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

To: Kerm Yerman who wrote (10302)	4/23/1998 9:38:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Redeco Energy acquires Concessions in Romania Redeco Energy Inc. today announced it has been awarded three exploration and production concessions in southern Romania totalling more than 3.1 million acres on lands that have proven oil and gas production. The concession, awarded by the National Agency for Mineral Resources, includes approximately 800,000 acres offshore in the Black Sea. Romanian government confirmation is expected to follow within a few months. Redeco owns a 50% working interest in the three blocks, while HEMCO Romania Ltd., a company controlled by oilman Nelson Bunker Hunt of Dallas, Texas, holds the remaining 50%. HEMCO will be the concession operator. With this agreement, Redeco joins a list of well-known North American companies involved in oil and gas exploration in Romania, including Gulf Canada, Ranger Oil and Amoco. Redeco CEO Bill Liedtke, noting that Romania is one of the oldest oil and gas producing countries in the world with production dating back to 1857, said the three concessions cover ground that currently has producing wells. The Redeco/HEMCO concession includes a small existing oil field, and within the acreage but not within the concession ownership, there are two small areas with producing gas fields drilled and developed by the Romanian national oil company. The three blocks (EP-15, EP-11 and the South Bucharest Block) are all on the Moesian Platform, a geological region that hosts approximately 60% of Romania's current oil production. Redeco is an oil and gas exploration and development Company headquartered in Calgary, Alberta. In addition to the Romanian concessions, Redeco holds a 50% interest in the oil and gas exploration rights to an 8.3-million-acre concession covering the entire country of Moldova on the eastern border of Romania. Today, Redeco has three fields under development in Moldova. The Company is listed on the Alberta Stock Exchange under the symbol RE. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Gordon Noland, Chief Financial Officer, Redeco Energy Inc. (403) 228-0606 Jon W. Kieran or Olav Svela, Investor Relations, Hume, Kieran Inc. (416) 868-1079

To: Kerm Yerman who wrote (10302)	4/23/1998 9:40:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Apollo Gas Income Fund enters Underwriting Agreement Apollo Gas Income Fund announced today that it has entered into an underwriting agreement with HSBC Securities, Nesbitt Burns Inc. and TD Securities Inc. providing for the sale by the Fund of 4,150,000 Units at $10.00 per Unit payable in two instalments. The first instalment of $6.00 per Unit is payable on closing. The second instalment of $4.00 per Unit is payable in May 1999. Closing is anticipated to occur on May 7, 1998. A final prospectus is being filed today in all provinces of Canada in respect of the offering. The proceeds of the offering will be used to purchase, through a wholly-owned subsidiary of Fund, the direct natural gas purchase business of Enershare Technology Corporation. Enershare, through a subsidiary, will be the manager of the business and continue to hold an approximately 10% interest. For further information, contact David Shapira, Executive Vice-President and Chief Financial Officer of Enershare Management Inc., the Fund manager, at (416) 638-9317.

To: Kerm Yerman who wrote (10302)	4/23/1998 9:42:00 PM
From: Arnie	Respond to of 15196

CORP. / First Canadian Energy shares suspended from Trading First Canadian Energy Ltd. announces today that its shares have been suspended from trading effective today because it did not complete a major transaction within the time required. First Canadian, nonetheless, is in active discussions with several candidates to complete a major transaction and will continue to seek out other such opportunities. First Canadian's cash balance is $281,700 as of its most recent financial statement for the fiscal year ended December 31, 1997. This cash position represents over 90% of the net funds raised when it commenced operating as a junior capital pool company eighteen months ago. For further information, please contact Mr. Raymond A, Siwiec, President, by phone at (403) 289-5341. ASE Symbol: FCN

To: Kerm Yerman who wrote (10302)	4/23/1998 9:43:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Backer Petroleum Corp. reports 1997 Results Results... ---------- Backer Petroleum Corp. ("Backer") announces that the Company's audited results for the fiscal year ended December 31, 1997 indicate gross revenue of $4,691,202, compared to $5,000,275 for 1996; and net operating cash flow of $772,767 compared to $2,064,501 last year. Currently there are 6,804,564 common shares issued and outstanding. Oil and Gas Operations... ------------------------- The Company announces that activity subsequent to the year end 1997 has significantly increased the Company's production base and cash flow. Darwin, Alberta Production from the Darwin property, 60 miles north of Peace River, commenced in mid-February 1998 and subsequent to the tie-in of a fourth gaswell in March, sales volumes to Backer's 30% working interest reached 3.0 MMCF per day in late March and averaged 2.6 MMCF per day, or 260 barrels of oil equivalent ("BOE") per day for the entire month. With an average gas price of $1.82 per MCF, Darwin has provided a significant increase to the Company's cash flow. Two gaswells were drilled at Darwin in February 1998, including the well placed on production in March. These two wells completed the earning requirements of a multi-well farmin initiated in 1996. Backer now holds a 30% before payout (18% after payout) working interest in 4 producing gaswells and 2 capped gaswells, a 30% interest in a 10.0 MMCF per day gas processing facility, gas gathering system and sales gas pipeline, and between a 10% and 50% working interest in 32 sections of land at Darwin. The Company anticipates that as many as four additional wells will be drilled in January 1999 when the drilling season resumes after freeze-up. Recent Acquisitions Backer completed two property acquisitions subsequent to year end, adding approximately 55 BOE per day to the Company's net production. Total consideration for both acquisitions was $850,000. Backer and its partners were also successful at a recent Alberta Crown land sale in acquiring a 480 acre parcel adjacent to a producing oilwell. The Company anticipates that a multi-well development drilling program operated by Backer will begin on this property during the second quarter of 1998. Post year end activity has increased Backer's net production by approximately 350 BOE per day to a total approaching 900 BOE per day. (signed) David M. Mercier President Toronto Stock Exchange - "BCM" Suite 750, 500-4th Avenue S.W. Tel: 403-264-6962 Fax: 403-265-8256

To: Kerm Yerman who wrote (10302)	4/23/1998 9:46:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Taylor Gas Liquids Fund reports 1st 3 months Results CALGARY, April 23 /CNW / - The manager of the Taylor Gas Liquids Fund announced today a $0.22 per unit distribution payable on May 15, 1998 to unitholders of record on May 5, 1998. This is the Fund's second distribution during 1998 and is in respect of operations during the 3 months ended March 31, 1998. It is anticipated that the $0.22 per unit paid will not be currently taxable to recipients but will however reduce their adjusted cost base for Canadian income tax purposes. Production and product prices during the first quarter of 1998 averaged 9,000 barrels per day and $13.98 per barrel respectively (versus 8,800 barrels per day and $18.10 per barrel during the first quarter of 1997). These strong first quarter results will be tempered during the second quarter by decreased liquids revenue due to reduced world oil prices and increased costs due to strengthening replacement natural gas prices. Completion of the Younger plant expansion and pipeline connection is also scheduled for the second quarter. An estimated 3 week shut down to connect the expansion and a further estimated 2 weeks of production to line fill the new pipeline connection will reduce product sales during the quarter. Fund units trade on the Toronto Stock Exchange under the symbol TAY.UN.

To: Kerm Yerman who wrote (10302)	4/23/1998 9:52:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Chevron Canada Resources announces Gas Discovery CALGARY, April 23 /CNW/ - Chevron Canada Resources and its partners Gulf Canada Resources Limited, Berkley Petroleum Corporation and Newport Petroleum today announced a major natural gas discovery in the Musreau area located 85 kilometres south of Grande Prairie in west central Alberta. The discovery well was drilled to a total depth of 4,638 metres and was completed and the rig released on May 31, 1997. Well data is being released at this time consistent with a confidentiality agreement that allows well information to be kept confidential for a period of up to one year following rig release. The well was connected to the Alberta Natural Gas Gathering and Processing Limited Cutbank gas plant and placed on production November 3, 1997. It is currently producing at a restricted rate of 20 million cubic feet per day due to plant capacity limitations, placing the well in the top five percent of producing gas wells in Alberta. The well has a deliverability rate in excess of 40 million cubic feet per day. Two additional wells have been drilled in the area and are being evaluated. A 200 square kilometer 3D seismic program has also been recorded and is being processed. Following well evaluation and seismic interpretation, a detailed development plan that could include additional wells and new gas processing facilities will be prepared. Partners in the discovery well are Chevron Canada Resources (48%), Gulf Canada Resources Limited (32%), Berkley Petroleum Corporation (12%), and Newport Petroleum (8%).

To: Kerm Yerman who wrote (10302)	4/23/1998 9:54:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Westfort Energy announces Start of Drilling JACKSON, MISSISSIPPI, April 23 /CNW/ - Whitney Pansano, President of Westfort Energy, Ltd. (symbol WT on Toronto Stock Exchange), announced today that the company has begun drilling its first 17,000 ft. Norphlet test. The well was spudded at 8:00 A.M. this date and will be drilled to a depth sufficient to set 80 ft. of 16'' conductor pipe. Nabors Drilling Company is scheduled to move its Rig No.544 to the prepared drill site location starting Monday, April 27th. It is estimated moving in and rigging up will take 3 to 5 days, with the next phase of drilling expected to start by Friday, May 1, 1998. Plans are to drill a 12-1/4'' hole to 5,100 ft. in order to set the next string of 9-5/8'' casing. Following that procedure, a 8-3/4'' hole will be drilled to the next casing point which has been picked at 15,700-800 ft. It is anticipated that the complete drilling process to 17,000 ft. will take an estimated 90 days. Progress reports will be forthcoming. On behalf of the Board, Whitney J. Pansano, President

To: Kerm Yerman who wrote (10302)	4/23/1998 9:57:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Noranda Inc reports 1st 3 months Results TORONTO, April 23 /CNW/ - Noranda Inc. today reported earnings of $610 million for the 1998 first quarter ($2.54 per share). Results for the first quarter include the one-time gain of $583 million on the sale of Noranda's interest in Norcen Energy Resources Limited which was completed in March. Excluding the Norcen gain, Noranda's first quarter earnings were $27 million (9 cents per share) compared to 1997 first quarter earnings of $59 million (22 cents per share). This reduction was due principally to metal prices being at their lowest level in recent years during the first quarter of 1998. Reorganization Progress ----------------------- ''The most significant event during the quarter was the completion of the sale of Norcen. This was an important first step in our reorganization,'' said David Kerr. Noranda plans to reinvest the $1.8 billion received from the Norcen sale in its mining and metallurgical operations. Plans are proceeding with the distribution of the Company's 67% interest in Noranda Forest and wholly-owned Canadian Hunter to Noranda's shareholders in 1998. It is expected that the distribution of Noranda Forest will be completed in the current quarter, followed by the distribution of Canadian Hunter shares in the third quarter, subject to receipt of regulatory and other approvals. Noranda has received expressions of interest to purchase its 28% interest in Battle Mountain Gold and is considering its alternatives. Noranda's shareholding in this company currently has a stock market value of approximately $650 million. Margin Improvement Program -------------------------- Headway is being made on improving Noranda's operating performance through a margin improvement program that was launched during the quarter, and other initiatives which will enhance the Company's earnings base. The margin improvement program is aimed at increasing revenue, improving productivity and reducing costs. ''Our target is to improve pre-tax earnings by $200 million per year by the year 2000,'' said David Kerr. Progress Continues on Development Projects ------------------------------------------ Progress continues on a number of development projects underway within Noranda's operations. The following outlines the major initiatives: - Construction of the Collahuasi copper project in Chile is on schedule. Collahuasi is the world's largest mining project being developed in this decade. It will be the world's fourth-largest copper mine when it starts production in October 1998. - Construction began this spring on the Magnola magnesium plant in Asbestos, Quebec and commercial production is planned for 2000. - Development of the Bell Allard zinc/copper mine, in the Matagami region of Quebec, is proceeding with the opening scheduled for the second quarter of next year. - Engineering work is underway to expand primary aluminum production by 15% at Noranda's New Madrid, Missouri smelter. Noranda also recently announced plans to expand aluminum foil output by approximately 90,000 tonnes annually. This expansion will reinforce the Company's position as the leading, low-cost supplier of heavy-gauge aluminum foil. Strategic Initiatives --------------------- In addition to the projects mentioned above and Noranda's focused exploration program, Noranda recently announced the following strategic initiatives which will further enhance its operating base: - In March, Noranda announced that it had signed letters of intent to acquire the remaining 75% of the Refimet copper smelter that it does not already own. The 158,000 tonnes-per-year smelter, located in northern Chile, is in the fastest growing area in the world for copper- mine development. Noranda plans to conduct a feasibility study for a 100,000 tonne expansion. - Also last month, Noranda announced its intention to acquire 100% of Huron Valley Steel Corporation, a Michigan-based, privately-owned non-ferrous metals recycler. This acquisition, combined with Noranda's existing recycling business will be one of the largest non-ferrous metals recyclers in North America. - Earlier this month, Noranda and U.S.-based DuPont announced that they have signed an agreement to form Noranda DuPont LLC, a 50/50 joint venture to market, transport and distribute sulphuric acid in North America. The joint venture company, subject to regulatory approval, will purchase and resell all of the North American output of the sulphuric acid operations of DuPont, Noranda and Falconbridge. The Company continues to examine opportunities to participate in a number of advanced base metal projects in South America and Africa. Outlook ------- ''Our clear focus is to improve shareholder returns through our margin improvement program and the reinvestment of the Norcen proceeds. The outlook for metals prices, however, is less certain. This means that 1998 is likely to be one with mixed results for Noranda. In the areas of cost and productivity we are on the right track to improve results,'' said David Kerr. Dividend -------- A dividend of 25 cents per common share has been declared payable on June 15, 1998 to shareholders of record at the close of business on May 29, 1998. Noranda is a major international mining and metallurgical company whose common shares are listed on Canada's principal stock exchanges (NOR). << NORANDA INC. CONSOLIDATED RESULTS ($ Millions) Fourth First Quarter Quarter ---------------- 1998 1997 1997 ---- ---- ---- ($ millions) EARNINGS Revenue Sales 1,517 1,563 1,521 Investment and other income 3 (4) (3) ------- ------- ------- 1,520 1,559 1,518 _______ _______ _______ Expense Cost of sales and administration 1,350 1,315 1,291 Depreciation, depletion and amortization 105 101 106 Mining exploration 18 18 25 Interest, net 27 28 7 Income and production taxes 5 34 32 Minority interests in earnings of subsidiaries 6 26 16 _______ _______ _______ 1,511 1,522 1,477 _______ _______ _______ Earnings from continuing operations 9 37 41 Earnings from discontinued operations 18 22 23 Gain on sale of assets divested 583 - - _______ _______ _______ Earnings 610 59 64 _______ _______ _______ Earnings per common share $2.54 $0.22 $0.24 _______ _______ _______ Fully diluted earnings per share $2.52 $0.22 $0.24 _______ _______ _______ Supplementary earnings per share $2.48 $0.22 $0.24 _______ _______ _______ GROUP EARNINGS Mining and Metals Operating earnings 18 48 28 Cost of borrowing (12) (14) (9) Investment and other income 3 3 22 _______ _______ _______ 9 37 41 _______ _______ _______ Discontinued Operations Forest Products (1) (4) 5 Oil and Gas 19 26 18 Gain on sale of assets 583 - - _______ _______ _______ 601 22 23 _______ _______ _______ Earnings 610 59 64 _______ _______ _______ NORANDA INC. CONSOLIDATED STATEMENTS BALANCE SHEETS Proforma Continuing Operations Mar. 31 Mar. 31 Dec. 31 1998 1998 1997 ----------- ------- ------- Assets ($ millions) Current assets Cash and short-term notes 2,278 2,278 284 Securities 101 101 101 Accounts,advances and tolls receivable 1,049 1,049 1,128 Inventories 1,301 1,301 1,305 Discontinued operations - 980 1,383 ------- ------- ------- 4,729 5,709 4,201 Investments and advances 448 448 518 Capital assets 5,673 5,673 5,519 Other assets 52 52 51 Discontinued operations - 2,660 6,217 ------- ------- ------- 10,902 14,542 16,506 ------- ------- ------- Liabilities and shareholders' equity Current Liabilities Bank advances and short-term notes 393 393 135 Accounts and taxes payable 1,140 1,140 1,285 Debt due within one year 9 9 5 Discontinued operations - 523 823 ------- ------- ------- 1,542 2,065 2,248 Long-term debt 2,835 2,835 2,731 Liability element of convertible debentures 54 54 55 Deferred credits 1,005 1,005 684 Discontinued operations - 1,635 4,382 Minority interest in subsidiaries 1,340 1,340 1,357 Shareholders' equity 4,126 5,608 5,049 ------- ------- ------- 10,902 14,542 16,506 ------- ------- ------- NORANDA INC. CONSOLIDATED STATEMENTS STATEMENT OF CASHFLOWS First Quarter Fourth ended March 31 Quarter ----------------- ---------- 1998 1997 1997 ---- ---- ---- ($ millions) Cash realized from (used for): Operations Earnings adjusted for non-cash items 108 172 105 Change in operating working capital (62) (165) 54 ------ ------ ------ 46 7 159 ------ ------ ------ Investment activities Capital expenditures, net (215) (252) (496) Sale of assets 11 2 9 ------ ------ ------ (204) (250) (487) ------ ------ ------ Cash before financing activities and dividends (158) (243) (328) ------ ------ ------ Financing activities Long-term debt 131 109 183 Issue of shares - common 2 6 - Issue of shares - minority shareholders, net - 73 1 ------ ------ ------ 133 188 184 ------ ------ ------ Dividends (78) (74) (74) ------ ------ ------ Cash from continuing operations (103) (129) (218) Cash received from discontinued operations 10 28 25 Cash from the sale of discontinued operations 1829 - - ------ ------ ------ Cash increase (decrease) 1,736 (101) (193) Cash, beginning of period 149 632 342 ------ ------ ------ Cash, end of period 1,885 531 149 ------ ------ ------ Cash comprises cash and short-term notes less bank advances. NORANDA INC. PRODUCTION VOLUMES First Quarter Fourth Quarter 1998 1997 1997 Mining and Metals Mine Production Zinc 000 tonnes 102 106 106 Copper 000 tonnes 41 51 51 Nickel 000 tonnes 17 19 22 Lead 000 tonnes 19 18 19 Gold 000 ounces 248 230 241 Silver 000 ounces 2,704 3,141 3,396 Refined Metal Production Zinc 000 tonnes 89 87 94 Copper 000 tonnes 118 118 133 Nickel 000 tonnes 24 25 24 Lead 000 tonnes 30 28 28 Gold 000 ounces 260 267 278 Silver 000 ounces 10,258 8,593 9,476 Aluminium 000 tonnes 55 54 56 Fabricated Aluminium 000 tonnes 71 75 64

To: Kerm Yerman who wrote (10302)	4/23/1998 9:58:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Upton Resources reports 1st 3 months Drilling Program CALGARY, April 23 /CNW/ - (URC-TSE) Upton Resources Inc. (''Upton'') is pleased to announce its' successful first quarter, 1998 capital program which resulted in 14 successful wells of 15 drilled. Upton was 4 for 5 in exploration wells including three very promising light oil finds at Tracey Mountain, North Dakota; Sinkhole, Montana and Portal, Saskatchewan. Two development wells, in the Frobisher at Midale, Saskatchewan brought the success rate to nine for nine for this prospect. Tracey Mountain, North Dakota The company participated in Tracey Mountain 13X-2 with a 35.5% working interest. After initial production rates of 250 barrels per day the well is expected to settle in at 150 to 200 barrels per day. The producing zone is the Fryburg which now makes Uptons' 10,000 acre land position prospective for both the Tyler and Fryburg formations. Upton plans to follow up this summer with both Tyler and Fryburg tests. Sinkhole, Montana The Krogedal #21-21 well was completed in the Nisku formation at initial production rates of 600 barrels per day and 330 mcf of gas per day. Current production is in excess of 500 barrels per day. A 3-D seismic program is planned to highgrade follow up locations. Upton has a 40.2% working interest in the well and 1680 acres prospective for further development. Portal, Saskatchewan Upton's discovery well at Portal 7-4 (100% working interest) is producing light oil at a rate of 9O to 100 barrels per day. The company has 2800 acres surrounding the discovery. A 3-D seismic program is underway and a second well is scheduled for early summer. Midale, Saskatchewan Upton completed two wells to bring the total producing wells to nine. Production is stable at over 400 barrels per day and the company has numerous drilling locations to follow up on. Upton will own this production 100% following the purchase of an additional 50% working interest scheduled to close in late April. Success at these locations and an active development program at Wilmar, Cantal, Parkman and Gainsborough added 1.3 million barrels proved and probable reserves at a finding and development cost of approximately $7.00 per barrel. Development and stepout drilling at Portal, Tracey Mountain and Krogedal has potential to add significantly to Uptons reserve base and further reduce total finding and development costs for 1998.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:00:00 PM
From: Arnie	Respond to of 15196

FINANCING / Canadian Occidental Petroleum issues 30 year Notes CALGARY, April 23 /CNW/ - Canadian Occidental Petroleum Ltd. (''CanadianOxy'') announced today that it has issued US $200 million of 7.4% debt securities (the ''Notes''), the initial offering under the US $500 million shelf prospectus first announced on December 24, 1997. The issue was substantially oversubscribed. These securities have been qualified under the multi-jurisdictional disclosure system adopted in Canada and the United States. The Notes mature on May 1, 2028, and were priced at $99.772 to yield a fixed rate of 7.419%. The Notes will be used to pay down existing floating rate bank debt. The Notes will be unsecured and rank pari passu with the Company's other senior unsecured indebtedness and the Company's debt will not increase on a net basis. ''Long term interest rates are at historic lows,'' said Marvin Romanow, CanadianOxy's Chief Financial Officer. ''The situation represents an attractive opportunity to fix rates on a portion of our debt for the long term.'' CanadianOxy's unsecured long term debt is rated BBB by Standard and Poor's Corporation, Baa2 by Moody's Investors Service, Inc., A(Low) by Canadian Bond Rating Service Inc. and A(low) by Dominion Bond Rating Service Limited. Underwriters for the offering were: Merrill Lynch & Co., Morgan Stanley Dean Witter, Goldman, Sachs & Co., and Salomon Smith Barney. This press release should not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such State or other jurisdiction. A copy of the prospectus supplement relating to these securities may be obtained from: Canadian Occidental Petroleum Ltd., 635 - 8th Avenue S.W., Calgary, Alberta, Canada T2P 3Z1.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:03:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Pengrowth Gas Corp & Pengrowth Energy Trust report Distribution CALGARY, April 23 /CNW/ - Pengrowth Gas Corporation (''GasCorp''), administrator of Pengrowth Energy Trust, announced that the cash distribution payable May 15, 1998 will total $0.2350 per trust unit, comprised of the regular monthly distribution of $0.11 per trust unit, an extra distribution of $0.10 per trust unit and the 1997 Alberta Royalty Credit of $0.0250 per trust unit. The ex-distribution date for the May 15, 1998 distribution is April 29, 1998. This distribution will be paid on both fully paid trust units and instalment receipts. The extra distribution includes the first full quarter of net revenue from the Judy Creek/Swan Hills acquisition completed on October 15, 1997 for $496 million. The trailing one year cash distributions are now $1.859 per trust unit. On April 16, 1998, GasCorp completed the transition towards operatorship of the Judy Creek properties. The first of three horizontal injection wells is currently drilling at the Judy Creek ''A'' Unit and a resulting increase in oil production is anticipated in late 1998 or early 1999. PENGROWTH GAS CORPORATION James S. Kinnear, President

To: Kerm Yerman who wrote (10302)	4/23/1998 10:05:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Commonwealth Energy Corp to begin Drilling CALGARY, April 23 /CNW/ - Commonwealth Energy Corp. (''Commonwealth'' or the ''Corporation'') is pleased to announce by way of information received from Energas Resources Inc., the operator, that the drilling rig is now being moved onto the 2,100 acre Sapphire Prospect in Campbell County, Wyoming. The construction of the location has been completed and drilling of the Armstrong No. 1-21 well will begin as soon as the rig is assembled. The Sapphire Prospect offsets the 22 million barrel Buck Draw Field located in the Powder River Basin, Wyoming. Wells in the Buck Draw Field have produced at rates approaching 3,000 barrels of oil per day and 5 million cubic feet of gas per day. This initial test well on the Sapphire Prospect will be located approximately one mile from the nearest well in the Buck Draw Field and is designed to drill to a depth of 12,500 feet. The Corporation will own a 20% working interest in this prospect and will pay its proportionate costs out of existing funds. The Corporation expects it to take 16 days to reach total depth. Further announcements will be forthcoming. The Corporation is also pleased to announce that location construction has begun on the Muddy Channel Prospect. The Muddy Channel Prospect consists of 3864.33 acres in Natrona County, Wyoming. Drilling of this prospect is planned to commence as soon as the Sapphire Prospect is completed. Commonwealth's participation will be a 15% working interest. The Corporation is pleased to announce plans to drill a new well, the Finley State No. 3 on their Rusty Creek Prospect in June, 1998. Commonwealth has a 15% working interest in this prospect.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:07:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / ICG Propane Income Fund files Prospectus CALGARY, April 23 /CNW/ - Petro-Canada today announced that ICG Propane Income Fund has filed an amended preliminary prospectus dated April 23, 1998, with the securities commission or other regulatory authority in each of the provinces of Canada relating to the issue of trust units. ICG Propane Income Fund was formed to acquire ICG Propane Inc. from Petro-Canada. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:09:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Akita Drilling to receive Dividend CALGARY, April 23 /CNW/ - AKITA Drilling Ltd. announced today that it will be receiving $3,655,000 on May 1, 1998 as a result of a dividend declared on its 9.3% equity investment in Western Rock Bit Company Limited which sold substantially all of its assets to Baker Hughes of Texas earlier this year. The transaction will have the effect of increasing second quarter earnings and cash flow by $3,655,000 ($0.38 per share). During 1997, AKITA received $430,000 ($0.05 per share) from Western Rock Bit Company Limited from continuing operations. AKITA is an Alberta corporation engaged in the contract drilling business and is listed on the Toronto Stock Exchange under the symbol AKT.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:12:00 PM
From: Arnie	Respond to of 15196

EARNINGS / National-Oilwell reports 1st 3 months Results HOUSTON, TX, April 15 /CNW/ - National-Oilwell, Inc. (NOI/NYSE) today announced first quarter 1998 revenues and operating income of $301.9 million and $35.3 million versus $206.7 million and $16.7 million for the same quarter in 1997. Net income in the first quarter of 1998 was $21.1 million ($0.40 per share) compared to $9.7 million ($0.19 per share) in the first quarter of 1997. Joel Staff, Chairman, President and CEO of the Company, stated ''As a result of the continued strength of our products and technology segment, consolidated revenues for the first quarter of 1998 increased 46% over the same period in 1997, while operating income grew by 111%. Earnings per share also more than doubled to $0.40 for the quarter. While lower first quarter oil prices weakened demand in our distribution services segment in the shallow and heavy oil areas of North America, new equipment orders for deliveries in late 1998 and 1999 for offshore projects, which have a significantly longer term focus, remained strong.'' National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Statements made in this press release that are forward-looking in nature are intended to be ''forward-looking statements'' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. First Quarter Results The following table sets forth comparative data (in thousands, except per share data): << Quarter Ended March 31, --------- 1998 1997 ---- ---- Revenues $ 301,852 $ 206,670 Operating income 35,299 16,696 Net income 21,137 9,699 Net income per share Basic $ 0.41 $ 0.19 (a) Diluted 0.40 0.19 (a) Average shares outstanding(x) Basic 51,982 50,436 Diluted 52,257 51,562 ------------ >> (x) Assumes exchange of all Dreco Exchangeable Shares (a) Adjusted for a two-for-one stock split paid in November l997

To: Kerm Yerman who wrote (10302)	4/23/1998 10:16:00 PM
From: Arnie	Respond to of 15196

CORP. - FIELD ACTIVITIES / Pangaea Energy to Drill in Peru CALGARY, April 23 /CNW/ - Brian Adolph, President of Pangaea Energy International Ltd., acting on behalf of the Board of Directors, today announced that veteran oil industry executive David R. Martin has joined the company as a director and has been elected Chairman of the Board. Pangaea Energy is a privately held Canadian company with international interests in oil and gas exploration. The Board appointment coincides with preparations by Pangaea Energy's subsidiary, Pangaea (Peru) Energy Ltd., to drill its first exploratory well on Block 71 in east-central Peru later this year. The block is currently held by a subsidiary of NYSE-listed Murphy Oil Corporation and the Peruvian government is processing an application to transfer all rights to Pangaea. Work on the 2.5-million-acre block will be performed by a joint venture in which Pangaea holds an 88% interest, with the balance held by Murphy. Mr. Martin, who had a distinguished, 34-year career with Occidental Petroleum Corporation, retired from Occidental in 1996 and lives in Southern California. Beginning as a petroleum geologist, he rose to become President and Chief Executive Officer of Occidental Oil and Gas Corporation, the subsidiary which had responsibility for Occidental's petroleum exploration, development and production around the world. ''Dave Martin is one of the most accomplished oil-finders in the world,'' Mr. Adolph said. ''In Peru, he guided the discovery of more than 600 million barrels of oil in 13 new oilfields and Occidental now accounts for more than half of the country's annual oil production. Dave's experience will be an important asset for Pangaea as we take this major step to increase our exploration activity.'' Pangaea's Block 71, located in the Ucayali Basin, offers reserve potential of billions of barrels of oil due to the rare combination of well-defined structures in proximity to organic-rich oil-source rocks. A well drilled on an adjoining block found 58 million barrels of oil, but was sub-commercial. Shell and Mobil are planning to develop their Camisea field, 150 kilometres south of Block 71, which contains recoverable hydrocarbons estimated at 11 trillion cubic feet of natural gas and 700 million barrels of condensate. In an update on Pangaea Energy's activities in Peru, Mr. Adolph said that drilling of the first well on Block 71 is scheduled to start in the third quarter of this year, subject to rig availability. The initial target, the Shahuinto prospect, has upside potential for more than two billion barrels of oil recoverable from multiple reservoirs. Seismic mapping indicates an areal closure for Shahuinto of 57,000 acres. Three other large, well-defined anticlinal structures have been delineated by seismic on the block. Pangaea Energy has recently acquired 565 kilometres of 2D seismic data on Block 71. It is currently evaluating the new data, along with 220 kilometres of reprocessed seismic data that was acquired by other companies. Pangaea also has acquired new Landsat and Radarsat satellite imagery of Block 71. The company is finalizing contracts for drilling supplies and services.

To: Kerm Yerman who wrote (10302)	4/23/1998 10:55:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Canadian 88 Energy Announces New Discovery CANADIAN 88 ENERGY CORP. TSE, ASE, AMEX SYMBOL: EEE APRIL 23, 1998 Canadian 88 Energy Corp. Announces Natural Gas Discovery at Lone Pine Creek and Prepares to Spud New Wildcat Well at Willesden Green CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta, announced today a new natural gas discovery in the Lone Pine Creek area of Central Alberta. The Company said today in Calgary that it has successfully completed the drilling and testing of its L.S.D. 7 of Sec. 26, Twp. 30, Rge. 29 W4M Wabamun test well (100 percent Canadian 88). The well was drilled to a total vertical depth of 2,533 meters (8,317 feet) with an 1,193 meter (3,914 feet) horizontal leg drilled thereafter into the Wabamun formation. Extensive testing of the well indicates that the well should produce in excess of 9 mmcf/d of natural gas and 150 barrels/day of natural gas liquids. Construction operations are currently underway to tie the discovery into Canadian 88's 100 percent owned Olds/Crossfield plant. In addition, Canadian 88 announces today that it is preparing to spud new pool wildcat well at L.S.D. 7 of Sec. 15, Twp. 37, Rge. 5 W5M in the Willesden Green area of West Central Alberta. The new deep pool test will be drilled into the Leduc formation to a total depth of 3,400 meters (11,155 feet). The well which is being drilled 100 percent by Canadian 88 in association with its Rocky Mountain Exploration (RMX) Fund is the first of a multi-well drilling program planned for the area by Canadian 88 targeting reserve accumulations of 20 to 50 Bcf/well. Canadian 88 has significant holdings in the area and successfully acquired Section 15-37-5 W5M at the April 15, 1998 Alberta Government Land Sale for a record price of $1.1 million for an average of $4,297 per hectare based on 110 square miles of high resolution 3-D seismic recently shot in the area by Canadian 88 Energy Corp., RMX and Western Geophysical Company. Canadian 88 has budgeted $175 million of capital spending in Western Canada during 1998 alongside its $150 million Rocky Mountain Exploration (RMX) Fund focusing on deep foothills natural gas exploration and development. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with head office in Calgary, Alberta, Canada.

To: Kerm Yerman who wrote (10302)	4/23/1998 11:11:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Best Pacific Resources Updates Drilling Program BEST PACIFIC RESOURCES LTD. ASE SYMBOL: BPG APRIL 23, 1998 Best Pacific to Commence Trading on Toronto Stock Exchange and Expecting Busy Second Quarter CALGARY, ALBERTA--Best Pacific Resources Ltd. ("Best Pacific" or the "Company") is pleased to report that its common shares will commence trading on The Toronto Stock Exchange under the trading symbol "BPG" effective Monday, April 27, 1998. The Company will continue to maintain its Alberta Stock Exchange listing under that same trading symbol. Best Pacific looks forward to an active second quarter with eleven wells (net 4.2) budgeted for drilling, three existing wells (net 0.9) scheduled for re-completion and four wells (net 1.7) planned for tie-in. Wells scheduled for drilling include one exploration and seven low risk, low cost gas development wells in the Company's Gadsby core area. In addition, the Company will be drilling a development location adjacent to its initial successful exploration gas well at Okotoks, an exploration well in the Shouldice area and a dual-leg horizontal oil well in the Weir Hill area of southeast Saskatchewan. Operational activities for the second quarter are comprised of the re-completion of three wells and the tie-in of two high working interest, high productivity Glauconite wells all in the Gadsby area. Two shut-in gas wells at Richdale and Turin are also expected to be brought on production this quarter. The expected incremental production to Best Pacific in the second quarter is 650 barrels of oil equivalent per day (boepd), comprised of approximately 70 percent natural gas. In the first quarter of 1998, Best Pacific participated in four successful wells and one dry hole for total incremental production of 120 boepd. Two successful dual-leg horizontal oil wells in the Weir Hill area were placed on production in the first quarter while two successful gas wells at Cessford and Farrell Lake will come on production in the second quarter.

To: Kerm Yerman who wrote (10302)	4/23/1998 11:43:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / TransCanada Pipelines, Nicor Inc. Committed To Serving Midwest Markets TRANSCANADA PIPELINES LIMITED TSE, ASE, ME, VSE, NYSE, WINNIPEG STOCK EXCHANGE SYMBOL: TRP AND NICOR INC. NASDAQ, NYSE SYMBOL: GAS APRIL 23, 1998 TransCanada, Nicor Committed To Serving Midwest Markets CALGARY, ALBERTA--TransCanada PipeLines Limited and Nicor, two partners in the proposed Viking Voyageur natural gas pipeline, today confirmed their commitment to serve markets in the U. S. upper midwest and stated they are pursuing options to provide gas transportation to the region. "The partnership is evaluating options surrounding the Voyageur concept of bringing natural gas to markets in Wisconsin and northern Illinois, as well as other parts of the midwest," said Wayne Lunt, president of TransCanada's North American Pipeline Investments. Ed Werneke, vice president of Nicor, said the partnership would be meeting with key stakeholders over the next several weeks to explore these options. "Voyageur is proceeding well in the regulatory process and has gained wide support in the marketplace," he said. "The partners are committed to pursuing options that will meet the growing needs of the midwest market as we enter the next century." Wisconsin energy companies, such as Madison Gas & Electric, Wisconsin Fuel & Light, Wisconsin Gas, Wisconsin Electric, Wisconsin Power & Light, and Wisconsin Public Service Corporation, have been supportive of the Voyageur project. "We have received tremendous support from energy companies in Wisconsin, in particular, as well as from regulators and regional and local business leaders," said Mr. Werneke. "We do not want to let them down." Nicor is a holding company based in Naperville, Illinois. Its principal businesses include Nicor Gas, one of the nation's largest gas distribution companies, and Tropical Shipping, a containerized shipping business that operates between Florida and the Caribbean. Nicor also owns several energy-related subsidiaries.

To: Kerm Yerman who wrote (10302)	4/24/1998 12:03:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR - EARNINGS / Newalta Corp. First Quarter Results NEWALTA CORPORATION TSE SYMBOL: NAL APRIL 23, 1998 Newalta Earnings Decline in First Quarter CALGARY, ALBERTA--NEWALTA CORPORATION (NAL - TSE) announces its consolidated financial and operating results for the three months ended March 31, 1998. FINANCIAL ($000) -------------------------------------------------------------- First Quarter March 31 Percent Increase 1998 1997 (Decrease) --------------------------------------- Revenue 14,366 14,650 (2) Operating income 1,612 3,405 (53) Earnings 919 2,047 (55) Earnings per share (cents) 3.5 7.5 (53) Cash flow 3,051 4,795 (36) Average shares outstanding (000s) 28,078 26,601 6 Total shares outstanding (000s) 28,133 27,896 1 -------------------------------------------------------------- Performance in the first quarter of 1997 was exceptionally strong with revenues and earnings 50 percent and 95 percent, respectively, above the prior year. Revenue and earnings for the remainder of 1997 were up 25 percent and 23 percent, respectively. Earnings in the first quarter of 1998 declined 55 percent compared to 1997. Warm weather in the first quarter resulted in the early imposition of road bans, and low crude oil prices, particularly for heavy oil, resulted in reduced activity levels throughout the Oilfield Division. The Company's revenues in the northeast Alberta heavy oil market dropped dramatically at the start of year. Revenues in this market declined 80 percent and represented only 3 percent of the Company's revenues in the first quarter. The capital investment program to add new services, construct new facilities and to expand existing facilities was accelerated in mid-1997, and approximately $50 million will be invested in the twelve-month period ending June 1998. New operations in both Divisions are in the final stages of construction or commissioning and will be operational at the start of the second half. The outlook for the remainder of 1998 and 1999 is very positive. Management is also aggressively pursuing acquisition opportunities which complement existing operations.