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

To: Kerm Yerman who wrote (9954)	4/6/1998 2:34:00 PM
From: s jones	Respond to of 15196

Kerm, What are your thoughts regarding Harken oil? I find this so called 1billion barrel field intriguing. Could a company as small as this handle this potentially huge find and if so what in your opinion is the long and short of whats to come?

To: Kerm Yerman who wrote (9954)	4/6/1998 8:29:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / PrimeWest Energy Trust reports 1997 Results PrimeWest Energy Trust is pleased to announce its results for the 12 month period ending December 31, 1997. Highlights of the year's performance include: * achieved annual distribution target of $1.34 per unit * exceeded 1997 production target of 8,950 BOE/d with production averaging 9,096 BOE/day * achieved year end exit production rate of 9,600 BOE/day below the target of 10,000 BOE/d * corporate debt levels increased; debt to cash flow increased from 0.42 to 1.99 * for tax purposes, distributions received in 1997 were a return of capital and as such were fully tax deferred Based on the Gilbert Laustsen Jung and Associates (GLJA) Report results released on February 5, 1998, PrimeWest achieved outstanding reserve additions during 1997: * established (proved plus half probable) reserves increased 23 percent to 44.6 million barrels of oil equivalent * total established reserve additions replaced 365 percent of 1997 production at a cost of $4.61 per barrel of oil equivalent * using industry consensus pricing, the present worth of PrimeWest's established reserves, discounted at 10%, increased by 32%, to $298 million * net asset value increased by 11% to $9.75 per unit despite having paid out $1.34 in distributions Operating Highlights --------------------------------------------------------------------------- Year Ended Dec. 31/97 Four Months Ended Dec. 31/96 --------------------------------------------------------------------------- Production Oil and NGL (Bbls/day) 4,874 4,365 Natural Gas (mmcfd) 42.22 31.47 Total Production (BOE/day) 9,096 7,512 Pricing Oil and NGL ($/Bbl) $25.16 $29.35 Natural Gas ($/mcf) $1.85 $1.59 --------------------------------------------------------------------------- Financial Highlights (in $ Millions except as indicated) --------------------------------------------------------------------------- Year Ended Dec. 31/97 Four Months Ended Dec. 31/96 --------------------------------------------------------------------------- Revenues Total Revenue $ 73.8 $ 21.8 Royalties (14.2) (3.8) ------ ----- Net Revenue 59.6 18.0 Expenses Operating 21.3 5.2 G & A / Management Fees 5.0 1.8 Interest 2.1 .1 Depletion, Depreciation & Amortization 28.0 8.9 ---- --- Total Expenses 56.4 16.0 Net Income 3.2 2.0 Cash Available to Trust Unitholders 33.4 11.0 Cash Available for Distribution per Trust Unit $1.34 $0.44 --------------------------------------------------------------------------- Balance Sheet Working Capital $ 1.8 $ 1.3 Total Assets 285.8 254.5 Long Term Debt 66.7 14.2 Unitholders' Equity 193.3 223.6 --------------------------------------------------------------------------- Reserve Additions Replace 365 Percent of Production The GLJA Report assessed PrimeWest's established reserves to be 44.6 million barrels of oil equivalent ('boe'), as at January 1, 1998. This is a 23 percent increase from the 36.1 million boe assessed by GLJ for PrimeWest's established reserves as at January 1, 1997. Total established reserve additions of 12.1 million boe replaced 365 percent of 1997 production of 3.3 million boe. --------------------------------------------------------------------------- Reserves Summary Crude Oil Natural Gas Nat. Gas Liquids Oil Equiv. (January 1, 1998) (MMbbl) (BCF) (MMbbl) (MMboe) --------------------------------------------------------------------------- Proved 12.3 184.2 4.6 35.2 Probable 5.9 86.2 4.3 18.8 Total Proved + Probable 18.2 270.4 8.9 54.0 Established 15.2 227.3 6.7 44.6 --------------------------------------------------------------------------- (MMbbl means millions of barrels) (BCF means Billion Cubic Feet) (MMboe means millions of barrels of oil equivalent) Reserve Value Increases by 31 Percent The present worth of PrimeWest's established reserves at January 1, 1998, evaluated at a discount rate of 10%, has increased to $298.0 million from $226.6 million from a year earlier. This represents a 31 percent increase. --------------------------------------------------------------------------- January 1, 1998 January 1, 1997 --------------------------------------------------------------------------- Present Worth of Established Reserves (pre-tax) $ Million $ Million --------- --------- Undiscounted 627.4 479.2 Discounted at 10% 298.0 226.6 Discounted at 12% 268.3 204.1 Discounted at 15% 233.2 177.5 --------------------------------------------------------------------------- Reserve Replacement Costs Below Industry Average PrimeWest's 1997 total reserve addition costs were $4.61 per boe, for established reserves added through its capital development and acquisition programs. This performance would place PrimeWest in the top decile of industry rankings, when compared to 1996 published industry average reserve addition costs of approximately $7.10 per boe. PrimeWest replaced 182 percent of its 1997 production through acquisitions at an average cost of $5.42 per boe. Based on information provided by Sayer Securities, a recognized industry source, median industry acquisition costs for 1997 are $6.59 per boe. PrimeWest replaced 143 percent of its 1997 production through its capital development program at an average cost of $3.28 per boe. Comparable industry average costs published for 1996 were $7.40 per boe. Net Asset Value Increases 11% --------------------------------------------------------------------------- Net Asset Value 1997 1996 % Change ($ millions except as indicated) --------------------------------------------------------------------------- Established Oil and Gas Reserves $298.0 $226.6 32% Undeveloped Land Value 8.4 2.3 Reclamation Fund Balance 1.7 2.2 Working Capital 1.8 1.3 --- --- 309.9 232.4 Less: Long Term Debt (66.7) (14.2) Net Asset Value 243.2 218.2 Number of Units Outstanding 24.95 24.90 ----- ----- Net Asset Value per Unit $ 9.75 $ 8.76 11% --------------------------------------------------------------------------- * discounted at 10% Net Asset Value is a measure of the "worth" of the assets of PrimeWest and when expressed on a per unit basis provides an indication of the underlying value of the assets for comparison to the trading value. The assets of PrimeWest consist primarily of PrimeWest's share of oil and gas reserves, whose value is established by GLJA. It should be noted that the increase in net asset value was achieved despite distributions paid to unitholders during 1997 of $33.4 million ($1.34 per unit) and a marginally lower commodity price forecast applied at the end of 1997 compared to 1996. Trust Units of PrimeWest Energy Trust are traded on The Toronto Stock Exchange under the symbol "PWI.UN". This press release is not for distribution to United States newswire services or dissemination in the United States. For further information, please contact: Jake Roorda Vice President, Corporate PrimeWest Energy Inc. 1-888-234-6866 (toll free)

To: Kerm Yerman who wrote (9954)	4/6/1998 8:31:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Crispin Energy reports 1997 Results CRISPIN ENERGY INC. today announces its financial and operating results for the year ended December 31, 1997. For the year ended December 31, 1997, gross revenues totalled $1,133,791 compared to $1,057,403 for the year ended December 31, 1996. Net income for 1997 was $302,744, up 298%, over the net income for 1996 of $76,126. On a per share basis, net income for the year ended December 31, 1997 was $0.015 ($0.014 fully diluted) versus $0.004 ($0.004 fully diluted) for 1996. Cash flow from operations for 1997 was up 139% to $370,589 compared to operating cash flow of $155,304 for 1996. Crude oil production averaged 109 BOPD and natural gas production averaged 20 MCFD during the reporting period. By comparison 1996 had average crude oil production of 99 BOPD and natural gas production of 37 MCFD. Production operations were suspended at Sousa for several months during 1997 due to unusually severe flooding in the area. This factor impaired the growth in Crispin's average daily crude oil production for 1997, despite the addition of significant new production from the Medicine Hat area. Crispin has made a claim on its business interruption insurance for both the losses of cash flow and the property damage caused by the flooding. The majority of the Sousa production was finally restored on the 1st of November. Crispin Energy Inc. is an exploration, development and production company listed on the Alberta Stock Exchange under the trading symbol "CEY". For further information, please contact Donald C. Munro, President & CEO or Murray D. Graham, Vice-President & CFO at (403) 234-7407, Fax (403) 265-5993, by e-mail at crispin@cadvision.com or visit our website at www.crispinenergy.com.

To: Kerm Yerman who wrote (9954)	4/6/1998 8:35:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Nycan Petroleum reports 1997 Results Nycan Petroleum Corp. reports that its continued focus on the development of internally generated prospects in Southeastern Alberta allowed it to achieve record growth in cash flow, production and capital expenditures in 1997. An active drilling program resulted in Nycan participating in the drilling of a total of 21 wells, 11 of which were located at Turin East, a key Southern Alberta property. The extensive use of 3-D seismic has resulted in high drilling success rates at Turin East. It has also enabled Nycan to identify in excess of forty further exploration and development locations. For the year ended December 31, 1997, funds flow from operations increased to $ 867,251 or $.028 per share from $691,415, $0.026 per share, for the year ended December 31, 1996 Production revenues net of operating costs and royalties increased to $1,604,317 from $1,299,126 in 1996. Expenditures for the period totalled $3,837,646 compared to $ 1,399,582 for the prior year. Nycan expended $ 599,488 for the purchase and shooting of 3-D seismic programs at Turin East. The Company raised $1,142,000 through the sale of Flow Through Shares at 45 cents per share. This issue will allow Nycan to fund its active ongoing exploration program. Nycan produced an average of 1.13 million cubic feet per day of natural gas and 118 barrels per day of oil and natural gas liquids during 1997 and exited the year at rates of approximately 400 barrels of oil equivalent per day. SUMMARY OF OPERATIONS YEAR ENDED DECEMBER 31,1997 1997 1996 Total Revenue $1,604,317 $1,299,126 Funds Flow from Operations $867,251 $691,415 Funds Flow per Common Share $0.028 $0.026 Net Income $229,425 $247,512 Net Income per Common Share $0.007 $0.009 Common Shares Outstanding 34,420,600 31,120,320 The Alberta Stock exchange neither approves nor disapproves of the information contained herein. For further information regarding the contents of this press release, please contact: R. L. McPherson, President Nycan Petroleum Corp. ASE: NAP.A Telephone: (403) 264-7377 Facsimile: (403) 266-6669

To: Kerm Yerman who wrote (9954)	4/6/1998 8:37:00 PM
From: Arnie	Respond to of 15196

CORP. / Nycan Petroleum announces plans for Consolidation Nycan Petroleum Corp. today announced that, subject to regulatory and shareholder approval, it proposes a consolidation of its common shares on a four- to- one basis and a change of its corporate name to Nycan Energy Corp. Shareholders will be requested to approve the transaction at the Special and Annual General Meeting of Shareholders to be held on May 27, 1998. Nycan currently has issued and outstanding 34,520,600 Class A common shares and will following the consolidation have 8,630,150 shares outstanding. The Company believes that the consolidation will benefit shareholders by improving the marketability of the shares and will help facilitate future financings. The Alberta Stock exchange neither approves nor disapproves of the information contained herein. For further information regarding the contents of this press release, please contact: R. L. McPherson, President Nycan Petroleum Corp. ASE: NAP.A Telephone: (403) 264-7377 Facsimile: (403) 266-6669

To: Kerm Yerman who wrote (9954)	4/6/1998 8:40:00 PM
From: Arnie	Read Replies (9) \| Respond to of 15196

CORP. / Ultra Petroleum Corp. reports Message from The President Message from the President Springtime in Wyoming brings anticipation, activity, mud and sometimes more snow. Ultra's employees are poised to initiate a drilling, completion and production program for 1998 that will establish new benchmarks for shareholder value. The steps that the Company has taken to deepen our relationships with Western Gas Resources and Halliburton Energy Services assure that in addition to the 11 wells funded by the present agreements, up to 49 more wells will be funded for Ultra by our partners. In addition, our agreements in place with venture partners Colt Energy, Arrowhead Minerals, Green River Petroleum and Adda Resources provide funding for several more high impact wildcats. The Ultra team has grown to 25 employees with specialists in all phases of exploration, administration, production and finance. The Company has offices in Vancouver BC, Denver CO., Pinedale and Casper WY. Our work force is complemented by several unique consulting groups with expertise in land, legal, engineering and environmental matters. Our partner, Western Gas Resources, has also been preparing for a busy, aggressive summer drilling and pipeline construction season. They are poised to begin a multi well drilling program on joint properties as soon as conditions permit. Meanwhile Halliburton has been proceeding with a detailed program of enhanced completion scenarios on the Stud Horse Wells that could ultimately yield more reserves at lower costs. Our relationship with Halliburton was recently extended when we signed an agreement to drill and complete 17 new wells in partnership with the oil field services giant. The wells will be concentrated in areas of known reserves so we can start converting these reserves to a strong cash flow stream - something we plan to focus on this drilling season. We also intend to continue our efforts to acquire land in the most prospective areas and to drill exploration and confirmation wells. Our reserve growth has been nothing short of phenomenal. The only way we can continue this rate of reserve growth is by continuing to explore our land position with the drill bit. So far, reserves have been assigned to only 8,100 acres out of our total leasehold inventory of 350,000+ acres. Clearly, we have an enormous amount of exploration ahead of us. We are fortunate to have valued industry partners who are willing to bear the risks and expense of this exploration. Our secret weapon on the exploration front is our scientific and technical team. During the 1997 drilling season, Ultra and our partners implemented the most advanced and comprehensive well logging programs ever executed in our Green River Basin wells. The information gathered will be invaluable to Ultra Scientists for evaluation of wildcat and development projects. Our staff is also analyzing a detailed areomagnetic survey. We have purchased a regional 2D seismic grid as a necessary first step before any 3D seismic. To enhance our seismic and well log data we have put together an industry consortium to "shoot" four shear wave vertical seismic profiles in Company wells. Our technical team is integrating this information into our database to develop a template for further exploration and development success. The Company recognizes and cherishes the unique qualities of Wyoming and the Wyoming people. In those areas where it has identified opportunities, the Company is making a sincere and long-term dedication of its resources. The Ultra environmental team is committed to develop and implement unique, exciting and sometimes unconventional ways to develop this amazing natural gas resource for the benefit of all. R.G. "Jerry" Albertus President Tel: 604-669-0964 * Toll Free: 800-688-5651 * Facsimile: 604-688-4712 ultrapetroleum.com * e-mail: info@ultrapetroleum.com Certain statements, including estimated reserves, potential resources and other information included herein constitute "forward-looking statements" within the meaning of applicable laws or regulatory policies. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements described herein to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Monthly Cumulative Production Chart for Ultra Wyoming Wells (Please refer to Ultra Petroleum Corp.'s website at ultrapetroleum.com for this chart) Ultra's current net revenue interest is approximately 12+% and growing.

To: Kerm Yerman who wrote (9954)	4/6/1998 8:48:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Stellarton Energy announces Distributorship CALGARY, April 6 /CNW/ - Secure Oil Tools, a Division of Stellarton Energy Corporation (SRT.A:ASE) today announces that it has signed a letter of intent with Schlumberger Anadrill. The letter of intent is a precursor to a formal agreement that will allow Anadrill to distribute Secure's Multi Lateral Production System (MLPS) on an exclusive basis in most regions of Africa, South America, the Middle East, and South East Asia. Excluded are clients and regions where Secure is already selling the products. Anadrill will also have the right to market MLPS on a non-exclusive basis elsewhere in the world. Secure has developed a system to provide for the drilling of one or more laterals out of a primary wellbore. The success to date in the Peace River area of Alberta, Canada has created the opportunity to market the concept around the world. Secure will provide engineering, design, manufacturing, sales support and installation of the products. Anadrill will provide marketing and technical sales, logistical bases and support, access to Anadrill's testing facilities, and their wealth of well experience. Anadrill has demonstrated their commitment to the pending agreement and the marketability of the Secure MLPS system with a commitment for a prepayment against future sales. Stellarton is an oil and gas production company and an oilfield service company based in Calgary. The company trades on the Alberta Stock Exchange under the symbol SRT.A. Anadrill's core product lines are Directional Drilling and MWD/LWD. Anadrill is an operating unit of Schlumberger Oilfield Services, the leading supplier of services to the international petroleum industry. Schlumberger operates offices, service locations, and research and development facilities around the world.

To: Kerm Yerman who wrote (9954)	4/6/1998 8:50:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / First Calgary Petroleums announces Spud of Well CALGARY, April 6 /CNW/ - First Calgary Petroleums Ltd. (''FCP'') is pleased to announce the commencement of drilling operations on the Bazma Permit in central Tunisia. The well, BZM-1 will be drilled to a planned depth of 3,800 meters using the CTF 04 drilling rig which recently completed the drilling of the Nefta 1 well on the Corporation's Sud Nefta Permit, 165 kilometers to the west of Bazma. The Nefta 1 has been suspended pending further geological and engineering interpretation which may result in further testing operations. The Bazma Permit, which covers 500,000 acres has several Lower Permian reef-like features which have been identified by extensive geophysical interpretation and geological studies. The BZM-1 well will test the ''A'' Prospect, a well-defined structure interpreted as a Permian reef, which is 2,500 acres in size with structural closure of 350 meters having potential for significant reserves of hydrocarbons. Working interest partners in the Bazma permit are Eurogas Corporation 40%, Mobil Exploration and Producing Ventures Tunisia Inc. 40%, First Calgary Petroleums Ltd. 15%, Largo Petroleum 3% and Rigo Oil Company 2%. The Tunisian state oil company, ETAP, has the right to participate up to 50% in any development on the permit. FCP is an international oil and gas company listed on the Toronto Stock Exchange, trading under the symbol ''FCP''.

To: Kerm Yerman who wrote (9954)	4/6/1998 8:54:00 PM
From: Arnie	Respond to of 15196

PIPELINES / NOVA Gas Transmission proposes New Service Levels CALGARY, April 6 /CNW/ - NOVA Gas Transmission Ltd. (NGT) today filed with the Alberta Energy Utilities Board (EUB) a more flexible portfolio of transportation services for customers to select from, and a new pricing design that better reflects the cost of transportation on its Alberta natural gas pipeline system. The new pricing model will replace the current postage-stamp pricing regime. Today's filing follows consultation with a multi-party industry task force, which began in early 1997 and wrapped up in January 1998. Based on these discussions, NGT refined its approach throughout February and March, and filed its application today. NGT and the Canadian Association of Petroleum Producers have agreed to reconvene the industry task force in April to continue the consultation process, with a view to resolving industry issues. ''Our customer base is very diverse -- including large producers, small producers, marketers, aggregators and end-users -- and these groups have varying, sometimes conflicting, transportation needs,'' said NGT president Bruce Simpson. ''In the coming months, in addition to working with industry to build understanding for the proposal, we'll be working with individual customers to enable them to customize gas transportation portfolios that best meet their specific needs.'' The proposal will require regulatory approval by the EUB. It marks the introduction of service-level differentiation by NGT, and of related distance- and pipeline-diameter-sensitive prices. These differentials recognize the relative costs of short- versus long-haul transportation, and the economies of transporting gas in larger-diameter pipe versus smaller-diameter pipe. Transportation pricing for gas delivered inside Alberta (under the Basic Service option), will range from $0.04 to $0.27 per thousand cubic feet (Mcf) -- compared with the current single price of about $0.13 per Mcf. For gas delivered outside Alberta, pricing under the Basic Service option will range from about $0.17 to $0.40 per Mcf -- versus the current single price of about $0.26 per Mcf. The new approach will neither enhance nor reduce NGT's EUB-approved revenues as specified under the existing incentive agreement with customers. The new pricing design is a departure from nearly two decades of the postage-stamp tolling method. Introduced by the Government of Alberta in 1980, the postage-stamp tolling method dictates the same unit price for natural gas transmission, regardless of how far the gas is transported. ''NOVA has developed a new suite of service options to provide customers more choice based on their individual needs. And we've revised our pricing to reflect these services, the location of the gas, and the facilities used to ship the gas,'' said Simpson. ''Customers are looking for pricing that includes greater accountability for costs created on the NOVA system, and our new approach sends the right economic signals about the value of transportation. This is a natural step in the right direction.'' Among the changes recommended by NOVA: - Four new firm receipt-service options have been created for customers to choose from. These services are differentiated by how much upstream and downstream flexibility they offer, and are priced accordingly. This gives customers flexibility as to the level of service they require and the related transportation price for that service. - To increase cost-accountability, NGT will employ incremental tolling on new receipt and delivery lateral expansions. This will also enable open competition on the laterals, with pricing signals that will encourage prudent investment decisions. - The minimum contract length for renewable receipt and delivery firm service rises from one year to five years, with lower prices offered at some receipt locations for longer-term commitments. In a more competitive environment, this change will enable NOVA to continue to ensure appropriate capital spending. A wholly owned subsidiary of NOVA Corporation, NGT is the largest-volume carrier of natural gas in North America, moving 4.5 trillion cubic feet of gas in 1997. NGT's 22,200-kilometre system transports natural gas for use within Alberta and to provincial boundary points for connection with pipelines serving markets elsewhere in Canada and the United States. The system moves approximately 18 per cent of the natural gas produced annually in North America. NOVA Corporation is a worldwide natural gas services and petrochemical company. Its trading symbol on the Alberta, Toronto, Montreal and New York exchanges is ''NVA''. Note to Editors: Additional background information on today's announcement - including a summary sheet and graph showing the transportation pricing impact of the proposed changes - can be obtained from Canada NewsWire. To receive these documents, please call Canada NewsWire at (403) 269-7605. New services and pricing Internet site at: www.nova.ca/newservicesandpricing

To: Kerm Yerman who wrote (9954)	4/6/1998 9:00:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Spire Energy reports 1997 Results CALGARY, April 6 /CNW/ - The year ended December 31, 1997 was a year of exceptional financial performance for the Company. Spire achieved a 61% increase in revenue, a 78% increase in cash flow and a 94% increase in net earnings. The Company also improved operating netbacks by 21% to $1.15/MCF from $0.95/MCF and all in cash netbacks by 23% to $0.92/MCF from $0.75/MCF. Year ended December 31 1997 1996 Change Financial Revenue, net of royalties $ 5,610,697 $ 3,495,340 +61% Funds flow from operations 3,589,783 2,014,874 +78% Per share 0.26 0.17 +53% Per MCF 0.92 0.75 +23% Net earnings 1,263,283 650,444 +94% Per share 0.09 0.05 +80% Capital expenditures 8,989,330 4,941,772 +82% Total assets 18,872,875 9,941,804 +90% Long term debt 3,522,801 3,255,070 +8% Shareholders' equity $ 10,721,234 $ 4,126,343 +160% Common shares outstanding Weighted average 14,076,768 11,512,853 +22% At period end 16,267,645 12,396,945 +31% Operations Production Natural gas (MCFD) 10,679 7,378 +45% Average wellhead price per MCF $ 1.67 $ 1.41 +18% Field netback per MCF $ 1.15 $ 0.95 +21% The Company had another successful year with the drill bit in 1997, achieving a success rate of 81% with 17 (16.6 net) successful gas wells out of 21 (20.6 net) wells drilled. This resulted in a 25% increase in reserves to 34.0 BCF of natural gas, which replaced production for the year by 275%. Finding and on stream costs for the year were $0.97/MCF for proven reserves and $0.83/MCF for proven plus probable reserves. Spire's three year rolling average finding and on stream costs are $0.50/MCF for proven reserves and $0.45/MCF for proven plus probable reserves. Year ended December 31 1997 1996 Change Drilling Wells drilled - Gross (Net) Gas completions 17 (16.6) 8 (6.7) Dry and abandoned 4 (4.0) 3 (2.8) ---------- --------- 21 (20.6) 11 (9.5) +91% ---------- --------- Reserves Natural gas reserves (MMCF) Proven 29,776 24,452 +22% Probable 4,208 2,718 +55% ---------- --------- Total 33,984 27,170 +25% ---------- --------- Present value at 15% pre-tax $ 29,988,000 $ 22,380,000 +34% Land Undeveloped land (net acres) 20,829 9,309 +124%

To: Kerm Yerman who wrote (9954)	4/6/1998 9:06:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Harken Energy announces Plans for Production Test DALLAS, April 6 /CNW/ -- Harken Energy Corporation (Amex: HEC) ("Harken") announced today that the formation evaluation of the Canacabare #1 well has been completed. The Canacabare #1 well has been evaluated with a series of resistivity and porosity logs which indicated good porosity at 20-24% and above average oil saturation at 40%, which both compare favorably to similar wells in the same Mirador, Gacheta and Ubaque formations in the area. Mirador Gacheta Ubaque Total Gross Formation 327' 338' 119' 784' Thickness Net Productive 67' 14' 10' 91' Thickness The Canacabare #1 well was drilled vertically to the objective horizons into the Paleozoic formation to a total depth of 8410'. The Company plans to run 7" production casing to the total depth of the well and initiate a production test on the Mirador, Gacheta and Ubaque formations. Both Mirador and Gacheta pay zones produce medium to high quality oil in other productive fields near the Canacabare #1. Because of the impending rainy season and resulting operating conditions in the Llanos area of Colombia, the Company plans to move the drilling rig off of the location prior to a production test on the well. A production test is expected to commence as soon as a completion rig can be moved to the location, which should be within the next two weeks. The Canacabare #1 is the fourth well to be drilled by Harken on prospects in the 210,000 acre Alcaravan Association Contract Area in the Llanos Basin of Colombia. Within this contract area additional undrilled prospects are being evaluated by Harken using existing 2-D seismic. The future plans for delineation of development of the Palo Blanco Field is pending the completion and evaluation of an ongoing 3-D seismic program over the Palo Blanco Field, as well as test results from the Estero #3 well drilled in this area. Harken's Chairman, Mikel D. Faulkner, stated, "These positive log results are very exciting and offer another likely new discovery for the Alcaravan Contract Area. Fields, in this region have typically contained 20 to 50 million barrels of oil recoverable. We will be looking forward to final production test results over the next few weeks." Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Certain statements in this news release regarding future expectations and plans for international oil and gas exploration and development may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data related to underground accumulations of oil and gas, timing and capital availability, discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1997. Actual results may vary materially.

To: Kerm Yerman who wrote (9954)	4/6/1998 9:13:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / HEGCO Canada flares Gas at El Grande Well EDMOND, Oklahoma, April 6 /CNW/ - The President and Chairman of HEGCO Canada, Inc., Douglas C. Hewitt, is pleased to announce that the Company began to flare gas from the El Grande Well late Friday, April 3. The flaring occurred naturally, with no treatment, from an isolated interval within the lower Arbuckle zone. Upon flaring the gas, Mr. Hewitt stated, ''Evaluation thus far conclusively determines that this reservoir system contains marketable gas. Management's expectations for this field are very high. We will be evaluating the current well as well as drilling additional wells on our acreage positions to understand the magnitude of this Arbuckle reservoir system. Over the last several weeks, the company has continued to increase its acreage position over a seismically defined area and has acquired interests in 33 square miles surrounding the El Grande re-entry.'' Field operations had been delayed due to mechanical problems prior to the first isolation, and in the past week to weather. The Company is attempting to complete its testing process in a timely manner. The Company wants to be thorough in its evaluation to obtain as much knowledge as possible to assist in the development of the entire field. In addition to the evaluation of the Arbuckle zone, the company is planning to drill, test and evaluate the Penters zone, which is above the Arbuckle. The Penters is one of the primary objectives in this field. When evaluating the Arbuckle zone with Schlumberger's Ultra Sonic Imaging Cement Evaluation log, the Company also identified gas present in the cement board over the Penters zone. Management estimates that in addition to the Arbuckle discovery the Penters zone is expected to contribute significantly to the possibilities in this field. 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. On behalf of the Board: Douglas C. Hewitt, Director, Chairman

To: Kerm Yerman who wrote (9954)	4/6/1998 9:17:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / TD Enviro Inc. begins Commercial Operation EDMONTON, April 6 /CNW/ - A new Clean Sand Process for turning oily by-products from heavy oil production into a high quality silica sand with great industrial potential, has been commercially launched by an Edmonton company. TD Enviro Inc., a subsidiary of Thermo Design Engineering Ltd., a leading Edmonton engineering company specializing in petroleum and petrochemical process production equipment, is operating its Clean Sand Process plant at the heavy oil site of Ranger Oil of Calgary. The company has an agreement with Inland Cement of Edmonton for testing the clean sand for potential use in its industrial products such as speciality cements. ''We are excited about the results and the environmental solution the Clean Sand Process offers heavy oil producers,'' said Tony Rojek, president of TD Enviro Inc. Fourteen new full-time jobs have been created by TD Enviro's operation. The company is now running three shifts round the clock, processing 300 tonnes of sand daily. Speaking at an official ceremony today to mark the technology's commercialization, the Hon. Anne McLellan, Federal Minister of Justice and Attorney General of Canada, said, ''It is encouraging to know that companies such as yours are addressing environmental and operational problems, and that waste by-products, instead of being a burden for the heavy oil industry, may be turned into a new revenue stream and lead to the development of a variety of silica-based industries for Alberta.'' Up to now, heavy oil producers have had several waste disposal alternatives, which present environmental and economic concerns. When these wastes are put through the Clean Sand Process, they are transformed into a high quality silica sand product, Mr. Rojek said. ''In fact, we were surprised at the purity of the sand which is showing more than 96 per cent pure quartz. We believe there is future potential for new industries in Alberta that depend on a supply of high grade silica.'' Silica sand is used in the production of cement and a variety of products such as glass, fibreglass, porcelain and ceramics, frac sand, roofing tiles, optical and lighting equipment.

To: Kerm Yerman who wrote (9954)	4/6/1998 9:25:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Chauvco Resources reports Review of Remboue CALGARY, April 6 /CNW/ - Chauvco Resources International announces the completion of its review of the Remboue reservoir in Gabon with the assistance of external engineering consultants. The Company has concluded that its working interest share of proved reserves should be reduced to 904 thousand barrels based on independent engineering price forecasts of US $17.OO WTI for l998, US $18.75 WTI for 1999, and escalating thereafter. Current production levels from the Remboue field have declined since last reported to the level of 2,700 barrels of oil per day (2,430 company interest). As a result of this revision in reserve estimates, the Company will be taking a $16.4 million write-down of its assets in its first quarter results. Chauvco has also decided to not proceed with the previously announced special warrant financing at this time. The Company will seek to realize on the value of its Gabon assets through joint ventures on its large exploration land base of approximately 2.7 million acres (gross). Chauvco will continue to focus on promising new venture opportunities in the Middle East and the development of additional new venture projects that could add early cash flow.