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

To: Kerm Yerman who wrote (10605)	5/8/1998 9:30:00 PM
From: Arnie	Respond to of 15196

NEW LISTING / Chirripo Resources announces ASE Listing Chirripo Resources Inc. announces that it has been listed on the Alberta Stock Exchange and its shares will begin trading on Friday, May 8, 1998. as a junior capital pool company, Chirripo Resources Inc. will be trading under the symbol of "CHO". Chirripo Resources Inc. has entered into a non-arm's length letter of intent with Chirripo Oil and Gas Ltd. (a private oil and gas company,incorporated in 1993) and Issa Abu-Zahra. Chirripo Resources Inc. has tentatively agreed to purchase all of the shares of Chirripo Oil and Gas Ltd, for an aggregate purchase price of $540,000.00, with an effective date of May 1, 1998. The purchase price is subject to adjustment based on the value of Chirripo Oil and Gas Ltd's assets and liabilities on the effective date. The purchase price will be paid by the making of a cash payment of $60,000.00 and the issuance of 1,600,000 common shares of Chirripo Resources Inc. at a deemed value of $0.30 per share. Subject to all required minority shareholder and regulatory approval, Chirripo Resources Inc. intends that the foregoing will constitute its major transaction as required by the Alberta Stock Exchange. On behalf of the Board of Directors of Chirripo Resources Inc., Issa Abu-Zahra, President Telephone :(403)531-9112

To: Kerm Yerman who wrote (10605)	5/8/1998 9:34:00 PM
From: Arnie	Respond to of 15196

FINANCING / Raptor Capital reports Extension & Price Adjuctment to Warrants CALGARY, May 8 /CNW/ - Norman Mackenzie, Chairman of the Board of Directors of Raptor Capital Corporation (''Raptor''), announces the following amendments to Share Purchase Warrants (''Warrants''): 1) The expiry date of three million two hundred thousand (3,200,000) Warrants issued February 7, 1997 at an exercise price of $0.50 per common share is extended to July 8, 1998. 2) The expiry date of two million four hundred thousand (2,400,000) Warrants issued February 25, 1997 at an exercise price of $1.00 per common share is extended to July 19, 1998 and the exercise price is reduced to $0.80 per common share.

To: Kerm Yerman who wrote (10605)	5/8/1998 9:35:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Torex Resources updates Drilling Activity CALGARY, May 8 /CNW/ - Torex Resources Inc. is pleased to update recent drilling activity. The corporation is currently drilling the final well of a 4 well (3 net) drilling program at Neptune, Saskatchewan. Two of the recently drilled wells have been completed and tied into company operated facilities and are contributing over 200 (150 net) barrels of oil production per day. The second two wells will be completed and flow-lined by the end of May. Operating costs from this core area have decreased substantially to $3.50 per barrel from $22 per barrel in January of 1997. Operating costs were lowered as a result of installing three-phase power in February of this year and also from increased production volumes. The low operating costs on production enables the company to yield high net backs despite low oil prices. Torex continues to build its inventory of prospects in this area. The corporation has recently tripled its undeveloped land base at Neptune by acquiring 5 sections of land at a recent crown land sale and also by completing a farmin on 7 additional sections of land from a large producer. The two transactions have increased the amount of land available to the corporation to 19 sections and includes 64 km of 3D seismic and 72 km of 2D seismic.

To: Kerm Yerman who wrote (10605)	5/8/1998 9:38:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Bonus Resource Services reports 1st 3 Months Results CALGARY, May 8 /CNW/ - Tom Alford, President and Chief Operating Officer, is pleased to announce the first quarter results of Bonus Resource Services Corp. Revenues for the quarter ended March 31, 1998 increased 108 percent to $44.3 million compared to $21.3 million for the comparable period in 1997. This increase is reflective of the continuing high demand for services rigs and the increase in the Company's fleet from 76 rigs at March 31, 1997 to 167 rigs at March 31, 1998. Net earnings and funds from operations followed the increase in revenues and were up 51 percent and 39 percent year over year. Net earnings and funds from operations were $4.2 million ($0.10/share) and $7.3 million ($0.17/share) respectively for the three months ended March 31, 1998, while the figures for the comparable period in 1997 were $2.8 million ($0.11/share) and $5.3 million ($0.20/share) respectively. Mr. Alford commented that ''the dilutive effect of not having fully invested a large portion of the cash associated with the issue of 7.9 million common shares in late 1997 was the primary cause of the reduction in per share amounts.'' Mr. Alford further stated that ''Bonus intends to invest this available cash in the service rig business however, we will not make investment for the sake of growth, but rather in a prudent manner to ensure our shareholders earn an adequate return over the longer-term.'' During the first quarter Bonus did utilize a portion of the cash proceeds from the 1997 equity offering to complete two further acquisitions. The first involved purchasing control over seven rigs in Australia while the second was a 13 rig acquisition from Canuck Well Servicing Ltd. The Australian acquisition provides Bonus with a low risk entrance to the international market while the Canuck acquisition further strengthens Bonus' position in the northern Alberta market. As these acquisitions were made during the quarter, the full financial effect will be seen through the remainder of 1998. Overall, industry activity remained strong during the quarter as the company posted a utilization rate of 112 percent compared to 120 percent in the year prior. Mr. Alford noted that ''the fundamentals of Bonus' business remain strong and we expect the demand for our services to continue at higher than historical levels during the remainder of 1998.'' Bonus is the largest provider of service rigs to the Canadian oilpatch operating 160 rigs in western Canada and seven in Australia. Bonus trades on The Toronto Stock Exchange under the symbol BOU. << Bonus Resource Services Corp. Financial and Operating Highlights Three Months Ended March 31, 1998 March 31, 1997 ------------------------------------------------------------------------ Financial Results ($000s) Revenue 44,299 21,315 Net earnings 4,230 2,793 Net earnings per share 0.10 0.11 Funds from operations 7,347 5,291 Funds from operations per share 0.17 0.20 Weighted average shares outstanding (000s) 44,495 26,454 March 31, 1998 December 31, 1997 ------------------------------------------------------------------------ Financial Position ($000s) Total assets 210,207 202,035 Long-term debt 38,842 40,433 Shareholders' equity 131,373 126,590 Working capital 30,948 50,643 Three Months Ended March 31, 1998 March 31, 1997 ------------------------------------------------------------------------ Operating Statistics Number of rigs (end of quarter) 167 76 Canadian rig operating hours 109,032 61,642 Canadian rig utilization (%) 112 120 Gross margin as percentage of revenue (%) 34 38 G&A as percentage of revenue (%) 10 7 Employees (end of quarter) 1,201 559 ------------------------------------------------------------------------ Consolidated Statements of Earnings and Retained Earnings For the Three Months Ended March 31, 1998 and 1997 Thousands of Canadian Dollars Except Per Share Data (Unaudited) 1998 1997 ------------------------------------------------------------------------ Revenue $ 44,299 $ 21,315 ------------------------------------------------------------------------ Expenses Operating 29,336 13,142 General and administrative 4,564 1,464 Interest on long-term debt 1,091 302 Depreciation and amortization 2,151 1,309 ------------------------------------------------------------------------ 37,142 16,217 ------------------------------------------------------------------------ Earnings from operations 7,157 5,098 Other income 388 - ------------------------------------------------------------------------ Earnings before income taxes 7,545 5,098 Income taxes 3,315 2,305 ------------------------------------------------------------------------ Net earnings for the period 4,230 2,793 Retained earnings, beginning of the period 12,279 1,744 ------------------------------------------------------------------------ Retained earnings, end of the period $ 16,509 $ 4,537 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Net earnings per share $ 0.10 $ 0.11 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Weighted average number of shares outstanding (000s) 44,495 26,454 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Bonus Resource Services Corp. Consolidated Balance Sheets As at March 31, 1998 and December 31, 1997 Thousands of Canadian Dollars (Unaudited) March 31, 1998 December 31, 1997 ------------------------------------------------------------------------ ASSETS Current assets $ 59,202 $ 74,883 Capital assets 148,376 124,439 Deferred financing charges 2,243 2,303 Other assets 386 410 ------------------------------------------------------------------------ $ 210,207 $ 202,035 ------------------------------------------------------------------------ ------------------------------------------------------------------------ LIABILTIES Current liabilities $ 28,254 $ 24,240 Long-term debt 38,842 40,433 Deferred income taxes 11,738 10,772 ------------------------------------------------------------------------ 78,834 75,445 ------------------------------------------------------------------------ SHAREHOLDERS' EQUITY Share capital 114,864 114,311 Retained earnings 16,509 12,279 ------------------------------------------------------------------------ 131,373 126,590 ------------------------------------------------------------------------ $ 210,207 $ 202,035 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Consolidated Statements of Changes in Financial Position For the Three Months Ended March 31, 1998 and 1997 Thousands of Canadian Dollars Except Per Share Data (Unaudited) 1998 1997 ------------------------------------------------------------------------ Cash provided by (used in) operations: Net earnings for the period $ 4,230 $ 2,793 Add non-cash items Depreciation and amortization 2,151 1,309 Deferred income taxes 966 1,189 ------------------------------------------------------------------------ Funds from operations 7,347 5,291 Net change in non-cash working capital items (5,476) (6,843) ------------------------------------------------------------------------ 1,871 (1,552) ------------------------------------------------------------------------ Cash provided by (used in) financing: Long-term debt (1,312) 1,074 Issuance of share capital 553 448 ------------------------------------------------------------------------ (759) 1,522 ------------------------------------------------------------------------ Cash used in investing: Acquisition of businesses (21,575) - Purchase of capital assets (4,493) (3,170) ------------------------------------------------------------------------ (26,068) (3,170) ------------------------------------------------------------------------ Decrease in cash position for the period (24,956) (3,200) Cash (bank indebtedness), beginning of the period 42,932 (5,206) ------------------------------------------------------------------------ Cash (bank indebtedness), end of the period $ 17,976 $ (8,406) ------------------------------------------------------------------------ ------------------------------------------------------------------------ Funds from operations per share $ 0.17 $ 0.20 ------------------------------------------------------------------------ ------------------------------------------------------------------------

To: Kerm Yerman who wrote (10605)	5/8/1998 9:41:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Pason Systems Corp reports 1st 3 months Results CALGARY, May 8 /CNW/ - Pason reports first quarter earnings of $1,983,000 up 156% from earnings of $774,000 for the comparable quarter in 1997. Earnings per share for the quarter were $0.124 a share (basic) versus $0.56 in 1997. (all numbers in '000's except per share amounts) << Three Months 1998 1997 Chg. % Revenue $7,369 $2,507 +194 Cash Flow $2,766 $1,138 +143 Net Income $1,983 $774 +156 Basic Avg. Shares O/S 15,990 13,779 Earnings Per Share $0.124 $0.056 Fully Diluted Avg. Shares O/S 17,426 15,109 Earnings Per Share $0.114 $0.049 >> (for more detailed financial information visit Pason's website at www.pason.com) Pason continued to invest heavily in new electronic drilling recorder (EDR) and pit volume totalizer (PVT) systems during the quarter with the following numbers manufactured and available for rental at quarter end: << Canada United States Total EDR systems 236 46 282 PVT systems 171 29 200 >> Despite Pason's record financial results in the first quarter, the financial contribution from the United States (Pason RMGE) was negligible. This was due to the first quarter in the United States generally being that market's slowest quarter plus the US subsidiary made a significant investment in the hiring and training of new fieldmen to install and service Pason's EDR and PVT products. This resulted in an increase in rental expenses which will not generate returns until the third quarter. Pason continues to be optimistic about the potential in the United States as during and immediately subsequent to the quarter, Pason RMGE commenced test jobs for its equipment on four new major US drilling contractors. These tests are proceeding favourably and the Company hopes to begin large scale installations during the third quarter. The Canadian active rig count in April and May has been only half of the unusually busy levels recorded in 1997. The Industry view is that last year was an anomaly and that this year's lower levels reflect a normal spring breakup and not the affects of lower commodity prices on Operators' drilling budgets. Due to a very dry spring it appears that drilling activity will rebound strongly in June. Should this occur, and with the improving contribution from Pason RMGE, the Company expects a solid second quarter.

To: Kerm Yerman who wrote (10605)	5/8/1998 9:57:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Del Mar Energy reports 1997 Results CALGARY, May 8 /CNW/ - Del Mar Energy Inc.(''Del Mar'') is pleased to announce results from the year ending December 31, 1997 and reports that 1997 was a year of international growth for the company. Del Mar's international focus became a reality in November 1997 as a result of the acquisition of Vista Oil Ltd. by Rockbound Resources Inc. and a subsequent name change. Del Mar is primarily focused on South America and specifically on Trinidad and Venezuela. Audited financial results for 1997 are summarized below: << FINANCIAL Cdn$ --------- ---- Revenue 573,215 Cash Flow from (used in) Operations (95,286) Net Loss (251,500) Per Share (0.02) Long Term Debt 0 Shareholders Equity 4,446,344 OPERATIONS ---------- Production, bbls/day 55 Average Sales Price (Cdn/bbl) 27.95 Reserves (proven plus probable) Crude Oil, mbbl 1,200 Natural Gas, mmcf 1,380 >> In addition to activities on the Mora licence as previously announced, Del Mar is currently evaluating several other onshore and offshore oil and gas projects in Trinidad as part of its strategic alliance agreement with Dr. Krishna Persad and Mr. Darcy Carr, two well respected oil strategists based in Trinidad. Del Mar is also investigating opportunities in Venezuela. Further information on Del Mar can be found on Del Mar's website www.delmar-energy.com.

To: Kerm Yerman who wrote (10605)	5/8/1998 10:03:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Hurricane Hydrocarbons April production Update CALGARY, May 8 /CNW/ - Hurricane Hydrocarbons Ltd. has made arrangements to ensure its oil production in May will not be affected by a scheduled maintenance shutdown at the local refinery. The company's crude oil is processed at the Shymkent refinery in southern Kazakhstan. The refinery has closed for a period of approximately two weeks in May for maintenance. Hurricane has made arrangements for storage capacity and no cutbacks in production are scheduled. The company announced a monthly production of 226,198 tonnes of oil for April 1998. Kazakhstan measures oil production and sales in tonnes and Hurricane converts these numbers into barrels for North American audiences. The number of barrels per tonne varies depending on the specific gravity of the oil. The specific gravity varies each month depending on the source of the product and the temperature. The conversion factor for April was 7.67, giving a daily average of 57,837 barrels for April 1998 compared to 44,441 for April 1997. The first three months of 1998 averaged 55,400 barrels per day compared to 43,178 for the first quarter of 1997. The company is focused on increasing production in 1998 through improved technology and an aggressive program of drilling, well workers and recompletions. Hurricane is an independent international energy corporation engaged in the acquisition, exploration and production of oil, principally in the Republic of Kazakhstan. Hurricane is listed on the Alberta (ASE) and Toronto (TSE) stock exchanges under the trading symbol HHL.A and on Nasdaq under the symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 composite indices.

To: Kerm Yerman who wrote (10605)	5/8/1998 10:06:00 PM
From: Arnie	Respond to of 15196

NORMAL COURSE ISSUER BID / Lexxor Energy CALGARY, May 8 /CNW/ - The notice provides that the Corporation may, during the 12 month period commencing May 12, 1998 and ending May 11, 1999, purchase on The Alberta Stock Exchange up to 675,000 Class A Shares and up to 125,000 Class B Shares in total, being approximately 10% of the ''public float''. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of Class A Shares and Class B Shares which may be purchased and the timing of any such purchases will be determined by the Corporation, up to a maximum of 2% of the outstanding Class A Shares or Class B Shares, in any one month. There are approximately 8,789,683 Class A Shares and 1,381,856 Class B Shares of the Corporation outstanding with the public float amounting to approximately 6,849,783 Class A Shares and 1,281,896 Class B Shares. The Corporation believes that its Class A Shares and Class B Shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation's business and its future business prospects. As a result, depending upon future price movements and other factors, the Corporation believes that its outstanding Class A Shares and Class B Shares may represent an attractive investment and a desirable use of a portion of its available funds. The Corporation purchased 383,700 Class A Shares and 36,600 Class B Shares under a previous normal course issuer bid which commenced on May 12, 1997 and terminated on May 11, 1998. Lexxor Energy Inc's business is the exploration for, and development and production of, oil, natural gas and natural gas liquids in Alberta, British Columbia and Saskatchewan. The Corporation's Class A Shares and Class B Shares are listed on The Alberta Stock Exchange, symbols LXX.A and LXX.B, respectively.

To: Kerm Yerman who wrote (10605)	5/8/1998 10:09:00 PM
From: Arnie	Respond to of 15196

CORP. / Para-Tech Energy announcement CALGARY, May 8 /CNW/ - Para-Tech Energy Corporation is pleased to announce the company has received approval from The Alberta Stock Exchange to: (a) retain the services of Tony Nunziata as an Investor Relations Consultant for Para-Tech on approximately a 50% full time basis with remuneration by way of a monthly consulting fee; (b) grant 100,000 stock options to Tony Nunziata with an exercise price of $0.38 per share expiring 30 days after Mr. Nunziata's services terminate on May 15, 2001 (whichever is earlier).

To: Kerm Yerman who wrote (10605)	5/8/1998 10:15:00 PM
From: Arnie	Read Replies (5) \| Respond to of 15196

CORP. / Bison Resources announces amendment to Transaction CALGARY, May 8 /CNW/ - Bison Resources Ltd. (''Bison'') (ASE: BIS.A.) announces that Bison has amended the terms of its major transaction (originally announced on December 31, 1997) to acquire 100% of the shares of Lupine Investment Corporation (''Lupine'') to reduce the number of shares issuable to the vendors from 1,000,000 to 500,000. The acquisition of Lupine was completed on December 30, 1997 but payment or the agreed consideration was delayed until completion of title review work. Bison agreed with the vendors of the Lupine shares to accept a 50% reduction in the number of shares issued as compensation for all unresolved title deficiencies. The original purchase price (prior to working capital adjustments) was to be $500,000 payable $250,000 in cash and 1,000,000 shares valued at $0.25 per share. The amended purchase price (prior to working capital adjustments) is $500,000 payable $250,000 in cash and 500,000 shares valued at $0.50 per share. It is estimated that the working capital adjustment as of the November 30 effective date will require an additional payment by Bison to the Lupine shareholders of approximately $55,000. As previously disclosed in earlier press releases, Bison has completed 2 private placements of shares. On December 31, 1997 Bison issued 1,000,000 flow-through shares at $0.35 per share ($350,000) and on January 9, 1998 Bison issued 1,000,000 shares without flow-through benefits at $0.25 per share ($250,000). Bison Resources Ltd. is a junior oil and gas pool corporation whose shares are listed for trading on The Alberta Stock Exchange under the symbol BIS.A.

To: Kerm Yerman who wrote (10605)	5/9/1998 12:19:00 PM
From: Arnie	Respond to of 15196

HELP...HELP...HELP...HELP...HELP In order for this site to stay active and up to date, Kerm needs help. The time required is approximately 45 minutes per day. I found by helping Kerm I was up to date on the major events in the Oil and Gas world which helped me tremendously in my personal investing. I know Kerm personally and am aware of the many long hours per week he dedicates to this thread and to the Canadian Oil and Gas thread. No where else can YOU obtain the quantity and quality of information that Kerm supplies for free. How about SOMEBODY helping for a few months. I have to stop posting the end of next week for a few months due to an impending move. Please...Please...contact Kerm if you can help. Arnie