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

To: Kerm Yerman who wrote (10102)	4/14/1998 9:41:00 PM
From: Herb Duncan	Respond to of 15196

CORP / AC Energy Inc. Terminates Previously Announced Joint Venture ASE SYMBOL: ACE APRIL 14, 1998 CALGARY, ALBERTA--AC Energy Inc. ("ASE-ACE") announces that the board of directors has decided not to pursue its previously announced joint venture with Petra Diamonds Limited to explore diamond concessions in Angola. The board has decided to concentate on its strength in oil and gas exploration and production.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:43:00 PM
From: Arnie	Respond to of 15196

CORP. / Ridel Resources appoints CEO Trading Symbol: RDL.V Vancouver Stock Exchange CALGARY, April 14 /CNW/ - Ridel Resources Ltd. today announced it has appointed Andrew M. Chinnick as the company's new President and Chief Executive Officer. Mr. Chinnick has 20 years of experience in the oil and gas industry, including evaluating international properties and negotiating acquisitions in countries that have included the United States, Indonesia, China, Myanmar (formerly Burma), Mongolia, as well as countries in Africa, the former Soviet Union and South America. He was most recently Senior Reservoir Engineer with Sproule Associates Limited, an internationally-recognized independent geological and petroleum engineering consulting firm based in Calgary, Alberta. Mr. Chinnick brings a multidisciplinary approach to Ridel through his extensive experience in exploration work and reservoir acquisition, cost control and fiscal management. In addition to his established working relationships with national oil companies in Southeast Asia, he has a keen understanding of the geopolitical issues in the oil and gas industry. ''Ridel Resources is entering an exciting stage in its operation and it's a great opportunity to be joining the company,'' said Mr. Chinnick. ''Ridel is in the process of finalizing contracts that allow the company to earn profits from Myanmar's well-established oil and gas fields. These fields have substantial proven oil reserves and tremendous exploration potential. I look forward to developing these opportunities and to further acquisitions in Southeast Asia.'' Prior to working at Sproule, Mr. Chinnick ran his own engineering and geological oil and gas consulting firm. He has also held the positions of exploration geologist, reservoir engineer and production manager at Calgary-based Corexcana Ltd., and has worked for Inco Energy Resources Limited, Westmin Resources Limited and Gulf Canada Resources Inc. Mr. Chinnick has a B.Sc. in Geological Engineering from Queens University in Kingston, Ontario. About Ridel Resources Ridel Resources Ltd. of Calgary, Alberta is a junior oil and gas company focused on development and production opportunities in Southeast Asia. Currently, Ridel has an agreement to acquire contracts that allow the company to earn a share of profits from three producing fields in Myanmar through development and exploration. The contracts have a total net present value, based on proven and probable reserves, of US$21.7 million (at a 10% discount rate and after income tax). Ridel is targeting future acquisitions to continue its growth in the Far East.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:46:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Energy North Inc., Electra Energy Corporation and Landhawk Petroleum Corporation Enter Into Agreement ASE SYMBOL: ENI AND ELECTRA ENERGY CORPORATION ASE SYMBOL: EEN OTC Bulletin Board SYMBOL: EEGYF AND LANDHAWK PETROLEUM CORPORATION ASE SYMBOL: LHK APRIL 14, 1998 CALGARY, ALBERTA--ENERGY NORTH INC.("ENERGY NORTH"), LANDHAWK PETROLEUM CORPORATION ("LANDHAWK"), AND ELECTRA ENERGY CORPORATION ("ELECTRA") announce that they have entered into an agreement to negotiate the terms of a combination of the assets and business of the three corporations into a new entity to be known as Energy North Inc. ("the Amalgamated Corporation"). The current senior officers and management of Energy North Inc. will be retained to manage the affairs of the Amalgamated Corporation with selected management and staff positions to be filled from the other companies. The Board of Directors of the Amalgamated Corporation will be announced at a later date. The transaction will be subject to the approvals of the respective boards of directors of the three corporations, the approval of the Alberta Stock Exchange and the approval of two-thirds of the votes cast at the respective shareholders' meetings to be called for that purpose. If the transaction is concluded, the holders of the common shares of Energy North, Landhawk and Electra will receive common shares of the Amalgamated Corporation, with Energy North, Landhawk and Electra holding respectively, approximately 51.5 percent, 18.5 percent and 30 percent of the Amalgamated Corporation's outstanding shares. The percent ownership of the Amalgamated Corporation will be based on a combination of net asset value, cash flow and market capitalization and will be determined through arms length negotiations among management of the three corporations. The Amalgamated Corporation will have production in Alberta and Saskatchewan in Canada and a growing production base onshore in Trinidad, West Indies. The Amalgamated Corporation's production rate is estimated to be 1200 barrels of oil equivalent per day consisting of 670 barrels of oil and 5.3 million cubic feet of gas. It is anticipated that after the amalgamation is completed approximately 100 barrels of oil equivalent per day will be sold and the proceeds used to reduce long term bank debt. Assuming oil and oil equivalent pricing of U.S.$17.00 per barrel the Amalgamated Corporation is expected to have an estimated cash flow for the twelve month period following amalgamation of approximately $3,700,000 and long term debt of $2,300,000. A capital expenditure program of $5,100,000 is forecast for the twelve month period following amalgamation. The reserve base of the Amalgamated Corporation, based on 1997 year end independent engineering evaluations on a proven and 50 percent of probable basis is calculated to be 4.6 million barrels of oil equivalent with a 15 percent Net Present Value of $23,900,000. The combined Western Canadian assets of the three Corporations are complimentary to each other and are expected to balance the production portfolio of the Amalgamated Corporation to 55 percent oil and 45 percent natural gas. The onshore Trinidad properties contributed will enable the Amalgamated Corporation to expand its international exposure and operations.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:46:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Lateral Vector Resources reports 1997 Results Comparative highlights of Lateral Vector Resources Inc.'s (''LVR'') operating and financial results for the year ended December 31, 1997 are as follows: << --------------------------------------------------------------------- 1997 1996 --------------------------------------------------------------------- Financial and Operating: Working Capital $ 17,808,190 $ (1,438,639) Long term debt - $ 12,569,667 Gross revenue $ 8,042,201 $ 14,433,806 Cash flow from operations $ 3,717,255 $ 6,000,148 - per share $ 0.12 $ 0.20 Net income $ 1,345,685 $ 1,329,543 - per share $ 0.04 $ 0.04 Shares outstanding 32,861,330 29,770,181 Total oil production (barrels of oil equivalent) 303,316 573,566 >> LVR implemented a fundamental change in corporate strategy in 1997. Effective July 1st, 1997 LVR sold all its Canadian oil and gas properties to NCE Energy Trust for approximately $26,000 per producing barrel. As a result of the sale, 1997 results reflect only six months of oil and gas production. The Company currently has an exceptionally strong balance sheet with nearly $18 million of working capital and no debt. In the future LVR will focus on its international projects in China and the Ukraine. The Company has two production sharing contracts in the Liaohe and Dagang oilfields in China. LVR will use proven Canadian horizontal drilling technology to re-enter and horizontally drill existing vertical producing wells in both fields. In Ukraine, LVR has finalized a production and development agreement with Ukrnafta for the development of the Bugruvativske oilfield. LVR will operate the project and use conventional technology to enhance oil production from the field. LVR anticipates operations to commence on both projects later this year with the goal of achieving initial production and cash flow by year-end. Lateral Vector Resources Inc. is a Canadian resource company with head office in Saskatchewan. The Company specializes in international oil projects and is listed on the Toronto Stock Exchange under the symbol LVR.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:47:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Newquest Releases 1997 Results, 1998 Capital Program and First Quarter 1998 Drilling Results ASE, TSE SYMBOL: NQE.A ASE SYMBOL: NQE.B APRIL 14, 1998 CALGARY, ALBERTA--Newquest Energy Inc. announced today financial results for 1997, the Company's second year of commercial operations. During 1997 Newquest participated in the drilling of 56 wells with an average working interest of 83 percent. This drilling program resulted in 24 (22.4 net) gas wells, 10 (5.0 net) oil wells and 22 (19.2 net) dry and abandoned wells for an overall drilling success rate of 61 percent. The drilling program resulted in two major gas discoveries in the Shunda and Elkton Formations at Slave in the Company's North Central Core Area. Newquest increased its average production 234 percent from 162 boepd during 1996, comprised 99 percent medium and light quality crude oil and 1 percent natural gas, to an average 541 boepd during 1997, comprised 34 percent medium and light crude oil and 66 percent natural gas. Newquest exited 1997 producing 1,500 boepd (87 percent natural gas and 13 percent oil) plus an additional 600 boepd behind pipe that has since been brought on stream during the first quarter of 1998. Limited rig availability during the first two quarters of 1997 restricted the Company's drilling program until the second half of the year, when Newquest contracted two rigs on a long-term basis. As a result, much of the Company's production additions occurred late in the year and did not contribute to cash flow and earnings for the full 12 months. Cash flow from operations increased 101 percent during 1997 to $1,873,000 ($0.26 per basic share, $0.23 per fully diluted share) from $931,000 in 1996 ($0.26 per basic share, $0.18 per fully diluted share). Net income increased to $298,000 in 1997 ($0.04 per basic share, $0.04 per fully diluted share) from $258,000 in 1996 ($0.07 per basic share, $0.05 per fully diluted share). Total proven reserves, independently evaluated December 31, 1997, are 39.8 bcf of natural gas and .5 million bbls of crude oil and natural gas liquids for a total 4.5 million boe, an increase of 325 percent over 1996. Total proven plus probable reserves as at December 31, 1997 are 74.7 bcf of natural gas and 1.1 million bbls of crude oil and natural gas liquids for a total 8.6 million boe, an increase of 268 percent over 1996. Newquest increased its undeveloped land position from 41,574 gross acres (20,669 net) as at 1996 year end to 130,482 gross acres (108,904 net) as at the end of 1997. All additions to land holdings were concentrated in the Company's North Central and South Eastern Core Areas. Capital expenditures during 1997 totalled $38 million, as compared to $8.6 million during 1996. Capital expenditures were comprised of $19 million for drilling, $11 million for land, $2 million for seismic and $6 million for facilities and equipment. Land costs during the year included $7.8 million paid to a major oil and gas company to acquire 25,120 net acres in Newquest's North Central Core Area, which property acquisition closed September 26, 1997. Including this large acquisition of predominately undeveloped land, Newquest's proved plus half probable finding costs totalled $6.26 per boe during 1997, with finding and on-stream costs of $7.52 per boe. The average selling price that the Company received for its crude oil fell 4 percent to $25.60 per bbl in 1997 from $26.79 in 1996. Gas prices increased to $1.72 per mcf in 1997 from $1.07 in 1996. Overall netbacks decreased from $18.85 during 1996 to $12.10 in 1997 reflecting Newquest's production base change from 99 percent oil during 1996 to 66 percent natural gas during 1997. The Company exited 1997 with no bank debt. Newquest has established a $30 million capital expenditures budget for 1998 which can be funded internally through cash flow and bank debt approximating one and one half times 1998 cash flow. The capital program provides for the drilling of over 60 high working interest wells in the Company's three Core Areas in Alberta. Newquest forecasts exiting 1998 producing 4,000 boepd comprised of 75 percent natural gas and 25 percent medium and light quality crude oil, and expects production to average in the 2,500 to 3,000 boepd range. During the first quarter of 1998 Newquest participated in the drilling of 15 wells with a 99.6 percent average working interest and 73 percent drilling success rate. The 1998 first quarter drilling program resulted in 10 Shunda and Elkton gas wells and one light oil well, all drilled on a 100 percent working interest basis in the Company's North Central Core Area, and four (3.9 net) dry and abandoned wells. Production has increased from an average 541 boepd during 1997 to an average 1,500 boepd during the first quarter of 1998. Newquest exited the first quarter producing approximately 2,250 boepd, comprised of 90 percent natural gas and 10 percent medium and light quality crude oil. Newquest is a Calgary based junior oil and gas exploration company with properties located in three core areas in the Province of Alberta. Newquest's securities are traded on The Toronto Stock Exchange under the trading symbol "NQE.A" and on The Alberta Stock Exchange under the trading symbols "NQE.A"and "NQE.B".

To: Kerm Yerman who wrote (10102)	4/14/1998 9:49:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Westfort Energy to earn Additional Reserves JACKSON, MISSISSIPPI, April 14 /CNW/ - Westfort Energy, Ltd. (symbol WT on Toronto Stock Exchange), announced today that the company has negotiated a new farmout agreement for the rights to exploit any additional oil or gas zone which might be encountered at the intervals from 12,000 feet to 16,630 feet during drilling of its upcoming deep Norphlet development well. That well is scheduled to drill to 17,350. Whitney Pansano, President of Westfort, said with the new farmout, the company can now test, evaluate and develop any oil and/or gas zone found at any depth encountered in its initial Norphlet test well, from the surface to the center of the earth, on the same terms and conditions as the company's earlier farmout agreement. Included in the additional zones is the prolific smackover gas reservoir, which according to a report dated March, 1996 by Tierney & Associates, independent reservoir engineers, contains calculated recoverable gas in excess of 314 billion cubic feet gas. Of this, after processing, the quantities of gas constituents available for market are estimated to be: 66.6 billion cubic feet methane; 1,068,091 long tons of sulfur and 185.9 billion cubic feet of CO-2. The product value for the methane and sulfur was estimated to be over $165,000,000, while no value was calculated for the CO-2 due to a lack of available market prices at the time of the report, although a nearby operator was known to be paying $0.53/MCF at the time. In 1969 Shell Oil Co. tested the No. 1 Mashburn well flowing at a rate of 6.8 million cubic feet gas per day with over 5,000 psi tubing pressure. Gas analysis yield was 23.5 percent methane, 65.8 percent carbon dioxide, 9.3 percent hydrogen sulfide, and 1.4 percent nitrogen. Due to a lack of market at the time, the well was completed as a shut in gas well and was never produced. Additional terms of the new farmout agreement require Westfort to pay 350,000 shares of common stock upon signing the agreement and an obligation to commence operations to develop any new formations discovered in the intervals 12,000 feet to 16,630 feet within 36 months beginning June 1, 1998. On behalf of the Board, Whitney J. Pansano, President

To: Kerm Yerman who wrote (10102)	4/14/1998 9:51:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / UTS and IRF Directors Agree to Amalgamation TSE SYMBOL: UTS AND INTERNATIONAL REEF RESOURCES LTD. ASE SYMBOL: IRF APRIL 14, 1998 TORONTO, ONTARIO--The Directors of United Tri-Star Resources Ltd. ("UTS") and International Reef Resources Ltd. ("IRF") have, agreed to amalgamate the two companies, subject to shareholder and regulatory approval. An independent committee of IRF together with independent legal council and an independent valuator, Coopers & Lybrand, will advise the Directors of both Boards on the exchange ratio of IRF into UTS shares. UTS will be the surviving company with more than $7.0 million in cash and no debt. The merger, inclusive of the exchange ratio will be presented to the shareholders for approval of both companies at their Annual General and Special Meetings on June 25, 1998. The combination of UTS and IRF will create an operating company focused on the energy industry, with two potentially highly rewarding businesses. UTS has previously announced its proposed 22 percent interest in a Joint Venture with Koch Oil Sands Limited Partnership. to develop leases 5 and 52 in the Athabasca Oil Sands. The partners are also evaluating the economic extraction of metals and minerals from the tailings associated with oil sands production. IRF has been developing an innovative fine coal recovery technology that has been successful in recovering and pellitizing coal from tailings ponds. The Company is currently finalizing a number of coal supply agreements in Pennsylvania and West Virginia. IRF expects to commence commercial production from its first plant by year end and to achieve its initial production goal of one million tons a year in 1999. The fine coal recovery business is expected to generate significant and growing cash flow for the combined company in the years prior to start-up of its oil sands project.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:53:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Arctic Pacific Contractors chosen for Russian Project DALLAS, April 14 /CNW/ -- Arctic Pacific Contractors (APC), a 50/50 joint venture between Fluor Daniel (NYSE: FLR) and Brown & Root Energy Services, a business unit of Halliburton Company (NYSE: HAL), has been selected by Sakhalin Energy Investment Company Ltd. to provide project engineering, procurement, construction planning, and other associated support services for basic design concept and definition phases of the Sakhalin II project located along Russia's Pacific Coast. APC's contract value for this initial effort is approximately US$40 million. APC's work is underway in Fluor Daniel's Houston office and will continue through first quarter 1999. "The union of Fluor Daniel and Halliburton's Brown & Root Energy Services, to form APC, offered Sakhalin Energy unmatched value. APC has the experience, project management team, resource base and corporate commitment that Sakhalin Energy requires," said Sakhalin Energy's Project Manager Bill McCaslin. It is anticipated that the Sakhalin II project will include multiple offshore oil and gas production platforms, subsea pipelines, onshore oil and gas pipelines, onshore processing facilities, onshore terminals, and onshore infrastructure. "This project provides an enormous opening for both companies to enter and contribute to the emerging Sakhalin Island hydrocarbon market, and positions us well to capitalize on the many anticipated project opportunities to come," commented Charlie Sands, President of Fluor Daniel's Production, Pipelines & Marine Systems operating company. The new joint venture plans to work closely with the Russians. "The relationships APC has built with Russian design institutes and in-country suppliers will play a critical role in the success of this world-class project," said Dave Lesar, President and Chief Executive Officer, Halliburton Company. Sakhalin Energy Investment Company Ltd. is owned by subsidiaries of Marathon Oil, Royal Dutch Shell, Mitsui, and Mitsubishi. Halliburton Company is one of the world's largest diversified energy services, engineering, maintenance and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction companies. Brown & Root Energy Services is a global engineering and construction company serving the upstream oil and gas business. Fluor Daniel, the principal subsidiary of Fluor Corporation, is a global engineering, construction maintenance and diversified services company with more than 50 offices and 50,000 employees worldwide. Fluor Daniel has maintained a presence in Russia for more than 25 years. Its office in Houston has been serving clients since 1948 and employs nearly 4,000 people.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:54:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Northrock Resources Closes Common Share Offering TSE SYMBOL: NRK APRIL 14, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S. NORTHROCK RESOURCES LTD. ("Northrock") announced today that it has closed its recently announced common share offering of 4,000,000 Common Shares at a price of $21.50 per share. The net proceeds will initially be used to reduce debt which will allow the Company to ensure that an aggressive exploration and development capital program would be accomplished in 1998. Drilling expenditures will represent more than 75 percent of a planned $207 million capital program with drilling activity expected to double to more than 300 wells. Up to 30 rigs will be active at certain times during the year. Particular emphasis will be placed on an aggressive program in West Central Alberta, building on recent successful drilling results and the recently announced Strategic Alliance with Gulf Canada Resources Limited and acquisition of Paragon Petroleum Corporation. Northrock Resources Ltd. is an oil and gas company listed on The Toronto Stock Exchange trading under the symbol "NRK".

To: Kerm Yerman who wrote (10102)	4/14/1998 9:55:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Wilshire Oil Company announces Important Oil WEll JERSEY CITY, N.J., April 14 /CNW/ -- Wilshire Oil Company of Texas announced today the completion of an important oil well in Laramie County, Wyoming. The Wilshire McConnaughey #1-23H(a) well in Section 23-16N-65W reached a measured depth of 12,433 feet with a horizontal lateral of 4,524 feet. The well was tested on a 20/64" choke with a flowing tubing pressure of 310 pounds per square inch. The well flowed 60 barrels of oil during a one hour test or the equivalent of 1,440 barrels of oil per day. Wilshire has a 50% interest in this well. This well represents Wilshire's first horizontal venture in the Niobrara "C" Bench zone. Wilshire has multiple offsetting drill sites to this well and expects to drill other "C" Bench wells in the near future. Wilshire is a New York Stock Exchange listed corporation engaged in oil and gas exploration and real estate investment operations. Some information contained within this release is forward-looking and involves risks and uncertainties that could significantly impact expected results. A discussion of these risks and uncertainties is contained in the Company's 1997 Form 10-K filed with the Securities and Exchange Commission.

To: Kerm Yerman who wrote (10102)	4/14/1998 9:59:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Courage Energy Inc. Reports 1997 Financial and Operating Results TSE SYMBOL: CEO APRIL 14, 1998 CALGARY, ALBERTA--COURAGE ENERGY INC. (T.S.E. - C.E.O.) today announced their 1997 financial and operating results. /T/ -------------------------------------------------------------- PERCENT PRODUCTION 1997 1996 CHANGE -------------------------------------------------------------- Equivalent barrels per day 1,820 1,540 +18 Oil Production (bpd) 964 887 +9 Ngl Production (bpd) 224 148 +51 Gas Production (mcf/d) 6,320 5,050 +25 Average Oil and Ngl Price/bbl ($Cdn) 20.21 23.99 -16 Average Gas Price/mcf ($Cdn) 2.16 1.77 +22 FINANCIAL -------------------------------------------------------------- Revenue ($000) 13,483 12,074 +12 Cash Flow from Operations ($000) 6,105 6,504 -6 Per Share - basic ($) 0.27 0.32 -16 Per Share - fully diluted ($) 0.27 0.31 -16 Earnings ($000) 970 1,819 -47 Per Share - basic ($) 0.04 0.09 -55 Per Share - fully diluted ($) 0.04 0.09 -55 Capital Expenditures ($000) 14,646 10,882 +35 Debt plus working capital ($000) 9,382 4,382 +114 Average Common Shares (000) 22,227 20,313 +9 Net Asset Value per Share ($) 2.11 1.52 +38 -------------------------------------------------------------- -------------------------------------------------------------- PERCENT RESERVES 1997 1996 CHANGE -------------------------------------------------------------- Oil & Ngl (mbbl) Proven 3,233 2,189 +48 Probable 1,715 1,155 +48 Natural Gas (mmcf) Proven 25,250 11,116 +127 Probable 10,003 4,032 +148 Total Proven + Probable (mboe) 8,473 4,858 +74 Present Value of Reserves ($000 discounted at 12.5 percent) Proven 44,623 27,792 +61 Proven + Probable 61,031 38,158 +60 -------------------------------------------------------------- FINDING AND DEVELOPMENT COST -------------------------------------------------------------- PROVEN PROVEN + 50 PERCENT PROVEN +100 PERCENT PROBABLE PROBABLE -------------------------------------------------------------- $4.68/boe $3.94/boe $3.41/boe -------------------------------------------------------------- /T/ The Company's 1997 drilling results and reserve additions were the most significant in its history. The only factor that temporarily hindered its corporate performance was the delay in bringing new reserves on production. Courage's revenue and cash flow were virtually unchanged between 1996 and 1997, however, the Company has built a solid platform for growth. There is substantial productive capability at Leduc where Courage expects to gain access to a sour gas plant in 1998. Courage has demonstrated strong operational and financial performance, and achieved a production replacement ratio of 5.57, a recycle ratio of 2.92, and a reserve life index of 10.7 years at a finding and development cost of $3.94/boe in 1997. Reserves The Company had its petroleum and natural gas properties evaluated by McDaniel and Associates Consultants Ltd. Effective January 1, 1998. The McDaniel Report is summarized as follows: /T/ SUMMARY OF WORKING INTEREST RESERVES as of January 1, 1998 -------------------------------------------------------------- OIL (Bbls) NGL (Bbls) GAS (Mcf) Total BOE -------------------------------------------------------------- Proven remaining 2,464,200 768,300 25,250,300 5,757,530 Probable additional 1,381,900 333,300 10,002,500 2,715,450 -------------------------------------------------------------- Total 3,846,100 1,101,600 35,252,800 8,472,980 -------------------------------------------------------------- PRESENT WORTH VALUES Discounted At -------------------------------------------------------------- Undiscounted 10 12.5 15 Percent Percent Percent -------------------------------------------------------------- Proven remaining $73,511,100 $48,331,200 $44,622,600 $41,477,700 Probable additional 53,764,700 19,451,600 16,407,900 14,078,900 -------------------------------------------------------------- TOTAL RESERVE VALUE $127,275,800 $67,782,800 $61,030,500 $55,556,600 -------------------------------------------------------------- /T/ Courage Energy Inc. is a Canadian oil and natural gas company. The principal business is the exploration, development and production of oil and natural gas. The common shares of Courage are listed on the Toronto Stock Exchange under the symbol "CEO".

To: Kerm Yerman who wrote (10102)	4/14/1998 9:59:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Barra Resources forms Alliance with Private Co. CALGARY, April 14 /CNW/ - BARRA RESOURCES INC. (ASE: BAO) announces that it has entered into a strategic alliance with a well funded private oil and gas company, the principals of which have an extensive successful track record in exploration and mineral rights acquisition. Under the terms of the alliance, Barra and the private company will cooperate to exploit prospects identified on certain of Barra's current lands, acquire additional lands and working interests and also jointly participate in future prospects developed by either party. The intent of the alliance is that each party will share equally in the assets developed as a result of this alliance. The private company will provide the funding for the initial phase of property acquisition and drilling. Barra will be the operator for drilling and operating activities resulting from this arrangement. The parties have until December 31, 1999 to equalize their respective contributions, which may be in the form of new drilling and land acquisition expenditures or existing assets. The alliance does not provide for specific funding commitments, however it is anticipated that a total of $1.5 to $2 million will be expended through December 31, 1999. The alliance provides Barra with the opportunity to immediately develop opportunities in certain of its core areas and acquire complementary assets without utilizing existing banking facilities or seeking new equity financing.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:01:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / Moiibus Resource Corp closes Production Purchase CALGARY, April 14 /CNW/ - Moiibus Resource Corporation is pleased to announce it has closed the purchase of 50 Boe/d of production and 1,700 net acres of undeveloped land from a non-arms length party for 1,195,349 common shares as previously announced on March 27, 1998. The common shares were issued at a price of $0.43 per share, subject to a one year hold from the date of closing. This transaction increases the Company's production to 100 Boe/d and outstanding common shares to 8,796,606.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:02:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / TransCanada Acquires Power Purchase Pact for Ocean State Power ASE, ME, TSE, VSE, NYSE, WINNIPEG STOCK EXCHANGE SYMBOL: TRP APRIL 14, 1998 CALGARY, ALBERTA--TransCanada Power Marketing Ltd., a wholly owned subsidiary of TransCanada PipeLines Limited, announced today it has increased its share of electrical output from Ocean State Power through acquisition of power purchase agreements currently in place between an affiliate of Eastern Utilities Associates (NYSE:EUA) and Ocean State Power. The 14-year power purchase agreements obligated the affiliate to purchase 28 per cent of the output from Ocean State Power, a 500-megawatt, natural gas-fueled, combined-cycle electric generating plant located in Burrillville, Rhode Island. TransCanada currently owns 40 per cent of Ocean State Power and operates the facility. In addition, TransCanada and U.S. Generating Company announced proposed transactions in 1997 that will result in TransCanada's acquisition in 1998 of an additional 30 per cent equity interest in Ocean State Power. Each of the transactions is subject to approval by state and federal regulatory agencies. "At the conclusion of all these transactions, TransCanada will own 70 per cent of the equity and will control 76.5 per cent of the plant's electrical output," said George Watson, president and chief executive officer of TransCanada PipeLines. "That means we'll be better positioned to compete successfully as an energy services company in the dynamic U.S. northeast power market." TransCanada will receive approximately US$130 million over nine years from EUA as compensation for acquiring the obligations contained in the power purchase agreement. Ocean State Power is a US$468 million plant that began commercial service in December 1990. The first conventional, electricity-only generating plant built by an independent power producer in the United States, Ocean State provides enough electricity to meet the needs of about 500,000 homes. TransCanada, which also manages and operates four natural gas-fueled power generation plants in Canada, recently announced plans to construct a fifth power generation plant in northern Ontario, and has interests in international power generation facilities. EUA is a Boston-based diversified energy services company whose shares are traded on the New York and Pacific Stock Exchanges. Subsidiaries include electric utilities in Massachusetts and Rhode Island and non-utility energy-related businesses. Together, the companies are known as the EUA System. Information about EUA is available on the World Wide Web at eua.com. TransCanada PipeLines Limited is one of North America's leading energy services companies. TransCanada manages its Cdn$14 billion asset base to provide integrated energy transmission, energy marketing and energy processing solutions to customers in North America and, to an increasing degree, internationally. Common shares trade under the symbol TRP, primarily on the Toronto, Montreal and New York stock exchanges.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:04:00 PM
From: Arnie	Respond to of 15196

EARNINGS / United Refining Company reports 1st 6 months results WARREN, Pa., April 14 /CNW/ -- United Refining Company, a leading regional refiner and marketer of petroleum products announced operating results for the second quarter of fiscal 1998. Earnings before interest taxes and depreciation (EBITDA) for the six months ended February 28, 1997 and 1998 was $8.4 million and $1.2 million, respectively. EBITDA for the second quarter of Fiscal 1998 was negative $7.9 million, as compared with the previous year's EBITDA for the same period of $0.5 million. Myron L. Turfitt, President and Chief Operating Officer, commenting on second quarter financial results noted, "While the second quarter decline in EBITDA and operating income were disappointing, it is important to note that the results were almost entirely due to a reduction in pricing of working inventory, to reflect declining petroleum product values." Net sales for the six months ended February 28, 1997 and 1998 were $435.1 million and $376.6 million, respectively. Net sales for the three months ended February 28, 1997 and 1998 were $207.8 million and $163.3 million, respectively. Operating Income/(Loss) for the six months ended February 28, 1997 and 1998 was $3.6 million and $(5.7) million respectively. Operating loss for the three months ended February 28, 1997 and 1998 was $2.0 million and $11.5 million, respectively. Mr. Turfitt also noted, "The decreased sales were primarily the result of decreases in wholesale and retail petroleum prices primarily due to lower prices for petroleum products worldwide accompanied by a decrease in world crude oil prices. This decrease was partially offset by a 9.0% increase in retail merchandise sales for the six-month period ending February 28, 1998, compared to the same period of the previous fiscal year." United operates a 65,000 bpd refinery in Warren, Pennsylvania. In addition to its wholesale markets the Company also operates 317 Kwik Fill/Red Apple retail gasoline and convenience stores located primarily in western New York and western Pennsylvania. UNITED REFINING COMPANY ($ in millions) Three Months Ended Six Months Ended February 28, February 28, 1998 1997 1998 1997 Net Sales $163,263 $207,812 $376,565 $435,076 EBITDA (7,993) 530 1,158 8,437 Operating Income/(Loss)(11,501) (1,995) (5,710) 3,561 Income Tax Benefit (6,378) (2,198) (5,896) (1,606) Net (Loss) (9,557) (3,382) (8,832) (2,480)

To: Kerm Yerman who wrote (10102)	4/14/1998 10:05:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Renco Resources Announces Drilling Update CDN SYMBOL: RNRS APRIL 14, 1998 CALGARY, ALBERTA--Further to the Company's news release of March 10, 1998, the Company is pleased to announce preliminary drilling results regarding the first well drilled on the Caney Unit One project in Oklahoma. This project is being developed in conjunction with Commonwealth Energy Corp., and the Company's wholly-owned subsidiary, Renco Energy Inc. (the "Subsidiary"). Well logs indicate an oil sand in excess of 80 feet thick with 17 percent porosity in the Bartlesville zone. The well was drilled to a total depth of 1414 feet. The well is currently being completed and should be on production shortly. The Company has approximately 21,636,876 outstanding shares.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:06:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / CityView Energy updates Drilling Status Capital Structure: Fully Diluted: 12,607,068 Float: 5,522,049 MMC Exploration & Production (Philippines) Pte Ltd has been advised that ARCO Philippines Inc, the operator of Hippo Well No. 1, plans to continue drilling from the present depth of 3,720 metres (12,204 feet) to 4,008 metres (13,150 feet) or until such time as the mud weight reaches 13lbs per gallon whichever is the earlier. The mud weight is presently 12.2lbs per gallon. 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

To: Kerm Yerman who wrote (10102)	4/14/1998 10:09:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FINANCING / Northline Energy Services announces Private Placement 1998-04-14 SYLVAN LAKE, ALBERTA NORTHLINE ENERGY SERVICES INC. ("Northline") (ASE: NES) is pleased to announce that it has priced its previously announced private placement to be completed as part of its Major Transaction. Northline intends to complete a private placement ("Private Placement") of a minimum of 400,000 and a maximum of 1,000,000 Units at a price of $1.05 per unit for gross proceeds of $420,000 and $1,050,000, respectively, in a private placement to investors, and possibly to directors and officers of Northline pursuant to applicable securities act exemptions. Each Unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share at a price of $1.50 per share for a period of up to one year. Northline may engage registered dealers in the Province of Alberta to assist Northline in the Private Placement and may pay the registered dealers a commission of up to 10%. The price per common share was established by the board of directors of Northline. The completion of the Private Placement is subject to regulatory approval and Northline is required to file a formal application with The Alberta Stock Exchange within 14 calendar days of this press release. For further information contact Norbert Loiselle, President of Northline, at (403) 918-1171.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:09:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Centennial Energy Partners, L.P. Acquires 135,800 Common Shares of Highridge Exploration Ltd. APRIL 14, 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 recently in the aggregate acquired 135,800 common shares of Highridge Exploration LTD 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. As previously announced, 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 Highridge Exploration LTD are for 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 2,133,400 common shares of Highridge Exploration LTD, representing 16.93 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 Highridge Exploration LTD for investment purposes, depending on the market conditions for shares of Highridge Exploration LTD and other factors.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:13:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / R. Chaney & Partners - Trican Well Service Updates Stock Position APRIL 14, 1998 CALGARY, ALBERTA--R. Chaney & Partners III L. P. and R. Chaney & Partners IV L.P. of Houston, Texas announce that as a result of private placements and market purchases on The Toronto Stock Exchange, they now on a combined basis exercise control and direction over 698,200 common shares of Trican Well Service Ltd. and 500,000 special warrants each excercisable for one common share of Trican, which if exercised would represent a total of 10.8 percent of the issued and outstanding shares of Trican. R. Chaney & Partners, Inc. is the general partner of R. Chaney & Partners III L. P. and R. Chaney Investments, Inc. is the general partner of R. Chaney & Partners IV L.P. Robert H. Chaney is the sole shareholder of both general partners. Both limited partnerships are U.S. investment funds specializing in emerging energy technology companies. Although the limited partnerships may make further purchases of common shares, it is not the current intention of either limited partnership to acquire control of Trican Well Service Ltd. This press release has been issued in order to comply with applicable securities legislation.

To: Kerm Yerman who wrote (10102)	4/14/1998 10:16:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Benz Energy Ltd. Completes US$37,340,000 of Financings VSE SYMBOL: BZG APRIL 14, 1998 HOUSTON, TEXAS--Benz Energy Ltd. today announced that it has completed the private placement of US$9,840,000 principal amount of Series A and Series B Special Notes at a price of 100.00 percent. The Series A Special Notes were offered in Canada and the Series B Special Notes were offered in the United States. The Special Notes are exchangeable for two separate series of 9 percent Convertible Debentures, due August 31, 2003, that are convertible at any time into common shares at a price of Cdn$1.70 per share. Benz may require conversion of the Convertible Debentures into common shares after September 30, 2001, subject to certain restrictions, or may elect to redeem remaining Convertible Debentures after March 31, 2002. Conversion prior to September 30, 1999 will earn converting holders a 5 percent increase in the number of common shares issued. In connection with these private placements, Benz paid to the agent undertaking the offerings a commission of 8 percent and a corporate finance fee of US$250,000 in cash. Benz has also granted to the agent a compensation warrant to acquire compensation options that are exercisable for the number of common shares of the Company equal to 10 percent of the number of shares issuable upon the conversion of the Convertible Debentures for which US$8,840,000 principal amount of Special Notes are exchangeable. Benz recently completed a European private placement of US$27,500,000 principal amount of 9 percent Convertible Debentures with a conversion price of Cdn$1.70 per share. Aggregate gross proceeds from the three offerings were US$37,400,000. Aggregate net proceeds of approximately US$33,300,000 will be used to fund 1998 capital expenditures, including the testing of up to ten exploratory prospects, development drilling, additional acquisitions of leases, seismic data and properties in the onshore Gulf of Mexico region, repayment of a portion of its outstanding debt and other working capital needs. The Special Notes offered in Canada and the United States and the Convertible Debentures offered in Europe were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Benz is an exploration and development oil and gas company based in Houston, Texas and focused on the onshore Gulf Coast of the U.S. This press release is not for dissemination within the United States or to or through any service disseminating information in the United States. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

To: Kerm Yerman who wrote (10102)	4/15/1998 3:57:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP. / Arakis Energy Arakis Announces Change to Board of Directors CALGARY, Alberta -Arakis Energy Corporation (NASDAQ:AKSEF) announced that the Board of Directors has accepted the resignation of Dr. Asif A. Syed, effective April 7, 1998. Mr. Raymond P. Cej, President and Chief Executive Officer of Arakis, has been appointed to the Board of Directors to replace Dr.Syed. The Company wishes to express its gratitude to Dr. Syed for his support, particularly in 1993 when the Concession in the Sudan was originally acquired, and for his efforts on the Board of Directors of Arakis since his appointment in September, 1996.

To: Kerm Yerman who wrote (10102)	4/15/1998 5:02:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Primeline Energy Awards Contract for 3D Seismic Survey VANCOUVER, British Columbia--(BUSINESS WIRE)--April 14, 1998-- Primeline Energy Holdings Inc. (VSE:PEH.) Primeline Energy Holdings Inc., (PEH.V) ("Primeline" or the "Company"), wishes to outline the progress of the appraisal programme of the "Vicky" (LS 36-1) discovery, located in Block 32/32 of the East China Sea. Following last year's successful drilling/testing of Vicky-1 well and a very encouraging post-well evaluation, the Company has been focused on an appraisal programme, initiating with a 3D seismic survey over the discovery. After an international tender, the Company has negotiated and awarded the 3D survey contract to China Offshore Geophysical Corp. (COGC) based on technical capacity and cost (estimated at US$1.5m). COGC is the pre-eminent Chinese geophysical company with much offshore 3D seismic survey experience. The survey will commence on or about 1st May 1998 and will be completed in early June. The processing and interpretation of the data will then take approximately 4-6 months with evaluation results expected at year end. The Company will then announce its plan with respect to the next round of drilling. The 3D seismic data is important for selecting the location of the appraisal well(s) to further define the hydrocarbon reserve of the Vicky (LS36-1) discovery. Primeline owns a 75 percent interest in Block 32/32, a 6,000 sq. km. (1.5 million acres) concession in the East China Sea. Primeline is exclusively focused on oil and gas exploration and upstream business opportunities in China. The Company's shares are listed on the Vancouver Stock Exchange under the symbol "PEH".