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

To: Arnie who wrote (10615)	5/9/1998 5:36:00 AM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITION / Virginia Energy Entered Into An Agreement With Richmount Petroleum ASE SYMBOL: VRG MAY 8, 1998 CALGARY, ALBERTA--VIRGINIA ENERGY CORPORATION ("Virginia Energy") is pleased to announce that it has entered into an agreement dated May 4, 1998 with Richmount Petroleum Ltd. to purchase Richmount's 23.334 percent interest in the Sturgeon Lake South area properties. The purchase is expected to close in June of 1998 and will be effective March 1, 1998. This transaction will increase Virginia Energy's interest in the property to 33.334 percent. These properties include some 5000 acres of P&NG leases in addition to three oil wells that are currently producing about 170 bopd gross (57 bopd net to Virginia Energy after the purchase). This purchase will increase Virginia's current total net production to 100 bopd. The common shares of the Corporation trade through the facilities of The Alberta Stock Exchange under the stock symbol VRG.

To: Arnie who wrote (10615)	5/9/1998 5:39:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SWCTOR / Dynastar Announces Completion of Initial Public Offering and Proposed Major Transaction ASE SYMBOL: DDC MAY 8, 1998 CALGARY, ALBERTA--Dynastar Inc. ("Dynastar") (ASE trading symbol: DDC), a junior capital pool company is pleased to announce the posting of its common shares for trading today on The Alberta Stock Exchange (the "Exchange") on May 11, 1998. Dynastar has closed its initial public offering with Goepel McDermid Inc. and issued 1,500,000 common shares at $0.20 per share pursuant to a prospectus offering. Dynastar has entered into a Lock Up Agreement with Andre Vandenhoven and Ben Vandenhoven, the principal shareholders of A&B Drilling Ltd. ("A&B") who have agreed to tender all of their shares of A&B Drilling Ltd. to Dynastar pursuant to the Offer to be made by Dynastar for all of the issued and outstanding shares of A&B. The purchase price of $2,219,000 will be satisfied by the assumption of A&B debt of $300,000 and the issuance of approximately 7,476,000 common shares of Dynastar of which 6,476,000 common shares will be issued at a deemed price of $0.25 per share and approximately 1,000,000 common shares will be issued at a deemed price of $0.30 per share. The purchase price was negotiated between the parties after consideration of the value of A&B assets, its current financial position and the anticipated long-term cash flow to be generated from A&B's operations in the next five years. A&B is a private Alberta company which commenced operations in December 1997 and is in the business of seismic shot hole drilling. The proposed acquisition of A&B is a non-arm's length transaction as Andre and Ben Vandenhoven, each of whom is a director and shareholder of the Corporation are also the principal shareholders of A&B. Ben and Andre Vandenhoven and their respective spouses and companies controlled by them will receive a total of 6,233,133 of the 7,476,000 common shares of the Corporation to be issued in exchange for the shares of A&B. Dynastar also expects to grant up to 747,600 options at an exercise price of $0.30 to the officers, directors and key employees of the Corporation and A&B Drilling Ltd. on the closing of the acquisition. These options will become exercisable generally over a three-year period. In addition, it is expected that upon closing of the acquisition current A&B Directors, John Munro and George Steele will be appointed Vice-President, Operations and a director and Chief Financial Officer of the Corporation respectively. The proposed acquisition of A&B is intended to be the "Major Transaction" for Dynastar within the applicable policies of the Alberta Securities Commission and the Exchange, and as such must be approved by the shareholders of Dynastar and the Exchange.

To: Arnie who wrote (10615)	5/9/1998 5:41:00 AM
From: Herb Duncan	Respond to of 15196

MERGERS=ACQUISITONS / United-Tri Star Resources Ltd Announces Courts Approve Purchase Of Oil Sands Project, The Proposed Terms Of Uts-Irf Merger TSE SYMBOL: UTS ASE SYMBOL: IRF MAY 8, 1998 TORONTO, ONTARIO--United-Tri Star Resources Ltd. ("UTS") announces that Court approval relating to the sale by the Solv-Ex Group of its 12 percent interest in the "Athabasca Oil Sands Project" (the "Project") to a limited partnership of UTS's has been obtained. The purchase will increase UTS's interest in the Project to 22 percent from its current 10 percent interest. Additionally, the Alberta Court today approved an order for the sale by the Solv-Ex Group of a 78 percent interest in the Project to a limited partnership of Koch Oil Canada Ltd. and the related arrangements that confirm UTS's existing 10 percent interest in the project. The sales to UTS Limited Partnership ("UTSLP") and Koch Oil Sands Limited Partnership ("KOSLP") mark the departure of the Solv-Ex Group from the Project. The Project will be operated by Koch. The sale to UTS closed in escrow in March and all documents and funds to be paid by UTS for the 12 percent interest and by Koch for the 78 percent interest will be released from escrow at the end of May upon the expiration of the Canadian and U.S. appeal periods. UTS funded its cash portion of the purchase price by issuing Special Warrants and expects to file the preliminary prospectus to qualify the underlying common shares with regulatory agencies on or about May 11, 1998. The Project is comprised of two oil sands leases covering 55,874 acres in Alberta's Athabasca Oil Sands Region. The development plan for the leases contemplates a further exploration program to enhance the definition of the bitumen reserves. Dependent on the results of the delineation drilling program, long term production from the leases is anticipated to be between 60,000 and 90,000 barrels of bitumen per day. As previously announced, UTS and International Reef Resources Ltd. ("IRF"), propose to merge. The companies have agreed to a share exchange ratio of 1 (one) UTS share for every 1.75 shares of IRF. The merger is subject to appropriate regulatory approval and the approval of the respective shareholders at their Annual General and Special Meetings on June 25th, 1998. The exchange ratio is within the value of the respective companies established in a formal valuation by Coopers & Lybrand, undertaken in compliance with securities regulatory policies. Upon completion of the merger UTS intends to construct several plants to implement the IRF fine coal recovery process. The first plant should be completed in Pennsylvania by year end. UTS expects to be producing one million tons of coal pellets annually by late 1999. Along with its interest in the Athabasca Oil Sands Project, and the fine coal recovery projects, UTS holds a 35 percent interest in Tri-Star Gold Corp. which has one of the largest mineral property holdings in the Ghanaian gold belts of West Africa.

To: Arnie who wrote (10615)	5/9/1998 5:49:00 AM
From: Herb Duncan	Respond to of 15196

PIPELINES / American Eco Secures $65.0 million Gas Pipeline Contract Through Joint Venture CBOE SYMBOL: EOQ TSE SYMBOL: ECX NASDAQ SYMBOL: ECGOF BERLIN SYMBOL: AEOGR MAY 8, 1998 HOUSTON, TEXAS--Michael E. McGinnis, Chairman, President & CEO of AMERICAN ECO CORPORATION announced the receipt of a Cdn$65.0 million gas pipeline construction contract from TransCanada PipeLines Limited of Calgary, Alberta. The contract is for 54 miles of 42" high-pressure pipe for the southern and eastern Ontario region. American Eco is a 51 percent joint venture partner with the Steen Contractors Limited subsidiary of Dominion Bridge Corporation, Deere Park Capital Management, L.L.C. and Deere Park Capital Management, Inc. American Eco, a 6.7 percent shareholder of Dominion Bridge, indicated that it is providing bonding and fabrication for the project. "We are pleased that the financial strength of American Eco has enabled us to secure this gas pipeline order for the benefit of the joint venture companies," Mr. McGinnis, stated. "The companies view this contract as a prototype for future cooperative efforts." American Eco is a leading North American provider of single-source construction, management, maintenance, specialty fabrication, and engineering services in the refining, petrochemical, utility, forest products and offshore manufacturing industries.

To: Arnie who wrote (10615)	5/9/1998 5:52:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Lundin Oil AB Announces New Appointments to the Board Stockholm Stock Exchange: LOIL B TSE SYMBOL: LOI NASDAQ SYMBOL: LOILY MAY 8, 1998 VANCOUVER, BRITISH COLUMBIA--Lundin Oil AB is pleased to announce that its shareholders have ratified the following appointments to the Board of Directors, at the Annual General Meeting held in Stockholm on May 8, 1998: Adolf H. Lundin (Chairman of the Board), Ian H. Lundin, Magnus Nordin, Magnus Unger and Kai Hietarinta have been re-elected. The following individuals are newly appointed: William A. Rand, businessman and lawyer with 25 years experience in securities law specialising in natural resources. John H. Craig, partner in Cassels, Brock and Blackwell, a major Canadian law practise. Lukas H. Lundin, head of several publicly listed natural resources companies. Furthermore, this new board has approved the following management appointments: /T/ Ian H. Lundin - President & Managing Director Magnus Nordin - Deputy Managing Director C. Ashley Heppenstall - Chief Financial Officer /T/ Lundin Oil AB is a Swedish independent oil and gas exploration and production company listed on the Stockholm Stock Exchange (symbol - "LOIL B"), the Toronto Stock Exchange (symbol - "LOI") and NASDAQ (symbol - "LOILY").