 percent royalty interest in the Unit. /T/ Year Ended December 31, 1997 - revenue, net of royalties, increased 14 percent to $4,633,819; - cash flow per share of $0.32; - cash flow increased 15 percent to $2,551,577; - production was up over 11 percent to 605 boepd; - issued flow-through common shares for $2,670,000; - increased undeveloped land holdings 55 percent to 37,360 net acres; - operate 83 percent of net production; - listed on the Toronto Stock Exchange June 19. /T/ Since the start of the 1998 fiscal year, in addition to the new drilling at Meekwap, TUSK has drilled one dry hole at Pine Creek (20 percent), one dry hole near Meekwap (14 percent) and is participating in the drilling of a deep exploratory well (see TUSK news release of March 27) at Strachan (10 percent BPO, 30 percent APO).

To: Kerm Yerman who wrote (9814)	3/30/1998 8:25:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Colt Energy Inc. - Announcement ASE SYMBOL: COE MARCH 30, 1998 MONTREAL, QUEBEC--Colt Energy Inc. (the "Corporation") announces it has reserved a discounted price of $0.72 per share for the grant of stock options to acquire up to 1,530,000 common shares (the "Stock Options"). The Stock Options will be granted to directors, officers, employees and/or consultants of the Corporation. The grant of the Stock Options is subject to regulatory approval and the Corporation is required to file a formal application with The Alberta Stock Exchange within 14 calendar days of this press release.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:27:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / CENTURION ENERGY INTERNATIONAL INC. TSE SYMBOL: CUX MARCH 30, 1998 Centurion Closes Private Placement of Convertible Notes CALGARY, ALBERTA--Centurion announces that it has closed a private placement of U.S.$6,500,000 of 8 percent convertible notes (the "Notes"). The Notes have a term of two years from March 26,1998, bear interest on the principal amount of the Notes at the rate of 8 percent per annum and are convertible, at the option of the holder into the common shares of the Corporation at a conversion price of U.S.$0.47 until March 26, 1999 and U.S.$0.52 until March 26, 2000. Based on the current exchange rate, the conversion prices, expressed in Canadian funds are approximately $0.67 and $0.74 respectively. The Notes are general obligation notes and are unsecured. A maximum of 13,829,787 common shares of the Corporation are issuable pursuant to the conversion of the Notes. The agent for the private placement of the Notes is T. Hoare & Co. Ltd. who has received a commission of U.S.$437,500. In addition, the agent received 1,276,596 broker warrants. Each broker warrant entitles the agent, upon exercise, to acquire one common share at a price of Cdn.$0.71 per common share for a period of one year. The proceeds of this offering will be used to fund the corporation's ongoing development and exploration programs on its oil and natural gas properties in Tunisia and Egypt and for general corporate purposes.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:30:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / AMENDMENT TUSK ENERGY INC. TSE, ASE SYMBOL: TKE MARCH 30, 1998 AMENDMENT - TUSK Oil Discovery at Meekwap / 1997 Results CALGARY, ALBERTA--TUSK Energy Inc. reports that the TUSK 01-21-66-15 W5M Meekwap D-2A Unit well has been cased as a potential Nisku oil well. The well was drilled on an anomaly based upon a re-interpretation of 3-D seismic data. Completion operations are expected to start within the next few days. The two nearest oil producers had average gross rates of 794 bopd and 547 bopd respectively during their first 6 months of continuous production. TUSK owns a 16.7 percent working interest and a 0.9 percent royalty interest in the Unit. /T/ Year Ended December 31, 1997 - revenue, net of royalties, increased 14 percent to $4,633,819; - cash flow per share of $0.32 compared to $0.44 in the prior year; - cash flow increased 15 percent to $2,551,577; - production was up over 11 percent to 605 boepd; - issued flow-through common shares for $2,670,000; - increased undeveloped land holdings 55 percent to 37,360 net acres; - operate 83 percent of net production; - listed on the Toronto Stock Exchange June 19. /T/ TUSK reported a net loss of $3,273,703 or $0.41 per share after a full cost ceiling writedown of $3.7 million. The writedown was a consequence of low oil prices at year end and minimal reserve additions during the fiscal year. Since the start of the 1998 fiscal year, in addition to the new drilling at Meekwap, TUSK has drilled one dry hole at Pine Creek (20 percent), one dry hole near Meekwap (14 percent) and is participating in the drilling of a deep exploratory well (see TUSK news release of March 27) at Strachan (10 percent BPO, 30 percent APO).

To: Kerm Yerman who wrote (9814)	3/30/1998 8:32:00 PM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

PROPERTY DISPOSITION / Kroes Energy Sells Eureka Field Interests KROES ENERGY INC. - SALE OF EUREKA FIELD INTERESTS 1998-03-30 CALGARY, ALBERTA Kroes Energy Inc. announced today that effective January 1, 1998 it has sold its interests in the Eureka field in eastern Saskatchewan to a private company operating in that province. Total proceeds from the sale, which closed on March 24, 1998, amount to $136,800. The Company retains its interests in the nearby Druid and Whiteside fields where its share of production in 1997 averaged 53 barrels of oil equivalent per day. Kroes completed a Rights Offering early in February, 1998 that raised $303,774 from the issue of 1,518,870 shares, bringing the total shares outstanding to 8,649,442. The funds from the Rights Offering and the sale of reserves will be used to proceed with the farmin project on the Icacos Block in Trinidad. The first earning well on the Icacos block reached total depth early in January, 1998 and was suspended after encountering water and low oil saturation in an upthrown fault block. The Company and its partners are presently reviewing technical data and assessing the need for seismic data to determine the location of the next well. This also would provide information necessary to come to a decision on the feasibility of deviating the suspended well into the productive Cruse sands that are-present in a nearby producing well. With respect to Blocks V, VI and VII offshore Cuba where Kroes has a 4.875% carried interest, a gravity survey is nearing completion and following interpretation of the results, a location will be selected for drilling in 1998.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:37:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / MERIDIAN ENERGY CORPORATION ASE, VSE SYMBOL: MDG MARCH 30, 1998 Meridian Energy Corp.: Oil and Gas Update CALGARY, ALBERTA-- Oil and Gas Update Meridian Energy Corporation and partners have drilled and cased three additional development wells offsetting the first discovery well at Paddle River in Central Alberta. All three wells have encountered the target reservoir plus a second potentially productive formation which is currently being flow tested in the first development well. Completion operations in the area have been temporarily suspended due to the onset of warm weather and spring breakup but are expected to resume in the near future. The Company's land holding in the Paddle River area has increased to a total of eight contiguous sections of land in which Meridian retains an approximate 35 percent working interest. All of the lands are prospective for further development drilling but further drilling will be delayed until the first three development locations are completed and tested. The Company is very encouraged with drilling and completion results to date. In Southern Alberta, Meridian and partners have completed a 3-D seismic survey on lands surrounding a previously announced new pool oil discovery. Final interpretation of this seismic is expected to occur in the very near future which will determine the extent of further development drilling in the area. Meridian has a 15 percent working interest in this property. Fred Thompson, President and CEO Fred Thompson, the President and a Director of the Company, has prepared this News Release on behalf of the Company.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:39:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / SANDS PETROLEUM AB TSE SYMBOL: SPB NASDAQ SYMBOL: SANPY MARCH 30, 1998 Sands Petroleum AB Completes Compulsory Acquisition VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB ("Sands") is pleased to announce that it has completed the compulsory acquisition of the remaining issued and outstanding common shares of International Petroleum Corporation ("IPC") which it did not already own pursuant to the provisions of the Canada Business Corporations Act. Pursuant to the compulsory acquisition proceeding, Sands acquired an additional 2,110,037 common shares of IPC in exchange for the issuance of 1,834,818 Series B shares of Sands. IPC is now a wholly-owned subsidiary of Sands.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:41:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Cypress Energy Inc. Announces Special Warrant Financing ASE, TSE SYMBOL: CYZ.A MARCH 30, 1998 CALGARY, ALBERTA-- THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S. Cypress Energy Inc. announced today that it has entered into a Special Warrant bought deal with an underwriting syndicate led by First Marathon Securities Limited and including Griffiths McBurney & Partners, Midland Walwyn Capital Inc., FirstEnergy Capital Corp. and Peters & Co. Limited. Cypress will issue 4,000,000 special warrants entitling warrant holders to acquire one Cypress common share at a purchase price of $5.15 for total gross proceeds of $20,600,000. The financing is scheduled to close on April 21, 1998. Cypress Energy Inc. is a Calgary based publicly traded Canadian energy company involved in the exploration, development, acquisition and production of crude oil and natural gas in western Canada. The Company's shares are listed on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol CYZ.A.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:43:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Stone & Webster/Fluor Daniel Petrochemicals Signs Contract for 2.8-Billion Pound Ethylene Plant at Joffre, Alberta NYSE SYMBOL: FLR MARCH 30, 1998 HOUSTON, TEXAS--Stone & Webster/Fluor Daniel Petrochemicals (SW/FD) has signed a contract with NOVA Chemicals Ltd. and Union Carbide Corp. for a third ethylene plant at NOVA's petrochemicals complex in Joffre, Alberta. SW/FD will provide engineering, procurement and construction (EPC) as well as project management services for the 2.8-billion pound-per-year facility, which will be jointly owned by NOVA Chemicals and Union Carbide. The new contract is a major extension of the initial July 1996 award for this complex, which included technology licensing, process design and overall project management. SW/FD's contract value is approximately US$630 million. The new plant is scheduled for completion in the year 2000. Initial design work is being completed in Houston, with detailed design, procurement and construction services to be executed in Alberta. NOVA is the owner project manager and also will operate the new plant. Upon start-up, the combination of the new plant with the existing ones will make the Joffre site the largest ethylene manufacturing complex in the world, with an annual capacity exceeding 6 billion pounds. The two existing ethylene plants were built in 1979 and 1984. Construction of the new plant will commence in the spring of 1998. Stone & Webster/Fluor Daniel Petrochemicals, with headquarters in Houston, is an exclusive worldwide joint venture, providing EPC and project management consulting services associated with ethylene, ethylene derivatives and petrochemical complexes. Stone & Webster (NYSE-SW) and Fluor Daniel, the principal subsidiary of Fluor Corp. (NYSE-FLR), are full-service engineering and construction companies with operations worldwide. NOTE: Fluor Corp. releases are available on Fluor's Corporate News on the Net site at businesswire.com.

To: Kerm Yerman who wrote (9814)	3/30/1998 8:45:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Abstract Enterprises Corp. - Letter of Intent - Oil and Gas Acquisition VSE SYMBOL: AEP MARCH 30, 1998 VANCOUVER, BRITISH COLUMBIA--The Company is pleased to announce the signing of a Letter of Intent to enter into a definitive agreement with Alterra Resources Inc. (ALRI:CDN) to earn a 50 percent working interest in Alterra's 2,000 acre South Erin oil and gas acreage in Trinidad. The agreement requires Abstract to drill four (4) vertical wells on the property on the basis of paying 100 percent to earn a 100 percent interest in the net revenue before payout, and a 75 percent interest therein after payout. Completion of the four well program will earn Abstract a 50 percent working interest in the entire acreage, at which point all future participation will be on a 50/50 basis with Alterra. A performance bond of $US100,000 required by the Trinidadian Government will be posted by the Company. A finder's fee will be paid within the parameters allowed by the VSE. A recent economic evaluation of the prospect independently prepared by Professional Petroleum Services Ltd. of Trinidad concluded that a successful 8 well development program (4 vertical wells and 4 horizontal wells) on the property, assuming all wells were successful, would have a payback time of less than one year, with production peaking at 3,000 barrels of oil per day in the second year. Abstract is also pleased to announce that it has signed an agency agreement with Georgia Pacific Securities Corporation for a brokered private placement financing to raise a minimum $500,000 and a maximum $1,000,000 at a price of $0.50 per unit, each unit consisting of one common share and a warrant to purchase one additional common share at a price of $0.75 for a period of two years. The pricing will be effective on a part and parcel basis with the proceeds applied to the oil and gas development program. All of the above matters are subject to the approval of the Vancouver Stock Exchange. ON BEHALF OF THE BOARD Michael W. Kinley, Director

To: Kerm Yerman who wrote (9814)	3/30/1998 8:47:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Venture Seismic Announces Definitive Purchase Agreement for Marine Seismic Company Acquisition (all amounts in U.S. dollars) NASDAQ SYMBOL: VSEIF MARCH 30, 1998 CALGARY, ALBERTA--Venture Seismic Ltd. today announced it has entered into a definitive Securities Purchase Agreement (the "purchase agreement") for the previously announced proposed acquisition of 100 percent of the outstanding capital stock of Continental Holdings Ltd. ("Continental"), for consideration of 2,080,000 Common Shares (the "Shares") of Venture Seismic Ltd. ("Venture") and payments in cash of an aggregate of $1.5 million. In conjunction with the purchase agreement, Venture has agreed to loan $4 million to Continental to equip a second marine seismic vessel, which loan is subject to an equity conversion provision should closing not occur. The purchase agreement also includes provision for employment agreements with the existing management of Continental for a period of three years, as well as the nomination of a director selected by Continental to Venture's board of directors. The purchase agreement does not provide for the registration of the shares. Continental is a privately held marine seismic data acquisition company, based in Calgary, which currently operates one marine seismic vessel capable of performing both 2D and 3D seismic surveys. Continental has completed seismic surveys in the Persian Gulf, the North Sea, the Falkland Islands area, the Mediterranean and off the coasts of West Africa and Norway. According to financial information supplied by Continental, audited revenue for its year ended Dec. 31, 1997 was $9.6 million and net income was approximately $1.9 million, after an adjustment to reflect normalized owner/management compensation. The adjustment to net income accounts for the declaration by Continental in 1997 of an owner/management bonus, and the related income tax effect of such bonus, which was declared for income tax planning purposes. Certain financial information relating to Continental, and on a pro forma basis to reflect the proposed acquisition, is included in Venture's Annual Report on Form 10-KSB as filed with the Securities and Exchange Commission on Dec. 24, 1997. The Continental acquisition is subject to a number of conditions, any of which may not occur, including receipt of requisite shareholder, regulatory and/or third party approvals. The company is in the process of preparing a proxy statement to be filed with the S.E.C. for purposes of soliciting shareholder approval. Venture Seismic Ltd. is traded on the Nasdaq National Market and is engaged primarily in the acquisition of land and wetlands seismic data for use in the exploration for and development and field management of oil and gas reserves. The Company utilizes both traditional two-dimensional ("2D") and more technologically advanced three-dimensional ("3D") seismic data technology to acquire data on possible oil and gas reserves for its customers, which range from junior exploration companies to fully-integrated multi-national corporations. Venture's subsidiaries include Boone Geophysical, Inc., a Texas based company engaged in the acquisition of land and wetlands seismic data in the Southern United States, and Hydrokinetic Surveys of Canada Inc., a company based in Western Canada which provides shallow marine airgun and survey services. This news release may contain certain forward-looking statements that involve risks and uncertainties as detailed from time to time in Venture's SEC filings under "Risk Factors" and elsewhere. Actual results could differ from those anticipated due to a number of factors including the capital intensive nature of the Company's business, its need for additional funds for operations and debt service requirements, seasonal fluctuations in operating results, dependence upon principal customers, activity in the oil and gas industry, risks associated with international operations and regulatory, competitive and contractual risks.