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

To: Arnie who wrote (10183)	4/20/1998 6:27:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. / Archer Resources Elects New Board Member 1998-04-17 CALGARY, ALBERTA Archer Resources Ltd. announced that seven members of its board of directors have resigned as of Monday, April 13th, as agreed under terms of a proposed offer to buy Archer by Dominion Energy Inc. The resignations of the board members, who earlier approved Dominion Energy's proposed offer, follows an announcement last week that Dominion Energy has acquired 89.65 percent of Archer's outstanding common shares. Dominion Energy plans to rename Archer as Dominion Energy Canada Limited. Dominion Energy, the Richmond, Va.-based natural gas and independent power subsidiary of Dominion Resources Inc. (NYSE: D), announced its plans to purchase Archer, a natural gas exploration and production company headquartered in Calgary, on March 11th. The resigning Archer directors are LeRoy Geick, Ross Inkpen, Bernard Isautier, Ronald Joyce, Charles Shultz, Brian Young and Grant Zawalsky. In their place, Dominion Energy has appointed as directors, Thomas N. Chewning, president and chief executive officer, and G.E. Lake Jr., senior vice president-oil and gas operations, both of Dominion Energy. Grant A. Bartlett and Wayne Foo, both of Archer Resources, will remain on the board. Dominion Energy has extended its offer for the remaining Archer shares until 6:00 p.m. (MDT) on Tuesday, April 21st, 1998. Through the offer and subsequent steps, Dominion Energy intends to acquire 100 percent of Archer's shares. Archer's common shares are traded on the Toronto Stock Exchange under the symbol "ARC." The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.