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To: Kerm Yerman who wrote (10164)	4/16/1998 7:00:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Deena Energy Commences Drilling on the Koah Pring I Well ASE SYMBOL: DNG APRIL 16, 1998 CALGARY, ALBERTA--Deena Energy Inc. through its subsidiary Deena Energy Cambodia Inc. is pleased to announce that drilling has commenced on the Koah Pring I well offshore Block IV Cambodia. The drill ship Energy Searcher will drill to approximately 3000 meters to evaluate Miocene and Oligocene aged sediments. Deena has a 10 percent working interest in Block IV which encompasses approximately 2800 square kilometers. Drilling and production testing is expected to take approximately 50 days.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:06:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUST / APF Announces Year-End Results; Company Also Agrees to Acquire Long-Life Saskatchewan Assets TSE SYMBOL: AY.UN APRIL 16, 1998 CALGARY, ALBERTA--APF Energy Trust released today its financial and operating results for the 12-month period ended December 31, 1997, its first full year of operations. The year was highlighted by the acquisition of $32 million in assets, which significantly increased production, revenue and cash flow. APF exited 1997 with daily production of 2,412 barrels of oil equivalent, comprising 15,352 Mcf of natural gas, 627 Bbl of oil and 250 Bbl of natural gas liquids. This represented an increase of more than 90 percent over the 1996 exit rate. The purchase of assets at Countess, Alberta ($8 million) increased APF's holdings in this core area, while the takeover of Bayridge Resources Limited ($24 million) added properties at Caroline (an existing core area), Joarcam and Pembina, Alberta. /T/ ----------------------------------------------------------- OPERATING HIGHLIGHTS 31-Dec-97 31-Dec-96 ----------------------------------------------------------- Production Gas (Mcf/d) 15,352 6,621 Oil (Bbl/d) 627 507 NGL (Bbl/d) 250 96 Total (Boe/d) 2,412 1,266 Average Prices Gas ($Cdn/Mcf) 2.06 2.86 Oil ($Cdn/Bbl) 22.48 29.00 NGL ($Cdn/Bbl) 22.00 31.36 Total ($Cdn/Boe) 21.24 28.98 --------------------------------------------------------- /T/ APF received an average price of $21.24 per Boe during the year, inclusive of net hedging gains. The average price for gas was $2.06/Mcf, while oil and natural gas liquids were sold for $22.48 and $22.00 per barrel, respectively. Net operating income was $10.8 million ($3.09 per unit) on revenue of $19.6 million and net earnings were $0.856 million ($0.24 per unit). During 1997, APF declared cash distributions of $6.2 million ($1.775 per unit). At a December 31, 1997 closing unit price of $9.10, this represented a cash distribution rate of 20 percent. /T/ ----------------------------------------------------------- FINANCIAL HIGHLIGHTS 31-Dec-97 31-Dec-96 ----------------------------------------------------------- Revenue ($000) 19,605 1,137 Per unit ($) 5.60 0.33 Net operating income ($000) 10,837 708 Per unit ($) 3.10 0.22 Distributable income ($000) 6,213 601 Per unit ($) 1.78 0.17 Cash distributions ($000) 5,285 -- Per unit ($) 1.51 -- Net earnings ($000) 856 352 Per unit ($) 0.24 0.10 --------------------------------------------------------- /T/ Cash distributions received by unitholders during the fiscal year amounted to $5.3 million ($1.51 per unit), of which 39.5 percent was taxable as income. The balance of 60.5 percent was a return of capital, which reduced a unitholder's adjusted cost base. Since completing its initial public offering 16 months ago, the Trust has distributed or declared distributions of $8.4 million ($2.40 per unit). In addition to these distributions, a working capital reserve of $2.1 million ($0.60 per unit) was built-up during 1997. This reserve will be available to fund development and exploitation initiatives, as well as to ensure that unitholders continue to receive consistent cash distributions during periods of commodity price weakness or unforseen decreases in production. /T/ ------------------------------------------------------------ Balance Sheet (000$) 31-Dec-97 31-Dec-96 ------------------------------------------------------------ ASSETS Current assets 5,843 16,431 Capital assets 46,753 20,755 ------ ------ 52,596 37,186 LIABILITIES Current 3,714 1,169 Long term debt 21,900 4,100 Deferred income tax 43 0 Site restoration 485 4 EQUITY Share capital 10 10 Unitholders' account 32,194 32,296 Retained earnings 1,208 352 Distributions declared (6,948) (735) -------- ------- 52,596 37,186 ----------------------------------------------------------- /T/ Capital assets increased to $46.7 million, reflecting the Countess and Bayridge transactions. Both acquisitions were financed through APF's credit facilities. In other news, APF Energy Inc. announced that it has signed a letter of intent with two limited partnerships to acquire assets in the Gleneath and Steelman areas of Southeast Saskatchewan. The acquisition will add approximately 93 Boe/day of production and 848 Mboe (proved plus one-half probable) of reserves. Cash flow for 1998 has been estimated at $450,000. The purchase price of $2.4 million will be satisfied by the payment of $1.2 million in cash and the issuance by APF Energy Trust of 137,143 trust units at $8.75 per unit. The transaction is subject to approval by The Toronto Stock Exchange and the partnerships' limited partners. /T/ APF ENERGY TRUST MARKET & INVESTOR INFORMATION Date of IPO Dec. 17/96 TSE symbol AY.UN Units outstanding 3,500,000 Issue price $10.00 Dec. 31/97 closing price $9.10 52-week high $10.30 52-week low $8.65 Recent price $9.50 Market capitalization $33,250,000 Distributions since IPO $2.40/unit 1997 distributions $1.78/unit 1997 Distribution rate 19.6 percent /T/

To: Kerm Yerman who wrote (10164)	4/16/1998 7:12:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUST / Reserve Royalty Corporation - Shares Included on TSE 300 Composite Index TSE SYMBOL: ROI APRIL 16, 1998 CALGARY, ALBERTA--Reserve Royalty Corporation (TSE: ROI) is pleased to announce that it has been informed by the TSE on April 1, 1998 that the Company's shares will be included in the Toronto Stock Exchange 300 Composite Index (TSE 300) as well as the TSE 200 Index effective April 17, 1998. Reserve Royalty was listed on the Toronto Stock Exchange on December 11, 1995 as a result of a reverse takeover and since that time has increased share price performance from $.90/share to a high of $5.35/share while remaining an active issue in 1997 with trading volumes in excess of 34 million shares. We challenge and are excited about the promising growth prospects of 1998. Reserve Royalty Corporation is an innovative financial company which creates gross overriding royalties in the oil & gas industry through off balance sheet financing for industry partners and by the re-deployment of oil and gas assets required by the company in corporate transactions such as the Jordan acquisition.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:12:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Tessex Energy Inc reports 1997 Results A 134% increase in natural gas production has resulted in record revenue, cash flow and earnings for Tessex Energy Inc. (see table below). In 1997, Tessex also grew its production of oil and liquids, with exit production of 115 Bopd, for an average 75 Bopd in 1997, compared to 57 Bopd in 1996, an increase of 32%. 1997 exit gas production was 4.3 Mmcf/day and average gas production was 2.6 Mmcf/day as compared to 1.11 Mmcf/day in 1996. However, most importantly, for 1998 cash flow, current production is 5.56 Mmcf/day with an additional 1.6 Mmcf/day from Cecil expected to come on stream in May, 1998. The Company's average oil price was $26.60 / barrel down from $28.22 in 1996. The Company's gas price; however, on a weighted average basis was $2.01/Mcf for the year. The average price received in 1996 was $1.15/Mcf. Average production for the year was 335 BOE, exit production was 545 BOE and current production is 657 BOE. Of this, 77%, 79% and 85% respectively was natural gas production. The Company's main production gains came from its Lethbridge multizone gas project, which went on stream in June of 1997, and from its Gold Creek oil project. Over 1997, the Company drilled or participated in the drilling of 7 wells resulting in 4 multizone gas wells, 2 at it each of Lethbridge (1.9 net) and Cecil (.5 net) and 2 (.67 net) oilwells at Gold Creek. A dry hole was drilled at Cecil East (.5 net). With respect to the 4th quarter; cash flow was $673,000 or 47% of total cash flow. (2.5 cents/share). Subject only to Shareholder and Regulatory approvals, the previously announced Plan of Arrangement with Encounter Energy Inc. (Feb 24, 1998 and Feb 26, 1998) will proceed with an anticipated closing of May 13, 1998. In addition to a management team comprised of Messrs John H. Carruthers, Paul L. Mitchell, C.A. (Butch) Bauer and Donald C. Ross; Encounter brings $5.4 million in working capital, which will be used to fund drilling and development activities in 1998. The Plan will result in the former shareholders of Encounter owning 21.1 % of the issued and outstanding share capital of Tessex on a fully diluted basis. As disclosed previously, the intent is to roll back the shares of the Amalgamated Company on a three for one basis. The shares of Tessex are listed on the Alberta Stock Exchange and trade under the symbol of TES.A and the Annual and Special General Meeting will be held May 12, 1998 at 10:00 A.M. at the Calgary Petroleum Club. For further information, please contact: Wilfred J. Wilson, President, or Bernie Pedersen at Tessex Energy Inc., 950, 717 - 7 Avenue S.W. Calgary, Alberta T2P 0Z3, Telephone: (403) 266-2651. Year Profit Profit/Share Cash Flow C.F. Share Revenue 1997 $478,000 $0.018 $1,435,000 $0.053 $2,257,000 1996 $68,000 $0.004 $399,000 $0.022 $996,000 1995 $129,000 $0.007 $371,000 $0.021 $803,000 (SIGNED) W.J. (Bill) Wilson President

To: Kerm Yerman who wrote (10164)	4/16/1998 7:16:00 PM
From: Arnie	Respond to of 15196

FINANCING / Rio Alto Exploration announces Equity Financing RIO ALTO EXPLORATION LTD. (TSE-RAX) announced today that it has entered into an agreement with a group of Canadian underwriters to issue by way of a short form prospectus 6,000,000 common shares at a price of $16.90 per share on a "bought deal" basis. The proceeds from the issue will be used by Rio Alto to fund its ongoing exploration, development and acquisition efforts. For further information, please contact: R.T. (Rick) Cones, President RIO ALTO EXPLORATION LTD. 2500, 250-5th Avenue S.W. Calgary, Alberta T2P 2Y7 Phone: (403) 716-6227 Fax: (403) 264-7820 This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:17:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Vermilion Resources reports 1997 Results Vermilion Resources Ltd. "Vermilion" announces its audited consolidated financial results for the year ended December 31, 1997. Revenues were $53,693,000 in 1997 compared to $9,323,000 in 1996. Cash flow from operations were $26,407,000 or $0.70 per share in 1997, up from $5,169,000 or $0.24 per share in 1996. Net earnings for 1997 improved significantly to $11,358,000 or $0.30 per share over $1,866,000 or $0.09 per share in 1996. Effective April 15, 1998, Vermilion will be added to the TSE 300 Composite Index. This marks a new stage for future growth of the Company and reflects the strength of Vermilion's shareholder base and performance to date. The following table summarizes the results for the fiscal year ending December 31, 1997 and 1996. Highlights ($000's except per share amount) Fourth Quarter Fiscal Year Ending Dec. 31 1997 1997 1996 Financial Petroleum & Natural Gas Revenues $13,028 $53,693 $9,323 Cash Flow from Operations 5,344 26,407 5,169 Per Share 0.12 0.70 0.24 Net Earnings 2,307 11,358 1,866 Per Share $0.05 $0.30 $0.09 Balance Sheet Working Capital Deficit $2,877 $143 Long term Debt 17,549 13,404 Capital Assets 108,254 27,720 Shareholders Equity $ 77,722 $21,256 Common Shares Outstanding End of Period 42,154,338 29,909,864 Weighted Average 37,773,872 21,403,004 Fully Diluted, End of Period 45,580,231 32,982,935 Share Trading High $9.75 $4.50 Low 3.85 0.70 Close $8.25 $4.50 Net Asset Value per Share $6.67 $2.00 Undeveloped Land Holdings (net acres) 166,601 45,450 Acquisition and Finding Costs (per proven BOE) $2.34 $3.16 Recycle Ratio 4.7 3.4 Crude Oil and natural gas production on a barrel of oil equivalent basis increased to 6,573 BOEPD in 1997 from 1,307 BOEPD in 1996. The increase was a combination of the acquisition of crude oil properties in France followed by an extensive workover and well reactivation program. In addition, the Company's drilling success at Chip Lake has lead to increased average production in Canada in 1997 with further production awaiting facilities and pipeline construction in the first half of 1998. Property Production Summary ----------------------------------------------------------------------------- 1997 1996 ----------------------------------------------------------------------------- Average Average Average Average Oil & NGL's Gas Average Oil & NGL's Gas Average Bbls/d Mmcf/d Boepd Bbls/d Mmcf/d Boepd ----------------------------------------------------------------------------- Chip Lake 654 7.02 1,356 332 4.62 794 Minor Properties 149 1.92 341 215 2.98 513 ----------------------------------------------------------------------------- Total Canada 803 8.94 1,697 547 7.60 1,307 ---------------------------------------------------------------------------- France Aquitaine Basin 3,120 - 3,120 - - - Paris Basin 988 - 988 - - - Non-operated 565 2.03 768 - - - ----------------------------------------------------------------------------- Total France 4,673 2.03 4,876 - - - ----------------------------------------------------------------------------- Combined Total 5,476 10.97 6,573 547 7.60 1,307 ---------------------------------------------------------------------------- Vermilion's capital program for 1997 increased to $78.6 million of which $46.0 million represented the acquisition of properties in France (including $8.1 million of pre-acquisition costs paid in 1996). The Company raised equity to pay for the France acquisition and maintained an under-levered debt position of $15.0 million (net of cash) entering 1998. In the first quarter of 1998, Vermilion completed an acquisition of producing properties at Chip Lake followed by a bought deal equity financing of $40.0 million. The Company remains positioned for further acquisition activity in 1998. December 31, 1997 ($000's) ------------------------------------------------ Capital Expenditures 1997 1996 ------------------------------------------------ Drilling & Development Expenditures Canada $19,267 $7,076 France 21,487 - ----------------------------------------------- 40,754 7,076 Property Acquisition Costs (Net) 46,038 12,194 Preacquisition Costs - France (8,158) 8,158 ------------------------------------------------ $78,634 $27,428 ------------------------------------------------- Funding of Capital Program Cash Flow $26,407 $5,169 Debt and Working Capital 7,835 8,452 Equity 44,392 13,807 -------------------------------------------------- $78,634 $27,428 -------------------------------------------------- Wells Drilled Canada 15 (13.6 net) France 2 (2.0 net) Operating Statistics The following operations netback of $12.94 per barrel lead to a cash flow netback of $11.00 per barrel versus $10.78 per barrel in 1996. Operating Statistics ($000's) ------------------------------------------------------ Year Ended Dec.31,1997 Year Ended Dec.31,1996 ------------------------------------------------------ Oil & Oil & NGL's Gas Total NGL's Gas Total ------------------------------------------------------- Consolidated Revenues $44,055 $9,638 $53,693 $4,759 $4,564 $9,323 Royalties (net of ARTC) (7,200) (1,357) (8,557) (723) (690) (1,413) Lifting Costs (11,460) (2,628) (14,088) (564) (952) (1,516) ------------------------------------------------------- Operating Income $25,395 $5,653 $31,048 $3,472 $2,922 $6,394 -------------------------------------------------------- Consolidated Prices $22.04 $2.41 $22.38 $23.77 $1.63 $19.43 Royalties (net of ARTC) (3.60) (0.34) (3.57) (3.61) (0.25) (2.94) Lifting Costs (5.73) (0.66) (5.87) (2.82) (0.34) (3.16) -------------------------------------------------------- Operating netback $12.71 $1.41 $12.94 $17.34 $1.04 $13.33 ------------------------------------------------------- Reserves On a consolidated basis, Vermilion's reserve base increased fivefold as at December 31, 1997 to 50.8 million barrels of oil equivalent (MmBoe) of proven plus 50% probable reserves from 10.1 MmBoe in the prior year. The France acquisition and subsequent development of those assets in combination with the drilling program in Canada accounted for the increase in reserves. Summary of Reserves ------------------------------------------------------- 15% DCF Oil Gas NGL ($000's) Mbbls Mmcf Mbbls MBOE (before taxes) -------------------------------------------------------- Canadian Assets Total Proven 926 70,399 4,562 12,527 $68,421 Total Proven Plus 50% Probable 1,066 88,522 5,451 15,369 79,697 France Assets Total Proven 29,058 12,890 - 30,347 203,101 Total Proven Plus 50% Probable 33,810 15,964 - 35,406 225,512 ---------------------------------------------------------------------------- Combined Total Proven 29,984 83,289 4,562 42,874 271,522 Total Proven Plus 50% Probable 34,876 104,486 5,451 50,775 $305,209 ----------------------------------------------------------------------------- For further information, please contact: Mr. Jeff Boyce Mr. Stephen Bjornson President & C.E.O. Vice President Finance & Corporate Secretary Vermilion Resources Ltd. Vermilion Resources Ltd. (403) 269-4884 (403) 269-4884

To: Kerm Yerman who wrote (10164)	4/16/1998 7:20:00 PM
From: Arnie	Respond to of 15196

CORP. / Maxx Petroleum announces New Management Appointment Mr. Burl Aycock, Chairman and Chief Executive Officer of Maxx Petroleum Ltd. announced today the following appointments to the senior management team: ROBERT (BOB) W. ROSINE, to the position of President and Chief Operating Officer. Mr. Rosine brings to Maxx 17 years of technical and managerial experience with a direct focus on exploitation and acquisitions. During the past six years Mr. Rosine held various positions with a senior producer, most recently Vice President, Engineering. As President and Chief Operating Officer, Mr. Rosine will be responsible for corporate operations, strategic objectives and communication with investors. JOHN K. WEARING, to the position of Vice President, Operations. Mr. Wearing has over twenty years of operations and development experience, encompassing field and plant operations throughout Alberta and international experience in offshore operations and construction in both technical and managerial roles. Most recently Mr. Wearing held the position of Manager, Production with Maxx. ROBERT (BOB) B. FRYK, to the position of Vice President, Engineering. Mr. Fryk has over fourteen years of engineering experience, encompassing reservoir, exploitation and production engineering throughout Western Canada. Most recently Mr. Fryk held the position of Manager, Engineering with a senior producer. Messieurs Rosine, Fryk and Wearing are active professional engineers. Mr. Aycock will continue in a full-time executive role to provide direction in strategic planning, monitoring overall corporate performance, support to the senior management team, and communication with investors and the Board of Directors. Maxx Petroleum Ltd. is a junior oil and gas company that is active in exploration and development of oil and natural gas reserves. Maxx is listed on The Toronto Stock Exchange under the trading symbol "MXP" and on the American Stock Exchange under the trading symbol "MMX". Mr. Burl Aycock Chairman and Chief Executive Officer Telephone: 403-261-6666 Fax: 403-266-8022

To: Kerm Yerman who wrote (10164)	4/16/1998 7:20:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS TOP 20 LISTED / Newport Petroleum Announces First Quarter Operating Results TSE SYMBOL: NPP APRIL 16, 1998 CALGARY, ALBERTA--Newport Petroleum Corporation is pleased to announce its first quarter operating results. The Company participated in the drilling of 29 wells, 15 operated, 8 non operated and 6 through farmout arrangements. The program resulted in 18 gas wells, 3 oil wells and 8 dry holes for a success rate of 72 percent. Production volumes for the first quarter were approximately 146 million cubic feet per day of natural gas and 6,000 barrels per day of oil and natural gas liquids. Newport has suspended operations on a number of heavy oil properties in Saskatchewan due to low oil prices which reduced the anticipated first quarter oil production volumes by approximately 800 barrels per day. First quarter financial results are expected to be released before the end of May. At Caroline, Newport acquired a total of 12,400 net acres of land at Crown land sales on March 4 and April 15 and, as a result, has a 50 percent working interest in approximately 20,000 net acres of land on this play. The Newport-operated discovery well, 8-6-34-5 W5M, was drilled to a total depth of 4000 meters in late 1997 and was completed in March and recently flow tested for two days at restricted rates. Newport participated in shooting a significant 3D seismic program in the area to identify locations for delineation drilling. Based on the discovery well and two additional wells acquired in late 1997, the Company's independent engineers have assigned gross proven and probable reserves of more than 500 BCF of gas-in-place and over 40 million barrels of natural gas liquids reserves to a portion of the play. A 50 percent working interest well is currently drilling at 7-19-33-5 W5M. Preliminary development plans indicate 10 to 15 additional wells could be drilled on this play to continue exploration and develop the full potential of our discovery. Several alternatives to process gas at existing sour gas plants in the area are currently being investigated. In the Cutbank (Musreau) area, the Company acquired interests in more than 16,600 acres of land with a 70 percent working interest in January. As a result, Newport now has interests ranging from 8 percent to 100 percent in over 128,000 acres of land with an average working interest of approximately 35 percent. The Company has participated in the drilling of three deep wells to date: 5-25-62-6 W6M, 2-29-62-6 W6M and, most recently, 5-4-63-6 W6M which was drilled to a total depth of 4,650 meters. All three wells have been cased as potential gas wells. One well is on production at a restricted rate of 20 million cubic feet per day due to plant capacity limitations. Preliminary estimates indicate that the discovery may contain in excess of 50 BCF of gas-in-place per well. An 80 square mile 3D seismic program is currently in progress to delineate the discovery. Once the seismic has been interpreted, a detailed development plan will be prepared for this project. It is anticipated that new gas plant facilities will be constructed to process gas from this area but, as the gas is sweet, additional wells are expected to be on stream by late 1998 or early 1999. The ultimate size of this discovery has yet be determined, but the drilling results and existing 2D seismic information indicate it may extend over a very large area. At McLean Creek, the Newport-operated 5-18-75-22 W6M was cased as a potential light oil discovery. Newport has a 50 percent working interest before payout reverting to a 25 percent working interest after payout in the discovery well which will be completed and tested after spring breakup. The Company acquired interests in over 5,000 net acres of land at the April 15th Crown land sale and is planning a 3D seismic program to delineate the discovery and identify additional potential in the area. Additional drilling will take place as soon as surface conditions allow access. At Raven River, Newport participated with a 50 percent working interest in the drilling of 4-35-50-18 W5M to a total depth of 4,095 meters. The well has been cased as a potential gas well in a shallow formation. Hydrocarbons were encountered in deeper formations but reservoir quality was poor. The significant discoveries at Caroline, Cutbank and McLean Creek demonstrate Newport's continued exploration success and are the result of the Company's ongoing strategy to look for impact plays that will add large volumes of long life, high quality reserves and result in significant future production volume increases. The Company is continuing develop additional projects and has exploration tests planned for the Wild River, Cranberry and Firebird areas later this year. Newport is pleased to announce the appointment of Byron Lutes as Vice President, Engineering. Mr. Lutes joined the Company in mid 1994 and will have overall responsibility for drilling, production and exploitation activities, and will also play an active role in the development of new opportunities for the Company.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:22:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

CORP. / Canrise Resources Ltd announces Change to Board of Directors Canrise Resources Ltd. announced today that Mr. J. Richard (Dick) Harris has resigned as a member of the Board of Directors of the Corporation, effective April 13, 1998. Mr. Harris will be devoting his time to other endeavors. Management and the remaining directors of the Corporation wish to express their appreciation for the efforts and contributions of Mr. Harris during his tenure. Mr. Harris joined the Board of Directors in December, 1995. The Board of Directors of Canrise has been considering the appointment of an additional director for several months. If discussions with potential directors can be concluded in the near future, the Board anticipates that it will appoint one further member prior to the Annual and Special Meeting of Shareholders scheduled for June 30, 1998. Canrise Resources Ltd. is an Alberta based corporation engaged in the business of evaluating and acquiring oil and natural gas properties and exploring for, developing and producing petroleum substances in western Canada. The Corporation currently has issued 17,692,431 common shares that trade on The Toronto Stock Exchange under the symbol "CRE". The Toronto Stock Exchange has neither approved or disapproved the above information. FOR FURTHER INFORMATION PLEASE CONTACT: PETER J. KURCEBA, P.GEOL. DAVID M. FISHER, C.A. PRESIDENT AND CHIEF VICE PRESIDENT, FINANCE AND CHIEF EXECUTIVE OFFICER FINANCIAL OFFICER DIRECT TELEPHONE: (403) 262-0840 DIRECT TELEPHONE: (403) 262-0842 INTERNET ADDRESS: www.canrise.com E-MAIL ADDRESS: dfisher@canrise.com

To: Kerm Yerman who wrote (10164)	4/16/1998 7:24:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Prism Petroleum reports 1997 Results Prism Petroleum Ltd. is pleased to announce record financial and operating results for the year ended December 31, 1997. Cash Flow From Operations for 1997 totalled $1,685,462 or 3.8 cents/share, a 185 percent increase over the six month period ended December 31, 1996. Net Income from continuing operations for 1997 reached $779,241 or 1.8 cents/share, a 260 percent increase from the prior period. Production for the first quarter of 1998 is approximately 610 barrels oil equivalent per day compared to 441 barrels oil equivalent per day for the full year 1997. This 40 percent increase reflects the previously announced acquisition of the Atlee gas property on January 1, 1998. During 1997 Prism drilled five oilwells, three gas wells and one water injection well, (2.6 net wells) for a 100% success rate. The Company is currently finalizing plans for an active development program in 1998. Prism Petroleum Ltd. trades on the Alberta Stock Exchange under the symbol PMM. For further information please contact Douglas H. Church, President of Prism Petroleum Ltd. at 403-237-2396.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:25:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

MEDIA / Oil Producers Endorse IPL Energy Terrace Pipeline Tolling Agreement, National Energy Board Concludes Facility Hearing in Record Time TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF APRIL 16, 1998 CALGARY, ALBERTA--(April 16, 1998)IPL Energy Inc. today announced that its wholly-owned subsidiary, Interprovincial Pipe Line Inc. of Edmonton, and affiliated Lakehead Pipe Line Partners, L.P., of Duluth, Minn. have reached a tolling agreement with the Canadian Association of Petroleum Producers for the proposed Terrace crude oil pipeline expansion project. The Terrace expansion project is a phased program that ultimately will provide an additional 520,000 barrels per day of heavy crude oil capacity for Western Canadian producers seeking greater access to Midwest U.S. markets. The estimated investment for the project is Cdn. $840 million for the Canadian portion of the expansion, and U.S. $380 million for the United States portion. The agreement provides for a fixed toll increase of Cdn. $0.05 per barrel, or approximately 3.5 percent, for transportation from Edmonton, Alta., to Chicago, Ill. Details of the agreement were filed with Canada's National Energy Board as part of Interprovincial Pipe Line's application for the first phase of the Terrace expansion. The NEB hearing on the facility application concluded today after two days of deliberation. This is the shortest hearing time for a crude oil project of this magnitude and reflects significant industry support for the project. In addition to NEB approval, the tolling settlement is also subject to approval by the Federal Energy Regulatory Commission in the United States. Pending NEB approval, the first phase of the Terrace project will provide an initial 95,000 barrels per day increase in capacity as early as January of next year, rising to 170,000 barrels per day by the end of 1999, at an investment of Cdn. $610 million in Canada and U.S. $138 million in the United States. Subsequent phases in the program will provide the balance of 350,000 barrels per day of added capacity. Brian F. MacNeill, President and Chief Executive Officer of IPL Energy, said that the tolling agreement accompanying the Terrace program builds upon the company's pioneering agreement with shippers in 1995, the first liquids pipeline incentive tolling arrangement on the continent, as well as the "risk sharing" agreement developed with shippers for the SEP II expansion program in 1996. " For a small increase in overall tolls, the Terrace tolling agreement provides shippers with toll stability and certainty. At the same time, the fixed toll increase provides IPL Energy with a favourable base return with the opportunity to enhance that return as throughput increases through construction of the additional phases," Mr. MacNeill said. IPL Energy Inc. is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline through the combined Interprovincial Pipe Line Inc. and Lakehead Pipe Line Partners, L.P., system and Canada's largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on The NASDAQ National Market under "IPPIF".

To: Kerm Yerman who wrote (10164)	4/16/1998 7:26:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Pan East Petroleum - Board of Director Appointment TSE SYMBOL: PEC APRIL 16, 1998 CALGARY, ALBERTA--Mr. Richard Walls, President of Pan East Petroleum Corp. is pleased to welcome Mr. C. Michael Stuart to the Company's Board of Directors. Mr. Stuart brings to the Board significant financial and advisory experience in the oil and gas industry. Mr. Stuart is an independent financial consultant and was previously a Special Advisor and Senior Vice President, Oil and Gas Group with Yorkton Securities Inc. from February, 1997 to March, 1998. This term was preceded by his tenure as Vice President and Director of First Marathon Securities Limited from April, 1989 to January, 1997. Mr. Stuart's representation on the Board was accepted upon the resignation of Mr. Ernst W. Kitzul who served from May, 1995 to April, 1998.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:29:00 PM
From: Arnie	Respond to of 15196

CORP. / TMT Resources announces Corporate changes VANCOUVER, April 16 /CNW/ - Mr. Randy Schuette, President, T.M.T. Resources Inc. (''TMT'') announces that Dr. Charles Kohlhaas has agreed to join the board of Directors of TMT and has been nominated by management. Dr. Kohlhaas is a petroleum engineer who, when elected, will bring over 30 years of worldwide oil and gas industry experience. During his years in the oil and gas industry Dr. Kohlhaas served in engineering and management positions with Mobil and Arco, as a Professor of Petroleum Engineering at the Colorado School of Mines, owner and manager of equipment manufacturing companies, and co-founder of Kelt Energy. Kelt Energy is a large independent oil and gas producer listed on the London Stock Exchange. His experience and technical expertise includes EOR, production stimulation, well testing, and well completion design. In addition to continued operations, Management is actively evaluating new geological prospects for acquisition in Canada, and the United States. TMT is negotiating to secure favourable financing to add to its existing financial resources for these activities and to expand its exploration strategies. On Behalf of the Board of Directors Randy Schuette President

To: Kerm Yerman who wrote (10164)	4/16/1998 7:32:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Union Pacific purchases Rockies & Austin Chalk Properties FORT WORTH, Texas, April 16 /CNW/ -- Union Pacific Resources Group Inc. (NYSE: UPR) today announced that the Company has entered into contracts with an affiliate of Petroleum Strategies, Inc. (PSI) to purchase, for approximately $59 million, interests in four oil and gas fields located in southwest Wyoming, 23 producing wells in Louisiana, increased ownership in the Masters Creek Gas Plant and nearly 127,000 net acres located in the Louisiana extension of the Austin Chalk trend. The properties were sold by Occidental Petroleum Corporation (Occidental). In the Rockies, UPR's primary interest is in the Occidental properties located in the Wamsutter and Overthrust areas. The Louisiana properties will expand UPR's presence in what is already a core area for the Company. "These properties represent an opportunity for UPR to build on its well- established presence in southwest Wyoming and the Louisiana extension of the Chalk," said Jack L. Messman, UPR's Chairman and CEO. "With the low cost and long reserve life of the Rockies properties, combined with the additional production and drillsites in both Wyoming and the Chalk, these properties are a good strategic fit for us and will allow us to continue to profitably grow our production in these core areas." In Wyoming, the four properties contain 31 producing wells which are producing a net average of 256 barrels of oil per day (Bopd) and 8.5 million cubic feet per day (Mmcfd) of natural gas. The net reserves for the wells are approximately 36 billion cubic feet equivalent of natural gas (Bcfe). The Company has also identified 21 possible drilling locations that have reserve potential of approximately 22 Bcfe. When the transactions are completed, UPR will operate and own a 100 percent working interest in the eight Wamsutter wells that were purchased. The Overthrust wells, which include 19 producing wells and eight nitrogen injection wells, are located in the East Painter Unit. The acquisition of the East Painter wells will increase UPR's working interest in the East Painter Unit to 19 percent. In the Louisiana extension of the Austin Chalk, UPR will purchase 23 producing wells with an average working interest of approximately 58 percent. In addition, UPR will acquire Occidental's 2.5 percent interest in the Masters Creek Gas Plant, 100 percent ownership of the Occidental Central Facilities and nearly 127,000 net acres of land. Of the 23 wells in which UPR will purchase an interest, the Company previously operated 11 of the wells and took over as operator on the remaining 12 wells on April 1, 1998. Daily production from the Louisiana wells is estimated at approximately 21 million cubic feet equivalent per day (Mmcfed) of natural gas. The Company also projects 16 additional drillsites in the area that have reserve potential of approximately 34 Bcfe. Net proved producing reserves are approximately 14 Bcfe. With the addition of Occidental's interest in the Masters Creek Gas Plant, UPR's total interest in the plant will be approximately 65 percent. Union Pacific Resources is one of the nation's largest domestic independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past six years and is the state of Texas' #1 gas producer. This press release, other than historical financial information, contains forward looking statements that involve risks and uncertainties including planned construction and drilling activity, expected production efforts and volumes and budgeted capital expenditures and other risks and uncertainties detailed in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 1997. Actual results may vary materially.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:37:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SERCTOR / Newalta Acquires Waste Oil Collection Network TSE SYMBOL: NAL APRIL 16, 1998 CALGARY, ALBERTA--NEWALTA CORPORATION (NAL - TSE) - announces that it has acquired Loraas Disposal's waste lube oil collection assets located throughout the Province of Saskatchewan. Newalta has also acquired Go-For Used Oil Ltd.'s waste lube oil collection business located in the City of Regina. These acquisitions complement the October 1997 acquisition of RRR Environmental Services Ltd., which operates a waste lube oil collection and processing facility in Regina. Newalta is well positioned to expand its business in the Saskatchewan market. Newalta is a western Canadian waste management company.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:37:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

EARNINGS / Pyramid Energy reports 1997 Results & Field Activities CALGARY, April 16 /CNW/ - PYRAMID ANNOUNCES that testing of its Pakistan well Hamza X-1 in Block 22 in the Sui Limestone formation is now complete and the well is standing temporarily suspended. Details of the test results will be published once approved by the Directorate General of Petroleum Concessions in Pakistan. A second well is expected to be drilled in Block 22 prior to year-end 1998. The Daud X-1 well in the Sadiqabad Block was drilled to a total depth of 3,286 meters. Good reservoir quality sands were encountered in the Lower Goru Formation, however, the section contained no hydrocarbons due to the absence of a reservoir seal. The well was plugged and abandoned. Pakistan Petroleum Limited ''PPL'' is the operator of both wells in which Pyramid has a 15% working interest. PYRAMID FURTHER ANNOUNCES 1997 RESULTS AND HIGHLIGHTS - PYRAMID ENERGY INC. reports that 1997 was a year of significant growth for the company with the following highlights noted: 1) Organized and executed plans for taking the company public. 2) Negotiated an attractive Joint Venture with Pakistan Petroleum Limited, the largest oil and gas company in Pakistan, involving two large concession blocks comprising nearly 900,000 acres. 3) Raised $3.5 million by way of a private placement to finance, in part, the drilling of two exploratory wells in Pakistan. 4) Raised $2.8 million by way of flow through share offering to finance exploratory and development drilling in Western Canada. 5) Negotiated the acquisition of Canadian Delta Exploration Ltd. which will add approximately 100 boepd to Pyramid's production, effective January 1, 1998. The 1997 results indicate increased production, cash flow and net income from the previous year. The following table summarizes the results. Year ended December 31st %Change 1997 1996 ---------------------------------- FINANCIAL Gross Revenue, $'000 1,993 1,624 +23 Cash Flow from Operations, $'000 832 558 +49 Per Common Share, $ 0.06 0.05 +20 Net Earnings, $000 200 126 +59 Per Common Share, $ 0.01 0.01 +0 Weighted Average Shares Outstanding, 000 13,534 11,374 +19 Capital Expenditures, $'000 2,816 996 +183 Working Capital (deficiency), $'000 3,552 (1,554) +329 OPERATIONS Production Crude Oil and Liquid, bbls 49,725 39,736 +25 Natural Gas, mcf 333,797 333,559 +0 Reserves Crude Oil and Gas Liquids, mbbls 553 388 +43 Natural Gas, mmcf 6,116 6,695 -9 With its strong cash position at year end, the company is poised for significant growth both in Western Canada and abroad. Plans are underway on many fronts for 1998, namely, corporate acquisitions, landing a new foreign opportunity, as well as exploiting existing and new properties,

To: Kerm Yerman who wrote (10164)	4/16/1998 7:40:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Ridgeway Petroleum updates CO(2)/Helium Project First Phase Estimates Net Present Value Discounted at 10% is US$409.9 million Ridgeway Petroleum Corp. announced today the results of an economic analysis contained in an ongoing field development plan, a portion of which has been previously released. This analysis indicates that the first production phase of its ''Arizona-New Mexico CO(2)/Helium Project'' has a pre-tax net present value discounted at 10% of US$409.9 million over its 40 year life. This estimate represents the results of seven sensitivities prepared by the consultants to determine the optimal production formula to maximize the rate of return for this phase. Other parameters in the estimate are summarized below: Rate of production: 500 million cubic feet per day for 35 years and five additional years at an average of 386 million cubic feet per day. Total gas produced: 7 trillion cubic feet (''TCF'') or approximately 51% of the estimated 13.86 TCF of gas in place in the East Field. The West Field is estimated to contain 7.51 TCF of gas in place. Number of wells: 203 in the first three years; 1,195 over the 40 year period. Capital cost: To reach 500 million cubic feet per day within three years, US$159,600,000 which includes plant and compression facilities. Gas price: Confidential for competitive reasons but within current negotiation range. Payout: Pre-tax 3.6 years Rate of return: Pre-tax 50% Net present value discounted at 10%: Pre-tax US$409,900,000. The success of planned horizontal drilling could have a significant impact on the Project as a result of increased productivity. This sensitivity is only one of a number of options the Company is considering as it continues to explore strategic alternatives to enhance shareholder value. Ridgeway Petroleum Corp., which has been exploring for oil and gas in North America since 1980, is on course, management believes, to potentially become one of North America's largest producers of carbon dioxide and helium. ON BEHALF OF THE BOARD OF DIRECTORS ---------------------------- Walter B. Ruck, President Certain statements in this News Release constitute ''forward looking statements'' within the meaning of the Private Securities Litigations Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance of achievements expressed or implied by such forward looking statements.

To: Kerm Yerman who wrote (10164)	4/16/1998 7:44:00 PM
From: Arnie	Respond to of 15196

EARNINGS / PanCanadian Petroleum reports 1997 Results & Field Activities CALGARY, April 16 /CNW/ - A year of ambitious drilling and internal restructuring is paying off in solid performance and has set the stage for long-term profitable growth at PanCanadian Petroleum Limited, David Tuer, PanCanadian President and Chief Executive Officer, told shareholders at the company's annual meeting today. ''With our land assets, our infrastructure assets and our human and intellectual capital, PanCanadian is well positioned for the growth ahead,'' said Tuer, who detailed 1997 accomplishments and outlined 1998 plans and programs. 1997 Achievements - Net income of $330 million, or $1.31 per share, on revenue of $3.4 billion and cash flow of $961 million, or $3.82 per share. - Daily production averaged 214,400 barrels of oil equivalent per day. - PanCanadian found 122 million barrels of oil equivalent proved reserves, representing a production replacement rate of 156 per cent. - Successful acquisition of CS Resources Limited. - Record number of working interest wells drilled was 1,820. 1998 Events and Outlook - PanCanadian currently plans capital spending of $960 million, resulting in the drilling of about 1,250 wells. Most spending is being directed to exploration and development in Western Canada, where the company anticipates accelerated development of gas reserves across its extensive land holdings. - Natural gas production in 1998 is expected to average 800 million cubic feet a day and reach 880 million cubic feet a day by year end, at which time new export pipeline capacity is scheduled to come onstream to the U.S. Under the current budget, crude oil and natural gas liquids production is expected to average 148,000 barrels per day and this estimate will depend upon the crude oil price environment for the remainder of the year. - The company recently made six deep discoveries in Alberta, four oil and two natural gas. For example in the Ferrier area of west central Alberta, liquids-rich natural gas wells flowed at stabilized test rates of 17 million cubic feet per day. This exploration success of the deeper zones holds significant potential for future development. - PanCanadian will save up to $23 million a year from inter-Alberta gas transportation costs as a result of the approved load retention service. - PanCanadian will drill the Grand Pre exploration well off Nova Scotia. This will test a prospect located on a block of land the company purchased in 1997. - PanCanadian and its partners are drilling the Llano well in the Gulf of Mexico. First drilled in late 1997 to a depth of 25,000 feet, the well encountered a number of petroleum-bearing zones before reaching the depth limits of the rig. A larger rig was recently moved onto the well and is drilling to the target depth of 28,000 feet. - PanCanadian holds interests in 24 Gulf of Mexico blocks, making this deep water region an exploration focus. In addition to Llano, PanCanadian is a partner in the drilling of two other wells on prospects called Sheba and Elvis. Sheba is currently drilling. - Internationally PanCanadian will pursue a series of exploration and development opportunities. - PanCanadian's North American natural gas marketing company - PanCanadian Energy Services - was recently established. It sells about two billion cubic feet of gas a day from offices in Houston, Calgary and at six other key U.S. locations. ''We are effective stewards of PanCanadian's powerful suite of assets. At the same time, we are prepared to respond to market signals and alter our capital program accordingly. There is little we can do to impact the price we receive for our products - we are price takers in the world market,'' Tuer said. ''We are focusing on things we can control, such as reducing our operating, transportation, finding and developing costs. We are aggressively growing our gas production while we adapt our oil strategy to meet the challenges of the market. In addition, we are accelerating our exploration focus in the Gulf of Mexico and internationally to build a foundation for future growth while maintaining our strong financial position,'' Tuer said. ''With that foundation, our powerful assets will translate into growth ahead.'' At Thursday's meeting, PanCanadian shareholders elected two new members to its board of directors, Michael A. Grandin, Executive Vice President and Chief Financial Officer of Canadian Pacific Limited, and Dennis A. Sharp, Chairman and Chief Executive Officer of United Tri-Star Resources Ltd. PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas and natural gas liquids. Its extensive exploration and production activities stretch from coast to coast in Canada and include a variety of international interests in the Gulf of Mexico, the United Kingdom, Australia, South Africa and Venezuela. PanCanadian Petroleum Limited David Tuer President and Chief Executive Officer PanCanadian Petroleum Limited Shares Listed - Symbol: PCP Alberta Stock Exchange Toronto Stock Exchange Montreal Exchange Website: www.pancanadian.ca

To: Kerm Yerman who wrote (10164)	4/16/1998 7:47:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Grande Portage Resources updates Delvina Project TORONTO, April 16 /CNW/ - Grande Portage Resources Ltd. (GPG - VSE) previously announced on March 4th, 1998, that it had entered into a Heads of Agreement with SH.A. Albpetrol, the state owned oil and gas company of the Government of Albania, for the development of the Delvina gas project. This corporate update is intended to provide shareholders and investors with additional details about the Delvina project. The Delvina Field consisting of gas and gas condensate was discovered by SH.A. Albpetrol in 1987 with limited production commencing in October of that year. Between 1987 and 1994, production from two wells totalled 1,744 MMSCF and 97,800 barrels of condensate. In 1996, Grande Portage retained an independent U.S. based consulting group, Poco Oil Co., to review the project and to make recommendations to the Company. Amongst other findings, the consulting group estimated the reserves at Delvina as follows: Proven Natural gas MMSCF 158,174 Condensate Barrels 8.8 million Probable Natural gas MMSCF 77,737 Condensate Barrels 4.3 million Possible Natural gas MMSCF 164,135 Condensate Barrels 9.2 million These reserves were in close agreement to the reserves as determined in a 1993 technical study of the Delvina Field by a major U.S. based integrated oil and gas company. Poco Oil Co. recommended the Company pursue the project as it represented a favorable and low risk petroleum development investment opportunity. They recommended a two-phased experimental program followed by a development program. The initial phase of the experimental program budgeted at US$3.25 million consists of side tracking two wells to a better structural location and then fracing these wells if necessary. Upon completion of the experimental phase, a decision to enter the second subphase or go directly to the development phase will be taken. The projected budget for experimental and production costs is US$30 million over a five year period. Approximately one-half of this requirement is expected to be available from ongoing cash flow from the Delvina project. In anticipation of the Joint Operating Agreement being executed this summer, the Company is in the process of reviewing various financing options. In addition to its fiscal requirements, the Delvina project will require the expertise of an experienced management team. Towards this end, the Company is in discussion with industry partners to satisfy this requirement. As stated in the March 4th, 1998 press release, the terms and conditions of the Joint Operating Agreement between the Company and SH.A. Albpetrol will define the fiscal regime under which operations at Delvina will be conducted. Upon execution of the Joint Operating Agreement, the Company has agreed to issue to Anglo Adriatic Group a finders fee in the form of 1.5 million common shares of the Company. The issuance of these shares is subject to regulatory approval. BY ORDER OF THE BOARD Grande Portage Resources Ltd. By: ''A.T. Griffis'' ---------------- A.T. Griffis

To: Kerm Yerman who wrote (10164)	4/16/1998 7:48:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

DIVIDEND / PanCanadian Petroleum Ltd CALGARY, April 16 /CNW/ - The Board of Directors of PanCanadian Petroleum Limited, at a meeting held today, declared a dividend of ten cents (10 cents) per share payable Tuesday, June 30, 1998 to shareholders of record as of Monday, June 15, 1998. PanCanadian Petroleum Limited M.M.L. Kwan Senior Vice President and Chief Financial Officer PanCanadian Petroleum Limited Shares Listed - Symbol: PCP Alberta Stock Exchange Toronto Stock Exchange Montreal Stock Exchange Website: www.pancanadian.ca

To: Kerm Yerman who wrote (10164)	4/16/1998 7:51:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

GENERAL INTEREST / Syncrude Canada ships Billionth Barrel FORT MCMURRAY, April 16 /CNW/ - Syncrude Canada, the giant oil sands producer located north of Fort McMurray, Alberta, shipped its billionth barrel of high quality Syncrude Sweet Blend crude oil today, Thursday, April 16. The billionth barrel entered the pipeline to head to Edmonton around midday. Syncrude is the first oil sands producer to ship a billion barrels. ''Syncrude's billionth barrel arrived almost six years ahead of the schedule we set when production began in 1978. Back then, we produced our first barrel for around $30 -- our one billionth barrel cost around $13,'' said Eric Newell, Syncrude's chairman and chief executive officer. ''Very few oil fields in Alberta have produced a billion barrels of oil and none have done so in such a short time.'' Roger Dunn, chairman of Syncrude's Owners' Management Committee, said: ''This achievement is a source of pride and satisfaction for all of Syncrude's owners and its employees, past and present. And this is only the beginning. We will be increasing production substantially as part of our $6 billion Syncrude 21 expansion program. The second billion should happen in less than ten years.'' ''Syncrude's first billion barrels have touched Canadians across the country,'' Dunn added, ''providing employment and technology spin-offs as well as generating billions of dollars for governments to help build schools, hospitals, highways and other enduring socio-economic benefits.'' Syncrude is a joint venture owned by AEC Oil Sands, L.P., AEC Oil Sands Limited Partnership, Athabasca Oil Sands Investments Inc., Canadian Occidental Petroleum Ltd., Canadian Oil Sands Investments Inc., Gulf Canada Resources Ltd., Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd., and Petro-Canada. SYNCRUDE BACKGROUNDER A BILLION BARRELS FOR CANADA April 16, 1998, marked the shipment of the billionth barrel of crude oil from Syncrude Canada's operation near Fort McMurray, Alberta. As a symbol of achievement the billionth barrel represents a legacy of benefits extending far beyond petroleum exploitation into education, the arts, health, research and technology, and a variety of Aboriginal initiatives. How big is a billion barrels? Enough to have created new technologies and knowledge-based industries. Enough to have generated billions of dollars for governments to help build schools, hospitals, highways and enduring socio-economic benefits. Environment--Over the next ten years, Syncrude will invest over $1.6 billion on new technologies that will enhance its environmental performance. Community Investment--To date, Syncrude has contributed over $15 million to support community-based education, arts and culture, recreation and youth, and environment, health and safety initiatives in Alberta and across Canada. Employment--With an employee base of 3,500 people, and an average of 1,000 maintenance contractors, Syncrude is one of the largest private-sector employers in Alberta. Government Revenue--To date, royalty payments, and federal and provincial taxes from Syncrude to the Governments of Alberta and Canada, exceed $4 billion. Science and Technology--Syncrude operates one of the larger private-sector research programs in Western Canada. With annual expenditures of over $30 million, it is a top-35 research and development investor. Aboriginal People--Syncrude is Canada's largest industrial employer of Aboriginal People. Over $66 million is spent annually with Aboriginal businesses, and on direct employment, salaries and benefits. Business Development--Syncrude spends more than $1 billion annually on purchased goods, services and salaries. In addition, more than $6 billion will be invested over the next ten years on capital expenditures to expand the operation. Securing Canada's Energy Future--Syncrude will produce 220,000 barrels a day of high quality, light, sweet crude oil in 1998, representing 20 percent of Canada's light and medium crude oil production. Production Milestones Start of production in July 1978 50 million in 1980 100 million in 1982 200 million in 1985 300 million in 1987 400 million in 1989 500 million in 1991 600 million in 1992 700 million in 1994 800 million in 1995 900 million in 1996 one billion in April 1998

To: Kerm Yerman who wrote (10164)	4/16/1998 7:55:00 PM
From: Arnie	Read Replies (2) \| Respond to of 15196

NORMAL COURSE ISSUER BID / Methanex Corp VANCOUVER, April 16 /CNW/ - Methanex Corporation's Board of Directors has approved the buy-back of up to approximately 10.7 million of the Company's common shares, equating to 10% of the Corporation's public float. The shares to be repurchased represent the maximum allowable number of common shares able to be repurchased by the Company under the normal course issuer bid rules of The Toronto Stock Exchange. Pierre Choquette, Methanex's President and CEO, remarked ''Our outstanding performance and results in 1997 have provided cash in excess to our current strategic requirements, and this buy-back, following the repurchase program in 1997, reinforces our commitment to return excess cash to our shareholders.'' Mr. Choquette added ''Buying back stock at current levels represents an excellent investment for Methanex.'' As of April 13, 1998, the Corporation had 175,597,273 common shares issued and outstanding, and the public float was 107,179,981 shares. The shares intended to be repurchased represent approximately 6.1% of the total outstanding common shares of the Company, and the purchases will be made through the facilities of The Toronto Stock Exchange. The repurchase program will commence on April 27, 1998 and will terminate on the earlier of either April 26, 1999, the date upon which the Company has acquired the maximum number of its common shares permitted under the program, or such other date that the Company decides to terminate the bid. All common shares repurchased will be canceled. Beginning April 7 last year, Methanex repurchased 14 million of its common shares at an average price of C$12.47 per share. That repurchase program was also implemented under a normal course issuer bid, and the shares repurchased represented at that time approximately 10% of the Corporation's public float. Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing of methanol. Methanex shares are listed for trading on the Toronto and Montreal stock exchanges in Canada under the trading symbol ''MX'' and on The NASDAQ Stock Market in the United States under the trading symbol ''MEOHF.''